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RK1 - risible is rather strong IMO.
I don't think a modest raise is impossible now, but i do worry about doing it in November if markets soften further between now and then. I'd rather it was done 3 months ago when the share price was 32p.
I want the best result for myself and by extension all of us, but I'm not sure that we can be so blasè. We know how the dynamic lies with pre-emption rights and the sooner we get something done the better.
Industrial metals sector DOWN 1.8% today...SOLG UP 4.7% from today's low...and on better volume than yesterday...
Red .... I'm not sure BHP will be the first to move ....Nick's got at least 25% (that we know of) he can call on and who are seemingly aligned ..... What would the Chinese to pay to become the single biggest shareholder overnight ..... just another one of the thousands of theories that we'll have to feed on until the company chooses to put us in the picture
To say SOLG is in a 'perilous' position is utterly risible...
We still have $20m and, with Norges bank piling up shares at c30p only weeks ago, do you honestly think a modest cash raise is impossible...?
This is a £400m company with much more than just a $3.8 billion asset...
The only 'peril' is the risk of a takeover...
Bring it on...now...!
Theres no point my trying to ramp the shares holding a mere 0.05% of the shares (i.e. 1/2000)
If you've followed me for six years or so you will underatnd that I am very positive by nature, although from time to time a state hard unpalatable facts to be realistic.
What I never post is doom and gloom...
So when I posted about the IDA consequences for funding Cascabel, it was mainly to point out the need for a gud raise sooner rather than later. I exhorted Ayten to do a rights issue much higher than this but it looks like she was overruled by the Board as it never happend...which is why we are talking about the need for a cash raise now.
But while we probably need $100m to run until the end of 2023, all we need now is enough to get through to calmer waters and thats more like $10/20m...
But in any case, as you will recall, I don't see SOLG getting past the end of December as an independent entity and the AGM is now only 12 weeks wawy...
And even if the person who suggested a 30p opening offer was right, it would get buried in counterbids...just look at Noront Resources...23 = 55 = 75 = 110...up 378% in less than a month...
Addicknt - i haven't actually mentioned insolvency today. I'm just uncomfortable with the dwindling cash position.
If we assume you're right, then lets get to it. Why delay? If economic conditions worsen then we risk those funders removing their interest?
RK1 - do you refute the point about us never being in such a perilous position, or would you rather me just not say it because you're holding 1.2m shares?
You know what the cash balance is, how long we can stretch it and you have your own views about what happened in the finance dept earlier this summer.
I really don't want conversation to be about me at all, but i refute a point Quady made earlier today and it seems to prompt a bit of a pile on with folks questioning my position and strategy.
I'm just trying to speak plainly. I want SOLG to supercharge the PFS, highlight the economic robustness of the next cab off the rank and demonstrate they can secure capital to complete feasibility for Cascabel and test their hypothesis that Helipuerto is an extension of Warintza.
If you're talking about me Tesla, our recentr buildback from 300k to 1.2m leaves us with an average cost of under 22p...
Whatmeworry...?
What I don't understand is what on earth makes the Board scared of BHP...?
Surely it could only be an attempted takeover....? If so yippee...p*ss them off...now!
If you weren’t ramping and trading, it makes zero difference…..
But you are so balls deep you don’t have much choice……
That is why you post multiple times every day trying to pump up the price…..
I don’t think I have ever seen a more disingenuous poster on these boards……
Bozi, much of your argument is well-reasoned and is a good overview of the situation, and I most certainly agree that all sensible opinion needs to be aired However, I'm not so sure about the more apocalyptic suggestions.
We know the company had arranged finance, either in total or partially, and were then forced to pull it following shareholder objections. Assuming those funding sources remain interested, if our backs are against the wall, the board would be forced to ignore the objectors and take what's on offer. And although this would undoubtedly cause ructions and may not be pretty, at least the company would remain solvent.
Happy days are a coming ;))
Keep on loading folks !!!
Try this Bozi...
"(not) everything is hunky dory (but) we're well on the road to riches...
And our 1.2m shares say its only a matter of time..
As Mr Dow said:
"When everybody is buying like there is no tomorrow that is the time to sell and when people are jumping off the rooves, that is the time to buy..."
Markets are driven by fear...al the time...how many people panciked and sold good companies when we had the COVID 'bottom' and SOLG hit 1op only to be hitting 42p a mere 7 months later...
FOMO is what drove the Nasdaq and S&P to unsustainable levels even as it was crystal clear that inflation and a recession were on the way...
