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Me too Tom, well 1.48 ave and also Rambler which could also do well
Being in ggp from below a penny til now has lead me here, not expecting quite the same but hoping for plenty of upside.
We should get on a roll of assay results, drill, assay results soon.
Guess we're all hoping this can do a GGP. The thing is if the gold bull market is a strong as I and many other belive then it is not that far fetched.
MT
We are all hoping for good drill results.
I cant believe this close to results you can still buy at this level.
Looks like we must have the same BFG delivering dreams. I’m inclined to anticipate an IOCG, hence my holding, although, it’s not going to disappoint either way in the short term.
What I’m secretly hoping (dreaming!) for is there to be a pretty good indication there is indeed an IOCG deposit and a joint venture deal is struck with a major. Basically for Cobra to be another GGP with a market cap of £800m so £1.50 a share! Ha!
Richy
Forgive me, you are quite correct, it’s the clns in flush. And yes the warrants for the clns and options for directors.
I’m out and about and I just replied without thinking.
In terms of valuation. You are at the mid range of my super hopeful outcome. But only 25p above where we will be if anything over 1m ozs are proved. Keeping in mind that this is all speculation and has yet to be proven.
One IOCG will send this north at Chuck Jaeger pace
I might be wrong but the CLN that hit the market at the end of October (issued at 2.3p) are now all converted and available to trade.
This gave us £1.5m which is being used for the drilling programme and fully funded to mid/end 2021.
The accelerated warrants at 2p have until 30th November to be cashed in. If they are all converted we’ll have 350m odd shares in issue and another £1.9m in the coffers.
There’s warrants attached to the CLN and options for directors at a certain strike price.
With the CLN, warrants, 95m warrants accelerated and all outstanding options this would give us £4.5m (£1.5m already assigned for drilling 2020/21) so £3m in the kitty and 450m odd shares in issue.
CM has hinted that they are finalising/working on the IOCG strategy. I think the £3m will be going towards proving up the 1m oz at Baggy Green/North White Tank and Barnes/Larwood Etc and a good whack of the £3m will be going towards drilling the IOCG target(s).
Total speculation here on my behalf but reading between the lines the board want the SP to be around the 5p mark (£17m market cap with 350m shares in issue) and accelerate all options/warrants by year end to give them the funds to rapidly explore IOCG targets and prove up the 1m oz.
The current drilling will hopefully be positive adding value to maintain a £17m market cap and fully funded until end of 2021 by which time we’ll know whether any of the 4 IOCG targets are indeed IOCG’s!
If any are then forget about a £17m market cap more like £200m with 450m shares in issue so roughly 45p per share!
That’s what I’m hoping for but hey WTFDIK!
funny
My best mate tipped RMS last week and I did nothing. Doh!
She’s reads this board occasionally....she’ll be saying ‘I told you.....’
Live, learn, repeat
Hi Carribean,
Yes I agree we have good news to come. I didn't quite understand the remarks on possible bad news as I jus don't see it at all.
The price has been hit by market, pog, but up again as I have always thought, but more so the warrants imho. Even though it provides more cash. Not sure if and when to increase my holding again or not.....
Off subject, I looked at RMS last week when it had doubled and thought would drift back....300% more later you kick yourself. Funny old game
Thanks I did reply but don’t know where it’s gone lol... surely the additional shares should be included yet, unless all notes have been converted, which isn’t true right?
I’ve tried to post this, but the bb is rubbish at the moment.
Lennie,
We’ve had 71m warrants reach vesting point, so there is a chunk of cash on the way. But not the full £4m yet
Hi Lennie,
Not yet; we just had approximately 71m warrants reach vesting point. They have been put under acceleration, so I’m sure we will see an RNS when they have all been vested. Possibly sooner if Cm releases gradual RNS at each vesting. I’m unsure of the rules on this, tbh
Thanks Rich - surely they shouldn't be included in the underlying total shares at this stage as not exercised... do you see what I mean?
Hi rich and Dan
Rich has it; that’s the numbers I’m working on.
Per RNS........"Accordingly, at Admission the Enlarged Issued Share Capital will be 262,375,617 Ordinary Shares.
If all the outstanding Existing Warrants, the New Warrants and the Options were to be exercised,
the Company would receive approximately £4,387,355 in cash and would represent 40.40 per cent.
of the Enlarged Issued Share Capital".......................... so are we saying that we've received £4.4m in cash ???
Lennie
This is why Dan....
“the publication of its Prospectus in relation to the admission of a further 71,356,300 Ordinary Shares of 1 pence each to listing on the standard segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange (together, the "Admission").”
Hit the market on 29th October.
Shares in issue should be 191m, not sure where the 262m coming from... I’m expecting warrant conversions shortly... get them flushed through and then up we go on drill news...
Interestingly we’ve now got 262m shares in issue and a market cap of £7m!
Only another £3m to add to market cap and the directors can get their options for hitting £10m market cap.
I think this will be achieved by end of November once the drilling results are made public.
Hi Dan
It’s good to see; it occurs to me that this is being held back, but time will tell. With initial results round the corner, I imagine it’s not going to be below 3p for very long. Still, makes no odds to me. Holding very tight and topping up. Nearly back to my vanity 1% holding even with warrants out there, and I’ll plug all the way up to full dilution (assuming good results in the coming weeks)
Good luck all. Interestingly sky farmer posted on mnrg about patience. Applies here too
Nice buying this morning Carribean...
Hi alwaysone
Now that we are close to news, I’m expecting more and more folk (very new ones with short history here - not you) to begin a program of unsettling comments, without anything backing it up.....Trump style.....
Let’s all be wary and aware of them.
Who said ‘bad news’? I didn’t mean that but more about the markets, pog but bet still rises and those warrants that surprised me. I think the results will be great and the price will shoot up. It’s just those 2 weeks waiting and price prior. Wouldn’t leave buying until 2 weeks time though if you haven’t already.
The mcap has drifted to £4.5m again bizarrely but I guess the markets are a little shakey at the moment... I don't see how we haven't drilled in the right spots, considering the modelling, pathfinder analysis, and previous holes as guidelines... I have no doubt that we see some large grades of Au, but what I want to see is how deep the structure goes and whether the prospects are connected... I would be very surprised if Baggy Green isn't 1m oz by itself... Mid November or earlier I imagine so not long to wait at all...
Looks like that’s it Dan. Little top up again....
Discounted by dilution at this stage, with under two weeks to initial results. What’s the betting that they’re good? If CM has planned this right, and I think he will have, then we could see some nice grades from Baggy Green.