Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Show more confidence Allenby paid in Warrants also!
Good - gives us £0.5M instead of 0.3M which extend timeframe to let developments play out.
As I did think placement price between 1-2p. In this case 1.65p and also keep last part of Drawdown in reserve.
We can get back to looking at in country development again which as we see is looking I crasingky positive for Phulbari outcome.
GCM will always be minority holding to my (much) larger MATD position BUT very glad to be holding it as potential upside very unique.
🦉
It seems like they are paying the brokers Allenby in warrants for the deal. Everybody is owned a slice of this pie which is getting smaller!
Issue of warrants
In addition, Allenby Capital Limited, who are acting as agent in respect of the Subscription, will be issued with 303,030 warrants to subscribe for new Ordinary Share at a price of 1.65 pence per Ordinary Share exercisable for a period of 3 years from Admission.
The Warrants will not be admitted to trading on AIM or any other stock market. The issuance of the warrants is subject to Admission.
.... and why would they be investing if they thought Tang was going to try and delist, really good news IMHO...plus if they ae going to be admitted to trading on Feb 2nd surely we will need to be out of suspension
To me this is good news, it gives us breathing space, also, who would be buying the shares if they did not think that this had legs and was not going ahead .....
…but does it simply mean there is enough of the company owned by parties that will swing the vote and pass resolutions needed to oust Christian and ultimately delist us?
Well we are funded now (until the end of May anyway), so we won't be going into suspension which is a result...
I’ll be honest and say I have no idea what is going on…
Application has been made to the London Stock Exchange for, in aggregate, 30,303,040 new Ordinary Shares to be admitted to AIM. It is expected that Admission will become effective on 2 February 2024. Following Admission, the Company's enlarged issued share capital will comprise 237,825,076 Ordinary Shares with voting rights in the Company. As the Company holds no shares in treasury, this is the total number of the voting rights in the Company which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change in the interest, in the share capital of the Company under Chapter 5 of the FCA's Disclosure Guidance and Transparency Rules as reflected in the Company's articles of incorporation.
Issue of warrants
In addition, Allenby Capital Limited, who are acting as agent in respect of the Subscription, will be issued with 303,030 warrants to subscribe for new Ordinary Share at a price of 1.65 pence per Ordinary Share exercisable for a period of 3 years from Admission.
The Warrants will not be admitted to trading on AIM or any other stock market. The issuance of the warrants is subject to Admission.
Suspension and annual report
As announced on 28 December 2023, the Company's shares have been suspended from trading on AIM pending completion of an ongoing funding event and release of the Company's financial statements for the year end 30 June 2023. It is anticipated that the Company's delayed financial statements will be announced on 29 January 2024.
Further updates on the lifting of the suspension of trading in the Company's shares will be given in due course.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Subscription to raise £500,000
GCM Resources plc, an AIM quoted mining and energy company, announces that it has successfully raised gross proceeds of £0.5m by means of a direct subscription (the "Subscription") of new Ordinary Shares (the "Subscription Shares") at a price of 1.65 pence per share (the "Subscription Price"). The Company will need to carry out an additional fundraise before the end of May 2024 to fund its working capital for the next 12 months.
The Subscription Price represents a discount of 37.7 per cent to the Closing Price of 2.65 pence per Ordinary Share on 25 January 2024, being the latest practicable business day prior to the publication of this announcement.
The net proceeds of the Subscription will provide the Company with a source of general working capital to progress its existing projects.
Subscription summary
• The Subscription has raised £500,000 (before expenses) through the issue of 30,303,040 Subscription Shares at the Subscription Price.
• The Subscription Shares will represent 12.7 per cent. of the Enlarged Issued Share Capital.
• The net proceeds of the Subscription will be used to provide the Company with a source of general working capital to progress its existing projects.
The Subscription
The Company will issue 30,303,040 Subscription Shares, to raise gross proceeds of £500,000 to participants in the Subscription. The Subscription Shares will be admitted ("Admission") to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") on or around 2 February 2024.
