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I rather expected this. Why have your money back when you have the confidence to hold off and likely double your money? At least the discount wasn't too cheeky and the market seems to think the vote of confidence outweighs the dilution. Now PD has a elbow room to move beyond Phase 1 production and the cash income should enable SG to commit to moving the Grampian Project forward. It's been a long time (29-01-2021) since the last exploration update. Time we heard what our geos have been up to and got planned for the next mine. Roll on Friday or next Monday!
GLA. R.
Scotgold is becoming cash generative, this is the game changer " A Significant Scottish Gold Mining Industry" ( Nat le Roux )
Have a look and tell me there will be only one Mine , lol
https://twitter.com/GrahamScotgold/status/1311050154489909249?s=20
90p offering
Honestly, I can't believe SGZ is re-rating as the rest of the sector continues to sell off.
Bellers, here's what was said in the 1 September update:
Following the completion of the debottlenecking process, expected in September, gravity circuit optimisation will occur, supporting gold doré production which commands a premium price.
Which at the time I took to mean September would be spent fiddling around with the gravity circuit, with the hope of hearing something about doré in the November update.
Hopefully we'll get a further, more detailed production update on 1 Oct along the lines of the previous monthly ones.
Only concentrate mentioned again. Where’s the proper gold? :-(
When the Directors gave the loan the share price was 54.2p , depending on what way you look at this you could say they're paying a premium , Scotgold moves forward and the share price goes up.
Short term loan” No interest is payable on the Director Loan”. (May rns) seems to be 15% not interest free. I wish we could get that rate too.
They are now cash positive on monthly production and results are improving
Happyhaddock, looks like neutral tending to positive is the immediate reaction, MMs dropped it at the open but popped straight back up. Definitely better than leaving the liability hanging for another month and/or rolling it over. It's another issue out of the way and another vote of confidence by the board and major shareholders.
The mine is operating cash positive and the market could now do with seeing some detailed financials and robust projections for the next 12 months or so. Annual results tend to appear in November but will only take us to June 30th. There's been a lot of operational progress since then so those in themselves will be of limited use.
This short term loan issue may be out of the way but some specifics on the much larger £7.5m NLR/Bridge Barn debt funding would be welcome. Each tranche due for repayment 36 months after drawdown. £3.5m of that was drawn down after June 2020, so getting on for two years before that needs to be repaid. The rest is due a bit earlier having been drawn down by December 2019. With cash now flowing (and freed up with today's news) there's no existential issue here, but increased certainty on repayment plans would be supportive of the SP at this stage.
Would it be very cynical to wonder if some good news has been held back prior to the loan conversion so the directors get to bump up their holdings at a relatively favourable price? Surely not...
Whilst nobody likes to see dilution, investors tend to look far more favourably on significant investment from a company's directors as it is seen as a vote of confidence.
So, perhaps the lack of a move in the share price indicates how the markets are treating this as a self neutralising non-event.
Never expected anything different , the shares won't be getting sold anytime soon.
3m to go all the way to £1 and will probably get sold short term loan ££
3,301,420 new ordinary shares at a price of 60.58p, mixed feelings to be honest.