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See my post on the 03 Aug 2022 18:00 where I said two months to sort this out or a placing will be needed, so I agree with you GW.
Its a race against time now to get it set up, stop fannying with the washer and get it going full speed to generate as much revenue as possible.
If they place we'll have to go through churn for a few weeks.
Sausage - closed period?
Director buys in any volume and by more than one of them are always green flags. A token purchase by a new CEO isn't something I would get terribly excited about, especially £2k from someone who lives in probably the most expensive place in the world!
But my biggest concern is our money
In 2021 we made a loss of £1.45m, or £120k per month.
We had cash of £1.2m left at the end of 2021.
We're approaching eight months into 2022.
We'll run out...in 2 months perhaps, worst case? Depends what our interims confirm as to the burn rate when they are released in September.
And even if we start to make a gross profit at Rukwa, how do we cover the £70k a month of administrative expenses in the P&L?
Unless we have one mighty turn around in our fortunes, the capital raise question is a matter of when, not if.
Another week in the life of an Edenville share holder....
Good weekend all.
If he has purchased shares on the open market this is good.
All we can really say is that as he has purchased, Edenville isn't in one of those delicate sensitive periods that don't permit Directors to buy - I forget it's official name = but you know what I mean.
Green
Some said the other day about a placing at a lower level all I was saying was that the purchase made yesterday would suggest that wouldn't be the case.
And for the record I was not saying for one minute that he was insider dealing
I thought it was a good thing to see a director buy even though it was a small amount.
Now its a case of seeing if he achieves his targets and collects his warrants at 25p in the meantime he can keep buying at a lower level if he so wishes ,and maybe one or two of the other board members
Bullish - s52 and s53 of the CJA are reasonably clear to me - insider dealing can only be proved to be an offence where an individual gains from that knowledge. Anyway, we're getting onto points of law.
Fundamentally Noel's purchase bears no indication on whether we do or don't need a placing. Our cash burn and cash reserves are far more of a pointer. I haven't checked our Articles but most new CEOs tend to have an agreement in place as part of their appointment to buy stock. That may simply be included in Noel's employment contract, but we'll never know.
The minor saving grace is the BoD has said we will be cashflow positive in two months, but we have had that said numerous times before too.
The BoD just needs to deliver - not sure how many times we have all said that over the last five years.....
Green
He would be inside if there was any placing or material news flow be it up or down from the current price.
My point was that Tony put his money in at 25 and the new board has their warrants at the same level ,in my mind that is a base for any placing should they require it.
The diversification still might happen
For what its worth my thoughts are they get the mine producing as much as possible with not a lot of spend. The cash rolls in and then they sell it to move onto pastures new...we shall see !
At least he stuck a few grand in which is more than the others
c2k of investment from someone who is a CEO and lives in Monaco...? There's commitment for you. Let's hope there is more buying on the horizon. And I can't remember how many shares Nick has bought - he's been here well over two years now.
Bullish - it would only be insider trading if he knew there was a placing coming at a higher price and therefore he was materially benefitting from his purchase. But if there was definitely no placing coming and he felt we were at the bottom, surely he would pile in?
And where's our "strategic investment" cash gone, because there ain't much left of that £2.5m we raised? As you said back in January and I agree with, I'm more interested in our diversification, but I fear we have blown most of that cash on keeping our loss making mine running.
Lots to do here BoD - lots
Ok so no imminent placing or would be insider trading .
And as the previous placing was at 25p and the warrants for the new board are also at 25p Would suggest a clue .
In my mind Tony sticks a million of his own cash in at 25 and says you can’t have stock below that level to the new board and by the way here’s the targets to get them ,if you want any stock then go buy some in the open market.
Also means def no placing at lower levels as some suggested.
Doesn't mean that at all could be a sprat to catch a mackerel
Also means def no placing at lower levels as some suggested
At last a director purchase
Not a lot but we don't know how much money he has so I wont comment on that ..good to see though hopefully he will make multiples on that purchase