FOLO is what drives people to dump shares in desperation having failed to sell higher up and being worried about losing the lot.
The PFS shows that after 7 years the annual NET CASHFLOW will hit $1.4 BILLION...
Now who wouldn't want a slice of that at a time when China are quietly trying to corner the market in copper and gold...?
SM...what does this statement do other than risk trashing the share price...?
"SolGold has never seen times as perilous as they are now."
I don't always agree with Bozi's views, both here and elsewhere, but when he posts I pay more attention to the content.....than most others!
Absolutely, SharketMare.
I'm similarly dismayed by RK1s view. Maybe we should all sit here telling each other everything is hunky dory and we're well on the road to riches...
"Unless you're prepared to reveal your true position and intent on here, stop trashing the share price..."
RK, I'd expect better from you. No one on this BB is 'trashing the share price'.
I assume that Bozi's position is similar to mine. I hold stock, I'm underwater, I'm concerned about the direction of travel. I'm not going to sell as I'm sitting on a loss, but I'm not going to add to my position while the funding issue remains. A bid could come in between now and the AGM which would be a great results for all shareholders here.
Just my observation, bozi comes across as a fair poster who doesn't seem to have an agenda but says things as he sees them. Can't fault him for that.
Bozi
Unless you're prepared to reveal your true position and intent on here, stop trashing the share price...
And Jezzoo...there is nio chance of insolvency:
"Insolvency is a term for when an individual or company can no longer meet their financial obligations to lenders as debts become due."
There are any number of ways to avoid that, such as stretching creditors, short term borrowing from the bank, a modest cash raise, selling off assets (e.g. a stake in Cascabel); streaming deals; etc.
Now it may not be exactly propitious to raise funds right now, but there is a price for everything with a company that has the undeveloped resources we have.
If Solgold was that desperate it could even approach BHP directly and see what price they would pay for the shares which, if it became public, would immediately trigger a bidding war...
May I repeat...this is NOT a Sirius. We have one of the most strategic and demanded metals on the planet, probably enough in all our prospects to fund any excess deman that will be created over the next few years, entirely on our own.
Sirius was trying to mine polyhalite and in the end nobody would lend them the money needed to start the mine.
If SOLG was "the hottest takeover story in town" and has repeatedly been talked up since as a takeover target by several reputable journals, you have nothing to fear except Armageddon or your own impatience and selling out too soon.
For many of us this has been a very long journey...it has required nimbleness at times, plus a steadfast belief in the ultimate payday...
I remember when ATYM hit 80p and everybody was ready to jump oiff the building...I filled my boots and sold the last at 270p...
Thats why we are now fully invested again, but if there is a modest rights issue I am confident enough to find some more threepenny bits down the back of the sofa...
Good luck all and a snovice would say...keep the faith...
PS thees no sign anywhere of Nick panicking and together with DGR etc they have lost £75 million on paper since April...
Fort - what does the average person do when they're attacked for "dropping misinformation bombs?" Hardly going to take that graciously, am I.
I hold a number of stocks, including another that you have been commenting on of late.
Good grief the ColonelDrake hasn't got both paddles in the water.
Why would Bozi or anyone else want a cheap equity raise.
We all want the best equity raise while issuing the fewest shares.
No matter what your position is.
P.S. Wholeheartedly agreed with your post last night on funding and what on earth the company have done with the $70-odd million they've raised!
CD, come off it mate. As Bozi pointed out, you have repeatedly suggested that a royalty deal was/is on the cards, despite our CEO literally saying it wasn't an option until we've published the DFS. The idea that you stick to facts and avoid speculation is one of the funniest things I've read on here this year, it's your bread and butter.
Unless you are invested in a company you are truly nervous about or anything Russian linked or need the readies, this is a good time to simply ignore price actions otherwise you will end up giving your shares away cheaply. lots of news about future commodity prices spiking between 25 to 50% within 18 months and guess what we are sitting on a shed load of copper, silver and gold with the first 2 needed in huge amounts to kick start the electrification of the new world. 2 more years should do it...
As for me I'm adding as and when
Have a great week all ;))
Oh Bozi... I see you retreat to the usual 'attack' as the best form of defence.
I'm just following the company the company like everyone else and using the material that they release as the factual position. And you call that misinformation?? Ironically... I partly agree but that's the company 'misinforming' not me.
You keep on posting the negative stuff and praying for that cheap equity raise as we all know that's what you want. But that's not what the majority of us want at all.
Are you invested in any other stocks or is SOLG your only stock investment?? Just curious?