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I tried a dummy order for £8K. Could get 2.85p but didn't
Can’t say I’m too surprised really.
GGP have had a big rise already. Well, if you were in under 10p as many have been
Wish I went into AST a week ago Funny old game this
The prospectus is on the website under latest reports. I posted a link earlier.
Pretty disappointed with the SP here today. Just a brief pull back to 2.8 which couldn't be bought. I will wait a little longer as have to sell to buy as fully invested. I top sliced some SGZ to add here, so you see the complications!
Took around 3 years for GGP to go from this stage to where we they are now. I am hoping for a big rise there to sell half as lots of opportunities Atm.
Atb
Trek
Thanks RichyRich- that's not a quick read!
Rather a share raise than all these warrants I think, know where you stand then.....
This is a link to the prospectus....
https://w32.3eb.myftpupload.com/wp-content/uploads/2020/10/c117157CCL.pdf
Ok Caribs. Will do thanks. Just battling with my work as well. Lol
Hi Alwaysone,
you need to go the FCA national storage mechanism and download it. Put Cobra into company name and search for october 2020.
Caribs
Agreed Colonel. Seems to be lots of warrants floating around, I thought the 2p announced today was for 3p after reading all the stuff on here yesterday.
Plus on yesterday’s RNS. What is the prospectus they are talking about. Is it a new one not available yet?
This announcement is an advertisement and not a prospectus.
Hi Trek,
Same here. topping up all the way.
I completely agree - £40m mcap at 1m oz in reach.
It’s going to get very interesting here. This is just the first accelerator.
Imo We will end up 5p with the cash at some point. Just gonna be a little bumpy as things churn through. Any dips and I am selling elsewhere to buy!
Richy, spot on mate I got the same numbers in mind 1m = 10p.
Trek
Hi Richy
The key here is that this round of warrants pushes us to 65% ownership at Wudinna, if the cash is used for that, of course. Great news!
And Trek, great post
Cheers all
For arguments sake and ease of calculations if 1m oz in ground was valued at £20m (maybe a bit conservative but anyway) with 200m shares in issue SP would be 10p. With 400m shares in issue SP would be 5p!
I really hope that the drilling results are positive and the IOCG targets come up trumps to handle the dilution!
Page 70 of the most recent prospectus gives a break down of all warrants and options.
Fully diluted roughly 440m shares in issue with £4.3m in the bank.
If we were already fully funded for next 12-18 months the £4.3m would accelerate exploration/drilling across the tenements. As long as this adds considerable value to the company we should be able to handle the massive dilution from the warrants and options.
More good news is that the options issued at the most recent raise have an excise price of 3p and an accelerator clause at 4.5p
I can’t find the announcement made back in 2018 for the warrants that have been accelerated. I’m guessing it’s the remaining 95m or so warrants at 2p?
I can see by the end of the year all outstanding warrants will either be cashed in or forfeited. If they are all cashed in then we’ll have around £4m in the kitty for exploration and around 400m shares in issue.
I wonder if the funds will be used for the IOCG targets!?
This is a good thing. Let’s get them cleared out, get the money in, and move forward.
It is quite usual for their to be a future trigger in place to force warrants that have been granted to either be exercised or forfeited. And it’s usually when the share price has moved up that this happens.
Not sure how this works is this typical?
Can we really call it accelerator if they get given a month to give notice to exercise warrants and not exercise within the month?
Just been looking at September 2020 Presentation ( https://secureservercdn.net/160.153.137.14/w32.3eb.myftpupload.com/wp-content/uploads/2020/09/Cobra-Resources-plc-Company-Overview.pdf ), thanks for sharing the e-mail response, RichyRich1, .....they mention an IOCG target on page 9;-
" •Highly elevated Mo anomaly at Grace prospect –Copper / IOCG?? "
With the following comments, on further pages, regarding IOCG targets;-
" •An IOCG discovery would transform the Company into a major mining house "
" Blue Sky–An IOCG discovery would create huge shareholder value ".
BW
Alwaysone, I agree. News any day now
This was on 28 September, so I would say these results are literally due any time now wouldn't you?
Plus could be alligned with this new prospectus.....
Drilling Commences
The previously announced the Programme 1 drilling programme has commenced at the greater Baggy Green area today on schedule. The first hole will be drilled at Baggy Green. This first programme will include 25 holes for a planned total of 3,750m.
We plan to update the market on drilling progress with significant assay results to be announced once the assays have been validated. Assay labs are currently experiencing high demand with turn time expected to be between 3 to 5 weeks. We will update the market as those results become available.
From results on 30th September
The Company is now well established, well-funded and on the verge of commencing its first major drilling campaign.
Financial Review
In May the Board made a strategic decision to place the Company's available head room, raising gross proceeds of approximately £677,145 at a price of 2.25p. This had the advantage of minimising dilution for existing shareholders and enabled the Company to commence detailed planning for a drilling programme during the second half of 2020.
Post period end, in August 2020, the Company raised £1.5m in a placing of zero coupon convertible loan notes convertible at 2.3p, with warrants attached.
This additional funding will enable the Company to develop its targeted exploration campaigns across its key projects over the next 12-18 months.
The RNS is interesting and I wonder on the pricing of the CLN’s
Page 14
IOCG Exploration
• IOCG or Iron-Oxide-Copper-Gold deposits typically
form massive world class orebodies (e.g. BHP’s
Olympic Dam (300km NE) and Oz Minerals Prominent
Hill and Carrapateena
IOCG indicators
• Proximal to the Hiltaba Suite / GRV unconformity
• Geochemical element suite Te, Bi, W, Cu, Mo
• Discrete magnetic + gravity anomalies
Exploration Program
• Gridded Geochem auger sampling program
• RC drill program to target priority areas
• An IOCG discovery would transform the Company
into a major mining house
Finalising plans for the IOCG targets, nice!
Getting their house in order before drilling results announced some time in November?
I asked Craig about the IOCG targets. This was his reply.....
“Hi Richard,
Thanks for your e-mail and we share your excitement for these IOCG targets. I would refer you to our September 2020 presentation which outlines our proposed approach (slide 14):
https://cobraplc.com/company-update-presentation-september-2020/
In regards to timing, we will update the market via RNS once our plans for these targets are finalised.
Kind Regards“