By Tom Winnifrith | Sunday 11 October 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Another day gone and things look even grimmer in the execution chamber as we watch the public death of AIM POS Golden Saint Resources (GSR). Still only £1100 of the £250,000 needed has been pledged which means that – after costs – three days of the crowd funded debt death spiral has realised a net MINUS £1,938.50. But I am afraid the true picture is EVEN WORSE than that. Moreover…now it is time to meet Gollum, the mastermind behind this fiasco.
If one looks at the six investors who have pledged support you will see the first four ( who contributed £800) are all members of the crowd funders own team: the head honcho Mr Tony De Nazareth (Tonyden), his son and heir (Nazareth), Marketing manager (andrewadcock1) and the compliance manager (rgill01). In other words after three days of crowd funding Golden Saint has managed to raise a quite stunning £300 from two real external investors (wildash and paulorr). Those two gents are clearly certifiable but at this rate of £150 externa investment a day, a company burning c£6,000 a day and with no cash at all is, I put it to you, toast.
So which imbecile signed off on this fiasco? Step forward the compliance officer Richard “Gollum” Gill. This was the chap who via backstabbing found himself in charge of t1ps.com the day I left in 2012. At that point t1ps.com Ltd had never failed to make an annual profit of less than £300,000 since its second year and t1ps.com the website had more than 3,000 subscribers
Gollum’s first act (September 16 2012) was to publish a defamatory editorial on t1ps.com smearing me and packed with lies. He published it in Steve Moore’s name. Steve was on holiday. Steve resigned on a matter of principle over that matter and said he wished to work with me. He was then told he could not do so for three months (when he was not to be paid) because that breached contract. Steve mentioned the words “constructive dismissal” and “lawyers and Gollum slunk back into his hole.
Within two years Gollum had “departed” by which time t1ps had fewer than 400 subscribers and was losing £400,000 a year and it was indeed put into administration. Oddly Gollum does not mention these achievements on the Crowdforangels website HERE
Crowdforangels is FCA authorised so all articles about clients who are seeking money must be viewed as a financial promotion and signed off by the compliance officer as balanced. So Gollum where do you mention that:
1. Golden has no cash left and burned £200,000 a month in H1
2. Golden needs cash sharpish to renew its exploration licenses
3. Revenues from diamond sales in H1 were just $17,000
4. The shares have lost 99.94% since IPO 18 months ago
5. Even if £250,000 is raised, the net cash proceeds will only keep this POS going for another 5 weeks even without any payments for license renewals.
6. As such investors are almost certain to lose money on this.
Gollum, you talentless and treacherous little shit why not give a balanced view on Golden Saint to your customers or is such analysis beyond your incredibly limited skill set…
The curse of Gollum must be the final straw for Golden. £300 REAL money raised in 3 days.
What do you reckon the number will be by tomorrow? And when will Crowdingfor angels realise how useless Gollum is and send him packing back to live on a diet of rats from the bins in his native Northern slum.
Never miss a story.
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