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Perhaps they had to squeeze in the raise before agm, main listing raising 20% annual limit etc etc... anyway gave us needed funds in difficult market and plus take a look at the number of targets... 23 x 100m x £125 cost = £287,500 so roughly £200k outlay and £100k equity to driller... so given recent raise and potential warrant take up and I imagine another raise about 2.25p, we will have plenty of dough to progress and get to the 1m resource...
I still don’t get the urgency of that last raise. I at the time went along with the usual AIM mates rates prior to news, when these things happen, and people were quoting
“Couldn’t buy in”
“All gone by the time I’d contacted the organisers”
.... and the price had been dragged back from the mid 3’s...
I still think we have nothing to worry about with a share price that will be far north of our current levels, in 6 to 12 months.
Taking the opportunity to raise was said in the presentation a month back, but I still can’t read this... like I think I should... and the word Why?? and Timing?? Seem unclear still.
Associated parties and people being able to buy in at the bottom has been readily available for a long time now... with no inertia even flickering yet.
RNS said Sept
Podcast/interview said late Aug/Sept
Now what message would be positive to the market, yup start a week or so earlier, hence why I am expecting mid Aug...
Dan - Given it says Sept on the rns, why would you think mid August? SP should start to rise in anticipation though
Thanks for that, C. I dipped a toe this morning. Could possibly re-test support at the 200 DMA but then i expect a strong bounce
I’m actually expecting drilling to start mid August but who knows hey...
Drilling could potentially start end of next month, with updates on drilling plans expected soon. Good luck all holders, 3.6p on last sample results, anything could happen this time around. Options at a 5.4p market cap, BOD confident.
Like you say the ‘scatter gun’ approach to drilling will when it ends help the SP.
Nobody should moan about further raises, as they have got to happen. It’s the only way the business and mkt cap are going to move north and we exploit what is there. I do feel they could have raised higher however last time, and that if they had waited they could have diluted far less.
They killed the momentum and the rise, and I assumed because they had immenant news... seems strange now
Morning SF,
Take the time, if you can, to watch the pod cast. CM discusses the drill program cost as a fixed price as the drill partner have decided to take partial equity, part cash to deliver.
I doubt we are fully funded, imho, but any further raises will probably be on the back of an Mcap increase.
I topped up on Tuesday and will be topping up in the next couple of weeks as our SSAS funds become available.
It was a positive to issue the options to the NEDs, a clear signal that they are keen to get this baby up to double figure mcap, as I know it will be helpful for them in future fundraisers..which will happen, again, my opinion.
It isn’t a short term play here, but traders will enjoy the rides, I am sure.
Yesterday’s RNS has pretty much stated this is a multi-bag opportunity, and have clearly defined the parameters for the NEDs to help this happen.
Naturally, it’s not without time-risk, amongst other factors, but I am slowly topping up with top slices and will continue to do so. Whilst it might feel a long time coming, I have a time frame of 9-18 years and so have plenty of patience for this company.
I guess the shorter term wins will be seen when the pathfinder approach is proven, or at least is seen to be successful in terms of cutting down the machine gun approach to drilling. If this is proven, then I can see a fundraise happening for a more extensive pathfinder sampling across the whole area, but by then there will already be a production plan for the first million ozs and by then, we will all be somewhat less concerned, potentially.
GLA and all my opinion and own brief take
Just seen that it was postivevibes who referred to both recent placings. So when was the other placing?
I'm looking for an undervalued gold play to increase my exposure to the yellow stuff. MC is low ofc which is good and the drill programme starts in september. Again, spot on. Im trying to work out whether the co is fully funded for the drill programme. I see there was a placing at 2.25p about 3 months ago raising circa £670k. But the rns said that was for working capital. Next stop for me is to listen to the share talk podcast. To be honest, i tried once and gave up after 10 mins as CM is not exactly a natural salesman. Before i do give it another go, would genuinely like to know whether we are fully funded for the programme. Have i missed an rns? Read somewhere that there have been recent placings in the plural. If we are fully funded, definitely will have a punt.
£10m mcap is 5.4p and 1m oz is worth 30p in the ground.
You don’t put conditions in if you’re not expecting to hit them otherwise would be pointless. Drilling mid Aug onwards with lab results, modelling & drill plan to come before that.
I've topped up today was thinking about it yesterday but I like this news. To be honest, I expect this to decrease a bit until drilling in September but I am happy to top up in at this level and bring my average down a bit as I got in originally around 1.8, never one to try and catch a falling a knife.
Hi all, wishing everyone well.
Bought 97,000 shares yesterday and an additional 100000 today. Looking like cobr is in the strongest position its been in, and at a lower price than both recent placings. Good luck all
lets hope they get the options for both reasons , either way the minimum criteria is 3x todays sp