Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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@DrPatience, He1 is one of the worst examples I have come across,.. , worth a read for any AIM investors, the LTH got slaughtered... of course a different ball to DELT who has a proven track record when it comes to JV's
After their(he1) AGM there was no special resolution passed allowing the BOD to issue shares without a vote, but they got around that..
The following AGM approved approx 300m shares , about 1/3 in issue. But they trashed the share price announcing a fund raise more than 2 weeks in advance of its completion.. The share price fell continually over that time, they then managed to issue about 2.4bn shares at 72% discount..almost 8x that 300m..
Both instances they used a cash box placing...
But the upside created in the handling of that last raise resulted in massive x17 gain from the low for somebody ?
Thanks FD, yes that's super nasty for sure. Even if done at the going market price, I would still be very unhappy, as a matter of principle. The reality is (I am not saying this in the context of DELT) that small companies can be controlled/driven by large shareholders (in good or bad directions).
I do feel the DELT CEO is straight enough and also has vested, personal interests in pulling this off to serve all shareholders.
But GLA!
DP in general that is correct. Companyies will have resolutions agreed that allow fund raises within an approved criteria. However here and whilst still Cluff Natural Rseources, a raise was anounced subject to a post GM approval. The approval was a foregone conclusion as the major holders who were the subscribers. held the majority vote.
I am not against a fund raise providing it is done in a fair and transparent way. The raise I refered, was not transparent.
London in the process of killing itself...
https://www.telegraph.co.uk/business/2024/03/05/currys-investor-hits-out-absurd-london-stock-exchange/
Dai2belts, most companies have resolutions in place, typically agreed at the AGM, to give directors the flexibility to act fast in the interest of the company. So do we, Not sure about He1, I am not following, but I strongly suspect they did exactly that. You would need to check their AGM/meetings. For DELT, I cannot see a fundraise happen as this would require a raise of 50% of the market cap. It has also been said multiple times in presentations and other docs that a fund raise is not planned. The plan is monetisation/farm down. I would prefer a fund raise, but very few here agree with me.
D85, very fair comment and I feel sorry for those who had to hold for so long. Firstly, exploration is a long game. Secondly, there is a very good chance 2024 is going to be a game changer in terms of the sp. We may need to wait one more year to really see the outcomes of the drilss fully reflected in the sp. I am not certainly not selling anything at this level.
RNS 5 December: "The NSTA has ruled against an extension to P2567, and this licence was subsequently relinquished on 30 November 2023. The Company may consider reapplying for this licence in the next UK licensing round and, with the benefit of the extensive technical work carried out over the last couple of years, the Company should be well placed to be re-awarded this licence. "
So very much still of interest, but in fairness, all attention is no doubt on the 2 main prospects to be drilled this year.
Did DELTIC re-apply for P2567/Cadence - paired with P2428/Cupertino had p50 GIIP 2.6TCF.
Had $10m of technical work completed by Capricorn, who seem to have lost interest.
Did Deltic also lose interest?
Fairdealer, we may well as be CLNR, we have no producing assets since the last 8 years. No shareholder value return for Long term holders.
Despite all the CPR's, Raisings, License Awards, Prospects, etc.
The share price is practically the same as it was 8 years ago.
There seem to be ways around special resolutions, take a look at He1 and their last two raises.
FD, fair comment, but we could all buy top up shares at the same price to avoid dilution. I understand why such deals are done, but I always prefer to be invited to participate on a fair basis and with notice.
For the amount needed, it will need a special resolution, for sure. I don't think we will see a fund raise.
This is only 1.65p in old money before consolidation. Last raise 3.5p. That was before the derisk to Dana Petroleum. Get Pensacola over the line and we’ll be north of 3p in flash.
See someone has not done their homework,thinking we are still called Cluff Natural Resources. Oh dear!
DP getting your fair share may not be so easy. The raise before last was announced after the Bell (4.45pm) and closed at 8.00am the following morning. I fortueately picked up the late RNS and immediately called my broker who informed me the offer was not open to Ordinary PI's and yet the 2 major holders subscribed and got large chunks of the offer.
GLA
GGG, it not part of the "declared" plan. However, from the perspective of value retention, a fundraise is really a pretty good option.
The sp has been depressed for a while, in part due to widespread fear that another fundraise would be coming. I would personally embrace i and buy my fair sharet, but the power of fear should not be underestimated😀
They still have plenty of time; I am sure negotiations are well progressed by now.
I'm wondering if they're waiting for the start of the sp rise from the Selene drill before they do a raise. Happy for them to do this as I think it's far better to own a bigger part of Penascola then give up another 5-10% to some other entity for a measly $15m drill cost. Would only make sense if the farminee cover a big chunk of development costs should the appraisal be significant. But I'd rather us do a raise then farm down from a position of strength. Thsi will increase, that;s for sure.
It was a question.
Thanks David
Really helpful insight
GLALTH
Has this company drilled any of the prospects its had over the last 5 years?
They seem to take along time to do anything.
Djm, I totally agree, but it will not happen until we have the next monetisation deal in place and 2 x drilling gets underway. End of '24 should really take us beyond that market cap level, fingers crossed.
This is much greater than koal minerals and premier afican minerals deltic have shell onboard this should be 100m market at this stage
Getafgrip, this is one if the most profound, wise comments I have ever seen on this board!!
Will wait with patience😀
DP - the Pensacola deal will happen, but if it takes more time than we are happy with, or say we wish it was July and the drills were turning, we all need to think because we are effectively wishing our lives away!
Thanks, we are on the same page!
Just impatient now despite my name...😀
2024 is going to be a game changer!
DP - don't worry Deltic is in very good hands. Through the Selene deal the Board has reassured all stakeholders that a similar deal will be agreed over Pensacola. As you say once we get to drilling, and its not far away now, the real excitement will start!
Yes! Yawn, yawn, we need news!
Anyway, it will be an eventful year when the drills start this summer. Exploration is a grind, but will pay off for those long!
Dry wells highly unlikely at this stage.