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Good presentation and think that most current PIs will now be tied into the long game. Updated guidance and resource estimates later this year will certainly help but we'll be hobbled by the number of warrants expiring at 85c in July 22. I don't expect to be back at breakeven (currently 25% down) until Q1 2022 but by then maybe a maiden dividend will have been announced?
Yep, I caught a falling knife; bleeding badly now . . .
Just hoping for a buyout now to end the misery.
I added good few this morning. Downside from here is minimal, upside - huge.
Well there is support around the 75p level in my humble
then a bit about 69/70p
and again about 55pence
I do not know if Pure will hit these levels but directors certainly in hindsight indicated all was not well and cashed in before the drop.
Pure is still a good company, with great assets, but they need to prove they are great miners of gold as well !!
And on that score, they are currently under performing, but it is early days for Pure so I am waiting a bit before averaging down.
New Corporate Presentation, dated yesterday.
https://puregoldmining.ca/investors/corporate-presentations/
Looks like a decent plan to fix production issues.
bitcoinbuyer -lots of folks bought at twice the share price ,thought they were on to a good thing but now underwater.
Share may come good but it will take time ,however many investors like myself will not be averaging down unless directors start buying (not selling!) in big amounts...
“Pure Gold Mining Inc - Vancouver, Canada-based gold miner - Agrees with Clarus Securities Inc, as lead underwriter, to increase the size of it's CAD10.0 million - about GBP5.8 million - "bought deal" offering. Pursuant to the upsized deal terms, the underwriters have agreed to purchase 9.9 million shares for CAD15.0 million. The shares will be priced at USD1.52 each. The company has also granted to the underwriters an over-allotment option to purchase an additional 1.5 million shares during the 30 days following the closing of the offering. In the event the over-allotment option is exercised in full, the proceeds of the offering will be CAD17.3 million.
Current stock price: 80.20 pence, down 6.2% on Friday
Year-to-date change: down 47%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.”
https://www.lse.co.uk/news/in-brief-pure-gold-mining-increases-financing-deal-to-cad15-million-v3sveh6tjtkfgay.html
1.52USD eh! I wish. Even the journal’s get the basics wrong. C$1.52 about 88p, I hope we get back to that level soon!
Trek
BCB, I am not disgruntled or negative but the directors sold into a mess they knew was coming. And my average is in the forties so I am above water but a lot took a hit and it should not have been that way, those in Canada knew the most and profited the most. I just don't trust the managment anymore.
Top man . Good luck .. have high hopes here...
Cost effective expansion is the name of the game !
No harm filling the coffers if you know you are onto a good thing
Well I had a small £1k top up at 84p , still averaging down , so see how it goes next week for a bigger bite .
Not from Saxondale , rather just like to model my style of sarcasm and dry put downs to those of the great Mustang driving Tommy Saxondale .
I had to google swanny ... Down or up... Came up with crash of 2008 :))) as an example.
Whats not to like here ? 20% discount or am i missing something... was thinking of a heavy top up
Comments from positive or disgruntled holders welcome
Looks like the swanny, oh dear
Yes does seem cheap now Saxondale... By any chance are you from Saxondale.... Based just 2 miles down the road in Radcliffe on Trent .
I stated yesterday (by mistake) it's 10M new shares. Today that's a fact so I am pleased to see my crystal ball working again :)
Someone is paying well above current SP and thinking it's still at a discount as per normal placing. I am sticking to my prediction of positive production update coming our way.
No its like this.
The underwriters get paid a fee to underwrite the placing - they then place the new shares with their clients - if the placing is oversubscribed they can come back for more shares but these are not underwritten they are just new bonus shares - the underwriters dont care if the share price goes up in the future - their job is to wholesale big blocks of shares out to the market and not get caught with any shares left on their books at the end of the sales process as they then have to own them as they are underwritten.
If the company is strong then underwriting is money for old rope - well new rope in fact - but its an easy fee.
Dont assume that brokers, MM, corporate finance banks care if the SP rises or not, they really dont, they care about their bonuses / commissions, their spread, their fees and their clients in that order and in fact private investors nobody cares about at all unless you can help with the previous list in a significant way.
I worked in investment banking - its the truth.
RB
I thought it might have been about tax, due to the wording. These guys are rinsing this share for everything its got. Sprott just committed to pay in a hefty chunk, yet they would rather sell shares to pay the tax bill. This is undoubtedly a gravy train for these guys.
In my 10 minutes of googling, I think this bought deal is good news for investors. The SP is currently 85p, but the Underwriters have paid 88p ($1.52 CAD = 88p GBP). It also means the Underwriters are reasonably confident the SP will rise in the future. In addition, I believe the flow-through shares allows PUR to write off a significant amount of tax, which should help the bottom line.
This deal should at least allow them to accelerate mining development I guess .
I come from a position where I'm looking to add , so if I can do it below current SP thats great .
My average is about £1 so sort of neutral at the moment .
The drilling results from the good stuff down in the 8 zone , or a rapid rise in the POG is what I'm banking on to make me some money here . I'm sure they will keep finding gold , and the mining and output will keep increasing .
So being a glass half full guy I'll take it as a buying opportunity .
I haven't researched too much on the BOD selling antics , but unless its a complete pump and dump job , I tend not to get too bothered . I better read up on this see if they pass the smell test .
I take it that a bought deal is basically an underwriter taking these new shares ( at a discount ) , then flipping them back on the market when they see fit ( presumably in their mind at a profit ) . Its a placing , but to an investment bank who presumably won't be LTH of those shares . So one positive is that this underwriter has belief that the SP will go up . Bad news is that they may be flipping them quite cheap down the road so SP won't be climbing rapidly if someone is constantly dumping shares for a quick profit .
More discounted shares to dilute PIs even further.
TDT
GlobeNewswire APR 08, 2021 03:40 PM EDT
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM) (“Pure Gold Mining Inc.” or the “Company”) is pleased to announce today that, due to strong demand, it has agreed with Clarus Securities Inc. (“Clarus”), as lead underwriter, on behalf of a syndicate of underwriters including Canaccord Genuity Corp., Sprott Capital Partners L.P., Stifel GMP, Haywood Securities Inc., and P.I. Financial Corp. (collectively, the “Underwriters”), to increase the size of it’s previously announced C$10,001,600 “bought deal” offering. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a bought deal basis, or alternatively to arrange for the purchase of, as agent for substituted purchasers, 9,868,400 flow-through common shares (the “Flow-Through Shares”) for aggregate gross proceeds of C$14,999,968 (the “Offering”). The Flow-Through Shares will be priced at $1.52 per Flow-Through Share. The Company has also granted to the Underwriters an over-allotment option to purchase an additional 1,480,300 Flow-Through Shares on the same terms as the Offering for a period ending 30 days following the closing of the Offering. In the event the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be C$17,250,024.
The Securities will be offered in the provinces of British Columbia, Alberta, and Ontario by short form prospectus.
The Offering is expected to close on May 5, 2021, subject to customary conditions and all regulatory approvals including the approval of the TSX Venture Exchange.
The gross proceeds raised from the Offering will be used by the Company to finance “Canadian development expenditures”, as defined in the Income Tax Act (Canada), on its property in Ontario.
ABOUT PURE GOLD MINING
PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada’s next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold’s multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believe