Subscription Information
The Subscription is conditional, inter alia, on Admission of the Subscription Shares to trading on AIM and the lifting of the suspension of trading in the Company's shares. The Subscription and issue of warrants (as detailed below) has been conducted utilising the Company's existing share authorities.
The Subscription Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.
Application has been made to the London Stock Exchange for, in aggregate, 30,303,040 new Ordinary Shares to be admitted to AIM. It is expected that Admission will become effective on 2 February 2024. Following Admission, the Company's enlarged issued share capital will comprise 237,825,076 Ordinary Shares with voting rights in the Company. As the Company holds no shares in treasury, this is the total number of the voting rights in the Company which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change in the int
Sorry GP, I’ve been away this week for some much needed time with my loved one and had promised to devote the time to her and not my phone! lol..
With regards to the latest RNS it seems that we are so close, yet so far from getting this past the line, but I’m still hopeful that there is a lot of work being done in the background and that the situation gets resolved. There are so many variations of how this could end I’m not going to speculate further, but like many, after all this time, work and money invested I’m hoping for some positive news…
Not long to wait to find out!
Relax & wait - we will find out soon enough 🦉
He is being interviewed for the NED job.....
Hmmm. I think Phulbari on a wind up.
Ps Searcher, you gone missing since the bombshell.
Thanks for the 'upbeat' message Phulbari, we agree
For once we disagree Phulbari, whoever your sources are they must be in line for a screwing to.
How can anyone think that this is anything other than Tang shafting us…move on guys, write it off.
Yes, unfortunately.
Thank you for sharing Phulbari, let’s hope your sources are correct. GLA.👍
Typo - Mr Wilkinson never meant to be PERMANANT NED is what post mean to say.
Good point mr Share are!
Mr Christian Taylor-Wilknison never meant to be interim NED. He is meant to be in this position until NEW NEDs appointed but sometimes people do not fit in role (according to Management).
Management may want him out now but contract condition say this valid only when new NEDs found which is not case yet so management go down alternative route for this.
Why do not management just appoint new NEDs now? Funding issue need to be sorted out first because NED do not take position for no remuneration. Also want right people according to company view of situation developing.
Of course this is some speculation on info Mr Shatebare highlight but sound right on this level.
We will see but think more than some hole for shareholders 🦉
My apologies. Given the situation in Bangladesh currently, do you still think she’s a problem?
Christian Taylor-Wilkinson was appointed as a Non Executive Director on 15th Sep 2023 (check the RNSs tab on this page)
Christian took over when Mohd Najib Bin Abdul Aziz " reluctantly tendered his resignation from his position as Independent Non-Executive Chairman" for "personal reasons" according to the same RNS dated 15th September.
However reading further is does say that:
"As a result of Najib's resignation, the Company is pleased that Independent Non-Executive Director, Christian Taylor-Wilkinson, has agreed to act as interim Non-Executive Chairman until such time that new NEDs are appointed and the board makes its final decision on the Chairman role."
So Christian is and was only an interim NED - and his replacement was always on the cards.... maybe some glimmer of hope... but the way the most recent RNS was worded... does make it sound like he is being forced out rather than a natural normal transition
I dunno just grasping at straws here... not much else to do in this total black out stage we are at lol.....
I just hope Tang/Polo have a replacement lined up - to take his place and we can carry on
Well then bythesea, you have misread my posts for 15 years plus. I am hugely positive about the company and the project - I invariably have been, having worked on it in country - but I remain hugely negative about its prospects as long as Hasina & Co are at the helm.
Not like you to be positive about this investment/company
Seems Polo Investments is a subsidiary of Polo Resources.
Polo Investments Limited acquire a stake in GCM Resources Plc from Dyani Corporation Limited in February 2020. Polo Investments acquired 13.5 million shares in GCM Resources in exchange for 44.4 million shares of its parent company, Polo Resources Limited. Polo Group was then the largest shareholder of GCM.