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Factored those in with the post below mate.
When doing your warrant calcs don't forget the 2,333,333 issued to the company's broker.
Didn't bail out* bloody fat fingers haha
I've been here since around june 2018 and its had its ups and down price wise but I have always believed in the fundermentals and did bail out. I don't be grudge the warrant holders selling through their placing shares and in turn exercising their warrants as to be fair if it wasnt for them the drills wouldnt have got done, they put the money up so deserve the rewards. Granted that last placing alot of shares and warrants were issued but you can only work with what you had so David Price did what he could and with that he has managed to turn a corner with the company and start the rerate to where it should be, Stirling job. This is still nowhere near the mcap it should be for the potential, however it is now at a more suitable level and stable here with more news due and more importantly it's now on investors radars.
Well researched and great post Essex. It’s certainly been an interesting couple of weeks here after a long couple of years. Nobody can argue with warrant holders knocking a few out (shares that is) and I am not personally a warrant holder. I still have huge enthusiasm here and just cannot stop being excited at the drill results and low market cap.
Nice one Essex.
I have been researching the warrants given your post and this is what I have found, I have gone as fair as 2017 and you will see as outlined a lot have expired.
Warrants from Sept 2017 fundraise were only valid for 2 years so now expired and gone in sept 2019 as no rns to state they had been exercised and I'm not suprised given the share price at the time and they had to be exercised for 2.3p (probably why PJ sold down his holding as he had a large amount of these warrants and was probably ****ed he missed them given the large jump in share price only 2 months after the expired lol) this was circa 130,000,000 warrants.
Aug 2018 I remember well as it was the best placing I've ever seen in a company I've been invested. Issues of 30,000,000 shares at no discount to the market so placed at the price it was that day. This carried 1 warrant to every 3 shares, so 10,000,000 warrants with an exercise price of 2.3p, these warrants expired In oct 2019 and as no rns issued to say they had been exercised these have now gone.
Jan 2019 saw a fund raise resulting in the issue of 58,823,530 exerciseable @ 1.5p and an accelerator clause of should the share price be over 4.5p for 10 consecutive days then the clause is triggered and warrant holders are given 14 days to either exercise or lose their warrants. These expire on 30th April 2020.
Sept 2019 saw the issue of
116,666,666 warrants exerciseable @ 1p plus 2,333,333 warrants to the broker. All of these are subject to an accelerator clause of should the share price be over 2p for 5 consecutive days the warrant holders are written to and given 14 days to exercise or lose them. These warrants are valid until sept 2022.
In short the only outstanding warrants there are;
58,823,530 @ 1.5p due to expire April 2020. (Worth noting director gordon hart holds 8,823,530 and given the news flow deemed in a closed period so can't exercise his?)
103,745,097 left @ 1p (assuming the 15,254,902 exercised this week were 1p warrants), expiring sept 2022.
Hope this makes sense. Obvisouly those warrant holders also had an equal amount of placing shares that they could sell so I imagine it's the selling of those which were around 170,000,000 is how they have been able to suppress the price on each bit of news, however they will dry up at some point and this will be free to run.
I'm not sure, but this is in the small print in the 2018 report. 'In addition to the issuance of shares in October 2017, 133,913,044 warrants to subscribe for ordinary shares of £0.001 each were granted at a price of £0.023'.
I read that as an issue price of 2.3p which may be why it keeps bouncing off 2.2p. That a good £3m income if correct.
Just a peruse through this years RNS. Think the total holding build up this year is correct:
Year end December 2018: Total 373,342,293
28th Jan 19 Placing: Total: 421,720,617
23rd May Issue of equity: 435,886,277
23rd Sept 19: Placing: 552,552,943
11th Dec 19: Warrants: 567,807,845
Outstanding warrants as at 31st December 2018 within 2018 Annual Report: 150,063,479
Less 15,254,902 just issued.
Equals outstanding: 134,808,577
That's what's holding this back. A good chunk of money to come.