I believe something isn't right, how a non holder or holders of san leon can post so much against a company they hold nothing in, I have looked in on adfvn and believe me all day he is there as well, as it seems something does not add up as no one would vent this much smoke and mirrors for no reason.
san leon with Tosca will look more rosier to other insitutionals with less share base and a higher price tag.
Last year someone emailed to tell me that SLE had taken out a loan with Palomar, similar to when I posted that Palomar had given up four concessions I was called a liar. The common thing these posters all have in common even when they are proved wrong they never bother to apologise. I posted the documents and still I was called a liar. The relevance ? any trustworthy CEO would have released a RNS with the details of the loan and the fact that licences had been returned. The reality of the situation was that OF had got the company into such a position he had to personally guarantee the loan even though Palomar took a floating charge over all the assets, they didn't consider they were enough to cover their 3mill including interest.
Westhouse Securities analyst Mark Henderson described the funding as “impressive”, given that such a significant amount of capital is being raised in what has been a challenging market for the sector.
“The funds should boost its ability to progress some of its assets (one of which, Rawicz in Poland, is close to production and cash flow) but the company now needs to actually deliver, having conspicuously failed to generate any meaningful economic value from its assets thus far,” he said in a note.
Going concern The Directors have prepared a detailed cash flow forecast for the Group and Company for the period to 31 December 2016. The cash flow forecast reflects the Directors’ plans for the on-going exploration activity across the Group’s exploration asset portfolio taking account of its licence commitments, technical team costs, administrative overhead, other financial commitments, agreed and potential farm-ins and its available financial resources from existing cash balances and committed facilities. The principal assumptions underlying the cash flow forecast and the availability of finance to the Group are as follows: • The proposed conditional placing (the “Placing”) and share capital reorganisation will complete; • Certain subsidiaries of the Group will be successful in their legal challenge to the ruling of the International Court of Arbitration of the International Chamber of Commerce in relation to Avobone N.V. and Avobone Poland B.V. • The proposed farm-outs will complete as planned with timely receipt of associated consideration; • Production revenues and exploration and administrative expenditure will be in line with current expectations and commitments; The signed Term Sheet for a Fixed Schedule Equity Funding Agreement (“FSEFA”) between the Company and YA Global Master SPV Ltd (“YA Global”) provides the Group with a debt facility of Stg£21 million accessible over a 30 month period from 21 May 2015 (“the facility”). This Term Sheet modifies the existing Standby Equity Distribution Agreement with YA Global, which remains in effect.SOURCE:San Leon accounts.
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