Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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That's been discussed here at some le grh Northfiekd - have a look at the previous posts on the subject.
Atb
One of the Convertible Loan Note conditions is for there to be 24 months working capital available. There will be 12 months unless further capital raise.
Or, it won't matter if Bizzell cancel that particular condition in the CLN.
Or if there's a farm-in!
Funding not secured yet, read the latest RNS the convertible loan notes have a number of CPs attached to them so it is not yet guaranteed.
Do we think the share price will still be 2p as they move into drilling? ;)
We just need them to drill - and they've secured the requisite funding for that!
......and if course the 'current' talks with potential Farm in Partners ongoing.
Atb
Powerful stuff, imo.
It pays to read RNS's carefully and listen to what a CEO says in their comments.
Read once, then read again, then digest and then understand.
Simon Potter, Chief Executive Officer, commented:
"Our clear focus at Bahamas Petroleum is to drill an initial exploration well on our highly prospective acreage in The Bahamas during 2020, consistent with our obligations to the Government of The Bahamas. We have been working diligently to develop a coordinated funding strategy so as to ensure we have access to the funds necessary for drilling, as and when we need them. I am thus extremely pleased to advise all shareholders of our successful Open Offer and Placing, which, in aggregate, have raised approximately US$11.4 million. When combined with the proceeds we expect to receive from our Conditional Convertible Note, we will have secured the finance required for drilling activities, given our anticipated well cost is in the range of US$20 million to US$25 million. At the same time, we continue to maintain our cost focus, monitor a range of additional funding options, and progress our farm-in process, all with a view to strategically enhancing the overall financial capacity of the Company, whilst not being reliant on any particular outcome for drilling activities to be implemented.
I would like to thank existing shareholders for their continued support, commitment to the project and confidence in the ability of management to deliver on their behalf. The path taken to this point has not been straightforward but collectively we have stayed focused so as to realise the Company's goal - the management team understands the responsibility it bears and is determined to succeed. I also take this opportunity to welcome our new shareholders and I look forward to updating you all on our progress over the next six months as we ramp up for drilling operations. We strongly believe it will be an exciting time for our Company."
From the RNS it's pretty clear.
Working Capital:
The directors consider that the proceeds of the Placing and the Open Offer, together with the Conditional Convertible Note (subject to satisfaction or waiving of the outstanding conditions precedent) and the Company's existing financial resources, will provide sufficient working capital for its currently anticipated requirements, including its planned exploration well, for at least the next 12 months.
Lol, yeah read the rns and understand it, lol,
grogrations - BPC have the working capital for at least the next 12 months and is from the last RNS dated 5th November.
PoC - if that is your personal opinion then it should be qualified as such. If that is the directors’ view then they should release an RNS to say just that as it is provides additional, and potentially positive, information to existing RNSs that have indicated otherwise regarding current working capital resources.