Hot off the press. As you all know I’ve been ‘hot on the trail’ of one of the biggest POS shyster companies listed on the London AIM; Mkango Resources (LON: MKA). You can read all about some of the antics and the people pump & dumping this rotten failure of a company HERE.
News reached the blog quite some time ago that Mkango and the liar that runs ‘Dubious’ Jub Capital were desperately trying to raise finance as their current cash position exceeded their liabilities. That cash position has now gone way below £300K. It has gotten to a critical point in time. The business flights back and forth between Malawai, Canada and the United Kingdom plus their PLC listing and corporate running costs will have taken a major chunk of change out of existing cash in hand.
The 3rd quarter 2016 results are now due with liabilities substantially increased from the June 2nd quarter 2016 to circa $600,000/$700,000. Liabilities are now running way ahead of their dwindling cash position. So much so that the one man band Jub Capital run by the bullshitter and corporate skally Adam ‘Dubious’ Dziubinski has been touting Mkango to all and sundry around the City of London desperate to raise cash. Dziubinski has been approaching mining companies trying to get them to pump money into Mkango via a Joint Venture ( JV). One such approach was with Sula Iron & Gold (LON: SULA) Both Mkango and Dziubinski tried to sucker Sula into a tie up with Mkango. Needless to say eventually the approach was fully rebuffed by Sula who walked away. That is to say Sula Iron & Gold after due diligence WALKED….. They walked because the REO market is at an all time low and the funding required, a minimum of $216,000,000, would not see any kind of return over 18 years. In fact you’d make more cash in a deposit account over that period than the bullshit Net Present Value (NPV) given to the gullible in the various shyster presentations. Remember this is a company that was all but bust on the TSX-Venture market in Canada and had spunked away circa $15,000,000. Losing retail investors their shirts, socks & underpants!
The Company have told UK retail investors that they will not be raising any cash for 18 months. That is a slam dunk lie. They can dress it up as much as they wont. But £200K/£300k isn’t going to last and what’s more they know it. These people are actively right now seeking finance.
The last RNS on the 30th September 2016 was a holding RNS disclosing that Mark Lancaster who is ‘known’ to ‘Dubious’ Dziubinski had sold below his 3% declared stake. I’ve tried to contact Mr Lancaster on the contact phone number on his RNS. That telephone number belongs to TD Direct Investing. I’ve spoken to them and they’ve told me that they have contacted Mr. Lancaster and requested it’s amendment. Stinks doesn’t it? Now I’m reliably informed that Mr. Lancaster had contact with Mkango & Jub Capital prior to his selling out. The questions are myriad. Exactly what information was Mr. Lancaster privy too that made him decide to sell? More importantly why was there no RNS regarding the proposed tie up with SULA and even more importantly why did Sula Iron & Gold walk?