Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Yesterday's RNS included the information that strategic investors are injecting £6m into Angus.
Yes.
Has Angus got finance for the sidetrack.
PIs appear to be waiting for 1st gas whereas the strategic investors of yesterday's RNS have already committed their £6m.
To date, hopes for the share price have been held back by placings but Angus is:
1/ about to generate significant cash flow;
2/ cashed-up,
so the path ahead for investors is much clearer.
Bv they pretty much forget that we are acquiring the other 49% couldn't make some of this up, onwards and upwards from here imho gla
Perhaps it's offer-led rather than need-led, that investors are prepared to back the company by making funds available to it.
Foxtail,
Why then the need to raise 6 million through big dilution if all this money going into the coffers?
Revenue is vanity. Profit is sanity. Cashflow is reality..
Foxtail, the derampers ignor income coming from other souces which all adds to the coffers to pay debts off.
Natural gas surges above $9, hits the highest since 2008 as inventories stay low
PUBLISHED WED, MAY 25 202211:02 AM EDTUPDATED 34 MIN AGO
Been a long day … logging off.
Have a nice evening all.
HITS, yes, I think I agree with your last post.
Foxtail
Today 16:12 Posts: 1
Price: 1.075 No Opinion
"It is amazing what some people will say or do to try and recover big losses.
Desperation creeps in in the end I suppose. Especially if they could lose their house by remortgaging and buying shares at the top which suddenly fall back in price drastically for instance?"
Is this directed at me?
Yanis, yes, I see your point - but I wasn't in the least surprised at the oddity or the fact that things don't add up.
Probably because I find it near impossible to believe anything George says or take any of his statements, promises, predictions or assurances at their apparent face value. I suspect that ANGS was close to running out of cash (or at least breaching the positive bank balance condition of the loan) and it found it needed more money to complete Saltfleetby and also to fund the sidetrack attempt.
The fact that George mentioned needing to keep the lenders and the regulatory authorities happy in the recent RNS suggests that having taken on SEL's field responsibilities as well, he also may now be obliged to increase the provision insisted upon for eventual de-comm, which would be a requirement regardless of whether the field eventually gets decommissioned or not.
HITS, you are missing the POINT.
The point is that GL said that he will pay the loan off by year end … then he goes and raises via dilution £6 million.
Doesn’t add up - you get the drift?
Yanis, it doesn't matter what George believes. It's basic maths (and I also think if you examine George's statements about "paying the loan off by year end" carefully, you'll find they're always qualified by a quiet "if the sidetrack is successful" condition).
if the field only produces 1.5 million therms a month, then what with the hedge and using today's future gas pricing, then in the first 12 months, the field delivers a total of £36.8 million revenue from sales of gas.
Of this, Mercuria gets £30.6 million on the differential on the 12 swap contracts in that year, leaving ANGS with the remaining gross revenue the next 12 months of £6.2 million.
You'd accept it's a tad hard to pay off a c. £14 million loan (capital plus interest) out of field revenues totalling £6.2 million?
And that's why the sidetrack is crucial.
BV, someone else is mopping them up but the SP is dropping!
HITS, whether the site track performs or not is irrelevant.
What matters is what GL believes - and he believes that he will pay the loan off by year end - if you get my drift?
Yanis let them sell, someone else is obviously mopping them up.
Again, it is simply not possible for ANGS to pay off the £12 million loan by the year end if the sidetrack doesn't perform as George hopes. Yesterday's acquisition of SEL doesn't change this picture in the slightest.
This should come as no surprise to anyone. Two days ago it was impossible for ANGS and SEL to pay off the loan for which they were jointly responsible within 12 months without a successful sidetrack... so why should ANGS taking over SEL's revenues from and liabilities on the field make the slightest difference to this? Answer: it doesn't.
Yanis yes I know, but half the amount are in the system as we speak, it's there in black and white.
Another worrying development - the number of MMs sitting at the ASK increased to 2 just before the bell.
These two are JBER and MREX who have always been at the ASK (at least one of them) over the last 2 or 3 weeks (maybe longer). This means the sells will continue IMO.
Foxtail, I find it funny when posters say we only have 2 weeks unhedged gas,that's like saying work 4 weeks at £10 per hour, or i'll give you £20 per hour for 2 weeks work lol.
BV, the raise of £6 mil is via the issue of 546 million shares. The existing authority to issue shares does not cover this, is 273 million short, hence the EGM.
Baits, you are missing the point - we are supposed (according top GL’s interview a few weeks ago) to be able to pay the £12 mil loan off by the end of this year (i.e. in the next 7 months)
Why heavily dilute the shareholders with another 546 million shares to raise £6 mil … and also do that at a heavy discount … place at 1.09p when the average SP over the last couple of months is around 1.35p?
Raise £6mil when he is expecting to make £12 mil within the next 7 months to pay the loan off + more?
Yanis the RNS says that 273m shares was poured into the slush bucket yesterday, headroom can only issue/ allocate 273m today.