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Added below 40p, very happy with that, the value here is outstanding, still think £1+ will come sooner than many think, a bid cannot be ruled out either - Condor is sitting on 5m ounces of gold but valued under £45m
Well, everyone has the opportunity to buy at pretty much the placing price.
I wish I had some more cash to buy today. Ridiculous opportunity to make life changing sums
well we all must be aware that the directors wanted to buy cheap shares ... not expensive ones ...
9 months at least. If you look at PUR we are massively undervalued. To equalise for the dilution the share should fall around 3p.
Geovanni....you saying we are less than 6 months to some production and massively still undervalued?
This doesn't mean toll mining is off the cards. As mentioned, we need cash for the land and engineering studies. The toll mining would not have been quick enough to get that cash. The toll mining would have gone towards reducing the equity for the purchase of the processing plant. It could still happen.
The comparison to PUR is even more relevant. They are 6 months from production with a market value 5 times higher.
why will it be a heavy down day? this is good news - securing funding is essential for companies to make progress towards their goals. It should not be a surprise to any CNR investor. Huge continued commitment to CNR demonstrated by Board and established major investors.
If these new funds enable all the things mentioned in the RNS then the placing will add momentum to the sp increase to £1 and beyond.
Perhaps we are at a stage of fixing the financing prices for the build?? Was my speculation yesterday and yes we have agreed some land purchase amounts ( but are they the final ones? ), we are raising the deposit for a mill ( so has been identified and contracted? ) and are there now plans for further drilling? More news to come soon I think.
Tbf if you were asked to contribute 6.6 million at 60p after it had been 20p a few months prior you would tell them to take a running jump !!
It sounds like we could be in production in 9 months. I don't expect the share price to fall more than 3p from here.
At least the share price rallied prior to the placing. We knew Mark needed more cash for the rest of this year. Great money is available for a deposit on a mine.
Imagine if Mark put the placing out when we were sat i the 20's, there would have been a lot more dilution.
I don't think it's a bad raise tbh at 36.5p.
I have been selling into the rises but at the end of the day - today will be a heavy down day - and that is not good - but it is typical AIM
I wonder if Munchbox knew?
PS I still think this will hit at least £1 this year
this is the positive aspect:
The placement proceeds will be used to complete engineering and other technical studies, purchase land in and around the minesite infrastructure and place a deposit on a processing plant. Condor's intention is to permit the 1.2 million oz gold underground Mineral Resource following the commencement of open pit production and continue with exploration activity to demonstrate a 5 million oz Gold District at La India Project."
Shafted?
this is what happens when companies have the ability to raise funds without going to market...
Someone sold over Tuesday and yesterday in order to raise funds and invest in this at a far cheaper price which is illegal.
Or... someone knew about the placing price.. which is also illegal.
Will anything be done about it? No
A kick in the balls for recent buyers however most of the shares have gone into sticky hands, underlying value remains way above share price.
Anyone else here feel shafted?
36.5p and 40p warrants - 17% dilution - good ?
Good. That is toll mining kicked into touch.