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Hallelujah that’s now not a talking point and holding us back. 10p+ this week.
Good luck buying any dip in volume.
Last week our buyer took over a million shares alone over 3 days (didn’t track Thur/Fri) so a measly 2m shares will get chewed up pretty quickly! Hopefully he’s feeling peckish and we’ll get through them in a day.
Support is 6-7p and I don’t believe we fall below it, in fact after a small drop i believe now funding is out the way the next attack on resistance will see us push through!
Next few weeks will be game changing imo! GLA
Very happy with the fundraise! Considering the amount 6.5p is definitely a fair price and will see us through to well after production begins. GLA
‘The net proceeds of the Subscription will provide the Company with working capital to support the strategy to progress the Phulbari Coal and Power Project through the next 16 months on the Company's current cost basis.’
Commenting on the Subscription, Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."
I made the same mistake!! Mr Stephen put me right
6.5p *. Entirely in line with expectations. 16 months runway. Glad it’s out the way, I always had a small worry than Tang wouldn’t complete the raise and delist!
Uh no. At 6.5...
30 million extra shares.
But have to admit. Not a bad placing.
I close my short on this raise. See you in a year or with news...
Excellent find Mr Searcher AND tine perfectly with Funding news we get out of way BEFORE meeting so no 'drag down funding coming' narrative from salty ones 😂
This is true - I have dream of Hasina yesterday 😂💰💰💰
🦉
Correction 6.5 pence
2 million pounds at 8.65pence
.
GCM Resources plc, the AIM traded mining and energy company, has successfully raised £2.0m through a direct subscription (the "Subscription") of 30,769,230 new Ordinary Shares of 1p each (the "Subscription Shares") at a price of 6.5 pence per share (the "Subscription Price").
The Subscription Price represents a discount of 24.6 per cent to the Closing Price of 8.625 pence per Ordinary Share on 15 April 2024.The Subscription Shares will represent 11.1 per cent. of the Enlarged Issued Share Capital
The net proceeds of the Subscription will provide the Company with working capital to support the strategy to progress the Phulbari Coal and Power Project through the next 16 months on the Company's current cost basis.GCM Resources plc, the AIM traded mining and energy company, has successfully raised £2.0m through a direct subscription (the "Subscription") of 30,769,230 new Ordinary Shares of 1p each (the "Subscription Shares") at a price of 6.5 pence per share (the "Subscription Price").
The Subscription Price represents a discount of 24.6 per cent to the Closing Price of 8.625 pence per Ordinary Share on 15 April 2024.The Subscription Shares will represent 11.1 per cent. of the Enlarged Issued Share Capital
The net proceeds of the Subscription will provide the Company with working capital to support the strategy to progress the Phulbari Coal and Power Project through the next 16 months on the Company's current cost basis.
Just for the record, the meeting is on Sunday...
You would not want to be out of this over the weekend.
Looks like the Energy Ministry want to let the people know that they were working over EID
"Government workers have returned to their offices at the Secretariat – the heart of the administration – after five days off for the Eid and Bangla New Year holidays."
"Eradul Haque, deputy secretary at the Ministry of Power, told bdnews24.com that he was at the station on Eid day, but he went on a day trip to his village home in Bagerhat the day after Eid. He was at the office on time on Monday.
Power Secretary Habibur Rahman exchanged greetings with ministry colleagues in the morning."
https://bdnews24.com/amp/story/bangladesh%2Fqzffvcrnnb
I agree Redeyemines, this would be a great time to get the proposal out in the open if it has been submitted yet.
It coincides with what the company said about presenting it when the GoB was settled in and after Eid which has just finished.
Now the press are obviously back at work, it will be interesting to see if we get more articles or news on using own coal as we get closer to the 21st…
You would think that the power crisis would be at the top of their agenda and how to resolve it!!
Thankfully not to long to wait until we find out …
1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
I can see the headlines now..
"After an all night sitting by the standing committee, MP`s decided it must have been the curry"
The election is over and Hasina is in for another, and probably, her last term...
.. Now it's back to business for GOB, and the Energy ministry are to hold their first full meeting on the 21 st of this month.. So what's top of the list.
..in late Jan early Feb the ministry met with Hasina, and no doubt put their views to her... probably for the first time, as it's normally her putting her views to them.
.. With the energy minister talking openly about how own coal and in particularly Phulbari should be used, it's a certainty that this was brought up in that meeting between the Ministry and Hasina, and maybe since then they have already reviewed the complete proposal, and weighed up the pros and cons.
.. So will phulbari be on the discussion board at this first meeting..... Let's hope so.
.. All eyes on the press.
Well that could be a good stage to announce / ‘put out there’ the whole coal mine plan going forward.
I think they may announce three mines at the same time and not just Phulbari. If there is any adverse feedback ( I actually don’t think there will be any tbh), it will be diluted, but as I say I’m hopeful it will be received well.
It’s been said a lot recently, but they cannot procrastinate over this much longer and they have to make decision very very soon.
Was the 100k buyer back in again for a few more today?
Buying a 100k block at 2p was a punt, binary bet, risk a few pounds for a huge return.
For the buyer to be buying 100k blocks at 9p must mean there is great confidence in a return. The buyer isn't put off by the possibility of a discounted fundraise coming either. Without success its probably unlikely the buyer will be able to sell any of the shares as the mms can drop the price massively and not buy anytime there's a sniff of a sell off. Same as DGi who are also holding onto their share payments for the work they are doing. They were paid at 4p so could easily take a nice profit but are holding.
It all seems very well managed, feels like there's a lot of confidence of success and it's looking very good for gcm. We've had a but of a re-rate around 9p and its holding well but this will be in the £s at the slightest hint of approval.
Interesting find Searcher. Could be something exciting coming out of that meeting for sure.
So it seems that the press are starting back up again after their holidays..........
Could the 21st April be an important date, I wonder if on their agenda they will have -
Item one - Discuss using own coal resources?? - Either way the question has to be asked soon
1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
Date: 21-April-2024
Time: 11:00 AM
Location: Bangladesh Parliament
Venue: Cabinet Room
https://www.parliament.gov.bd/meeting-details/78/1st-meeting
Professional you are only on here following wiseowl about for some strange reason known only to yourself.
Jamessss we know exactly your position because your post history exposes how useless at trading you are.
As I say fellas, us at gcm are sat on 1000% rise, and we're holding knowing where its headed. You've both missed the boat with your negativity so just suck it up cupcakes. You can both dream on for your 1:3 and 3p buys! :)
I've said it before and I'll say it again, nobody has a clue of my financial situation, not even a hint of a clue.
Again @youknowimwrongagain you sound pathetic.
Cheers @professional, I hope you continue to trade this one and make an absolute packet.
Let us see how it plays out here.
Power cuts surge amid persisting heatwave!
“But power demand has begun crossing 12,000MW since April 13. On Monday, the highest load-shedding of 305MW was recorded at 10:00am.
Different parts of the capital suffered power outages more than once on Monday.
Bangladesh’s current installed power generation capacity is nearly 27,000MW. The fuel shortage owed to the dollar crisis keeps many power plants unused.”
https://www.newagebd.net/post/country/232697/power-cuts-surge-amid-persisting-heatwave