The Mkango Files. Just how did the rotten all but bankrupt Mkango resources (LON; MKA) ever get listed on the Alternative Investment Market? Remember as of their Q2 update to June 30th 2016 they had approx. $400k in cash & $500k+ in liabilities, with their Q3 update now overdue these figures will have got much worse… They came to AIM on IPO telling investors that they had enough cash to run for 18months. Circa $1,500,000. Some 3 months later their IPO cash has all but vanished….
It was back in mid 2015 when I first became suspicious of Jub Capital & Mkango. ChrisOil, who I was working with at the time after helping to extricate out of his disastrous New World Oil & Gas fiasco, brought it to my attention. Chris had made over £390,000 after exiting New World & Sefton. Apparently he had been suckered into taking stock in the company through its TSX-Venture listing in Canada by a now well known shyster named Adam Dzuibinski, who runs the one man band Jub Capital. ‘Dubious’ Dziubinski had told ‘Wiffy’ (ChrisOil) that MKA were after a listing on London’s Alternative Investment Market. ‘Wiffy’ asked me to run the BMD slide rule over them. I quickly became suspicious and after a few weeks or so of DD told him they were a POS.
I’d found out that Canadian investor appetite had run dry. While listed on the TSX-Venture market Mkango had spunked away approx. $12,000,000, teetering from placing to placing, one step ahead of insolvency. This was because the company had failed at every juncture over the five year listing to do what it had announced. Their assets were small and basically unworkable due to cost. Two paper REE licences in land-locked Malawi. The REE market was then, and still is at an all time low, the market for REE was controlled by the Chinese, who do not import. They are in the main a Global exporter. The real Capital Expenditure, as opposed to the absolute shite investors were being spoon fed, was far and I mean ‘FAR’ in excess of the $216,000,000 they were telling the market, which is why no credible mining outfit would take on Malawian land locked assets where the infrastructure was virtually non-existent, (The nearest railway is approx. 100km away) which were deemed as subeconomic. One Uranium company that did so, Paladin Energy, were forced to close because of a myriad of issues regarding tax, environmental pollution and the cost of transportation. (The cost of diesel). (HERE) Another major red flag was that Mkango had failed to commission a Preliminary Economic Assessment known as a PEA, not to mention their Canadian balance sheet was a travesty. Those running Mkango had failed at every twist and every turn. There’s a reason for that. The assets are subecononomic, hence maybe why there was no PEA.
Mkango were desperate for cash and had been so desperate that some one called ‘David’, I presume from the company, began to advertise on an obscure website for $200,000,000! A website by the way that runs a legal disclaimer about being approached by scammers and conmen at the bottom of their page lol!!! SEE HERE These are not ‘best company practices’ to say the least, they are the actions of corporate failures who will do and say anything to get the cash in, to fund their life-styles. Enter Mr Chris Williams aka Britain’s self proclaimed ‘Warren Buffet’ & ‘style icon’.
Unfortunately the stupidity that runs through ChrisOil has several streaks that blinds him to the truth. One is that he is a compulsive Liar, the other is Greed. In his greed to get what he believed and was being told by Dubious Jub capital. Williams believed he was in for “A ten bagger Dan” and urged me to take part in the seed placing and the IPO. Apart from the fact that he knew and admitted in emails that Mkango Resources “Were Crap” and that “Adam can get it to 10p”. “Even Turdey (Turney) is going to back them” I had many telephone conversations with him were he basically told me that Dziubinski had gotten all the bloggers and people who pumped and dumped shares onside to really push the MKA share-price. I myself had several conversations some months ago with a panicking ‘Dubious’ Dziubinski who telephoned me out of the blue when he knew I was about to write the truth on Sula and Mkango, he specifically told me that he and the MKA board were talking to Tom Winnifrith to get him to back the company. In other words they were going to try to pay shareProphets off. I immediately contacted TW and put it to him that he was being bought off. Winnifrith can confirm this. To his credit he went ballistic and has steadfastly held true to the basic principles and morals sadly lacking in all the rest who constantly pump & dump. By now we all know who they are. ‘Dubious’ tried to convince me to keep stum otherwise the MKA nomad would be upset. He was politely sent packing with a BMD flea in his ear.
Dziubinski, Mkango and Williams all met up in South Africa at the Indaba mining conference earlier this year. Williams came back infused and even more deluded and convinced that he was going to “Make a million” It was basically, to me, a conspiracy to ramp MKA way beyond it’s true value. Of course I being the ‘Devil’ in the detail refused to become involved in any way, shape or form (Just as I refused to take freefloat shares from a fat Aussie ramper while certain people did. You all know who you are. Another story for another time. Maybe?)
On the FCA register Jub Capital are registered as “A firm that offers or sells insurance products and services” Now that fact which can be evidenced HERE runs contrary to exactly what the one man band outfit purports to be to the market and what Dziubinski tells people on his LinkedIn account. Jub Capital are not a brokerage. They are a paper company run from the offices of Stone Drum Partners. They are a front for Stone Drum Partners who run Resources Early Stage Opportunity Company Ltd, who own stock in? Mkango Resources and who trade, buy and sell the stock on a daily basis. Who administers this fund? Come on down Adam ‘Dubious’ Dziubinski. And who has stock in the fund? Take a bow the deceitful Mr Christopher Williams. It was never declared in the Mkango IPO documents that ‘Dubious’ was in control of this fund.
Now here’s a fact that has also been disguised. Adamas Intelligence. This is the company that purports to be some thing of a world leader in mining and minerals and gives the impression of being a large corporate. In fact Adamas Intelligence is yet another one man band company run from a house in Sudbury, Ontario Canada. Adamas provided a grand piece of ‘intelligence’ for Mkango to assist with their IPO! HERE
It’s a shitty game is AIM!