Good to see the company getting its funding in place, taking us through to The first quarter of 2015, and straight into the BFS. But it still doesn't explain the extraordinary trading on Tues. Over 500K shares bought and I believe less than 50K sold and the SP did nothing? The placing shares do not get admitted to trade on AIM until 16th Sep. I As an aside, it is reassuring to see Jim Mellon increasing his stake in the company, via his connection with Galloway Limited. He definitely knows his onions!
MC's getting the IFC involved could be a master stroke in the event that the macro economic environment keeps that price of gold low.
The terms for the IFC subscription include due diligence by IFC plus Condor satisfying them as to compliance with IFC's environmental, social and safety requirements. In other words, MC will have a BANK doing its due diligence at the same time as Condor is preparing its BFS. We have a bank on board before the BFS - now that is the fastest fast track that is possible!
IF Condor is indeed going to move to production...... The funding carries us into the first quarter of 2015. It seems that there is also a signal to any interested acquirer to extract the digit and get bidding asap and make it worthwhile, because we're in a hurry!
Anyone or organisation that wanted to take part in the funding but couldn't will now have to take place in open market. A very good price considering what is to come over the months and the fact some of our resource will be moved over to reserves on which it can be loaned against if we get to take it that far towards production.
Now they have funding secured I think this could rise quite fast. So topped up again this morning. See below:
In order to complete the bankable feasibility study and create general working capital, Condor announced a proposed placing to raise GBP2.9 million and has reached an agreement with the IFC, the private sector arm of the World Bank, for a proposed subscription to raise GBP3.5 million, it said.
The proposed placing and subscription is for 3.2 million units, at a price of 90 pence per unit. Each unit consists of one share, plus a four-year entitlement to purchase an additional share for 144 pence, it said.
Looking like a decent reaction to the placing news today - I was expecting a bit of a sell off again this am, continuing from yesterday. And when I said last night that I wanted funding news from MC pdq, I didnt expect it within 12 hours! ;-)
Glad that the SP is holding up well so far this am in light of the news though. I think that bodes well for the run up to the PFS. I dont think we will be below £1 for long...
The RNS this am said that this funding takes us up to 1st quarter 2015 - So are we expecting BFS to be completed by then as well? Inc the extra drilling?
To top up at 118. But there we go,another top up chance.placing is good news ,funded to bfs.from memory we have had a placing at this price before.in between 9 and 160 placings.as mr w goals will probably agree Placings carried out in a healthy manner compared to many an aim co and one in particular.waiting for cash to come in for another small top up.g l all
Yes it is a relief to get the placing out of the way so that we now have a clear run up to the PFS without the funding issue keeping wary investors at bay. Considering we were recently at 70p I think 90p is a good result and it is very pleasing to see that the IFC are now involved as that is a big vote of confidence in the project.
Good to see finance is done and dusted for completion of BFS. This now sets us up without hesitation, and any bidders will need to take into account that our ounces in the ground will be valued at a lot higher than the current price, even after the PFS.
Will be good to get the drilling up and under way for those 8000m.
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