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Lessee
I posted quite a lot of critique on the Shanta Gold board and took stick for it the other day because certain people did not want to hear it. They got angry when I posted news on Tanzania running out of USD and about Kenyan Minister wanting African sourced investors instead of those in Western economies on exploiting commodity resources in their country. I share info that I collect from a huge number of different sites.
Tony are you posting this level of critique on the other Board or just PRE?
Sundrum
When an RNS comes out a lot of people communicate on it.
I have mentioned the issue of what is going on in the USA markets for sometime on several boards especially on Centamin. For example, 10 months of false data on USA economy put out by LBS which zero hedge uncovered later on.
I also discussed bank failures and lack of dollars for projects in trying to get off the ground in Africa. In fact the USD shortage in Africa is causing a widespread problem.
As for the market crash many publications in the last week are showing a parallel situation to the dot com bust except it has extended to a far higher dangerous level. The article I posted that was published today sums it very succinctly. There is also various reports on dumb money going into the market as smart monies sell off. The problem for Pensana is not having things fully signed off and completed. They can not do anything about macro timing, but it right for us to be aware of something if it was not previously known.
Tony
Tony
My comments in brackets { }
The Company, has concluded a non-binding term sheet with the Longonjo lender consortium for a project finance debt facility (Facility). { I am not sure what non-binding means. Does it mean that neither side is yet committed. }
The Facility amount is up to US$156 million with a participation of up to 50% between each of the lender participants.
{ Explains what different parties are discussing}
The purpose of the Facility is to provide limited recourse senior secured project finance to fund the Longonjo mine, flotation circuit and refinery. {Yes this is obvious. }
The maximum tenor of the Facility is to cover the construction period and ramp up to full production plus four years to an overall maximum of seven years. { Not sure how much is needed in the first two years as we do not have details of annual draw down}
The Facility is conditional on obtaining guarantees from the relevant export credit agency for which discussions are well advanced. { It remains conditional until they get the actual approvals}
The Company is furthermore in advanced discussions with the Angola Sovereign Wealth Fund (FSDEA) and a member of the lender consortium to finalise the US$80 million equity component of the overall financing package. {This was discussed a year or so ago and have they already spent $15M of it}
I think that's an excellent idea!
Tony - Having not posted on the PRE board for over a month, today of all days you highlight your concerns about a global equity meltdown? For some reason you have also chosen the PRE chat forum to exclusively communicate your concerns, rather than on any other of the boards you regularly comment on.
It just so happens that today is the day that Pensana releases a particularly positive RNS communicating that the terms have been agreed for LJ project finance.
All a coincidence I'm sure.
Lewis, it was £2.07, still a huge drop. i also think touting a 50% increase from a month ago is disingenuous. What I will say is that the structure seems to have turned from a sustained depression in the SP over time, to a seeming increase in it
Progress made, pleased for LTH. Does however make me laugh when 50% in a month touted. As if anyone on here has caught the bottom and if it even makes a different from the loss in sp from just under 3 quid.
Back to positive, get the rest over the line and it could be perfect timing with an uptick in demand and ree price expecte
Tony if you are concerned about a stock market correction then i suggest you sell your PRE shares and buy bonds or gold.
To give you guys some idea of what I am concerned about is in the attached which is an aside.
https://www.gold-eagle.com/article/fallacy-wall-worry
Well done to the team, fantastic news.
We shall need see I study climb back to all times highs over the the next 12 months. GLA
Tony - probably worth another read of the RNS:
The Company, through its 84% owned subsidiary Ozango Minerais SA (Ozango), which owns 100% of the Longonjo project, has concluded a non-binding term sheet (Term Sheet) with the Longonjo lender consortium for a project finance debt facility (Facility).
The Facility amount is up to US$156 million with a participation of up to 50% between each of the lender participants.
The purpose of the Facility is to provide limited recourse senior secured project finance to fund the Longonjo mine, flotation circuit and refinery.
The maximum tenor of the Facility is to cover the construction period and ramp up to full production plus four years to an overall maximum of seven years.
The Facility is conditional on obtaining guarantees from the relevant export credit agency for which discussions are well advanced.
Tony - 750000 Shares traded in the first 3 hours is well above average trading.
You should say , does not suite your trading criteria as you have been caught out.
Lessee
Have you noticed how low the volume has been. Share trading activity was minimal. The RNS today was more about a confirmation that funding entities have not rejected the proposal. There are a lot of items still to sort out. The gap at the open by the way was unjustified as the volume again this morning was not high in my opinion and created an unnecessary gap in the charts.
Tony If they have invested in 5% bonds for 12 months then they are missing out on the fun.. PRE up nearly 50% in a month!
There is a macro equity market event fear of a major pull back. Pensana can do very little about. A lot of people have invested 5% income on 1 year bonds. Equity liquidity is currently really poor.
Thanks SunDrum
4kandles - there is plenty of chat about this on another platform. Everyone got bored of the derampers and took their discussion elsewhere. If you are interested, get in touch with admin on the PRE Facebook page - they can direct you.
It looks like folks have been waiting for so long that everyone dozed-off
That’s big!
Debt funding (auto correct!) of course
Is this not very good news?
The guidance given in the RNS is Q1 2024, although there were aspirations for Indaba conference. Which unfortunately didt come off
Anyone know why finance here is taking an age? It's over run PAs guidance... reckon it's on the cusp of landing?