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It was more as an alternative to FN. If NC think these are bad deals for solgold, presumably they are good for the other side and NC last year bought one on the FdN mine. So if the discussions get nowhere on how to fund the rest of the pfs and solgold are using the FN deal in negotiations, then NC taking over the FN deal would be second choice for both parties. That’s all.
Jerry, why would either BHP or NCM want to do that? If they advance risk capital, they'll want control. They don't exist to do shareholders of SOLG favours.
Why dont solgold do the royalty deal with BHP and NC, instead of FN?
rcgl2, maybe their is another explanation.
Just maybe our major shareholders just wanted a cheaper option with faster returns.
CGP have gone silent with the direction adjusted, so less outlay for them, and less funding as we fund from output, in the early days.
Also by not taking the extra 50 million from Franco Nevada means we can still reduce them to 0.5% of NSR.
Now if we can raise the funds for the open cut, just maybe this all becomes self financing.
So let's see what the PFS says, and then see how much we have to raise.
If it's a couple of billion dollars, then Ingo is already half way.
Crewtime I think you miss spelt decades (weeks)
:-)
Thanks
Maybe a bit fanciful but I think they might dig up some decent results prior to any raise ..... and I think they can justify holding back individual results on the basis that they don’t prove up a license ..... also don’t swallow the “ Covid and delays with labs in Peru “ line either .... they were getting results out in 2 weeks back in November. Good or bad something is going on .
Good to see the new presentation next week at least
Hope I'm the first to say this!
I would not want to be out of this over the next three weeks, should increase once the new person is announced
I don't know mate, doesn't feel like Solg is currently in much of a position to be dictating generous terms for its next fundraise. The SP now is around 22p. Solg is going to have to offer any equity raise to all current shareholders, because they don't have any wiggle room to disapply the pre-emption rights. They can't do a cheeky $5m with Valuestone alone like they did last year. If they went to all shareholders and tried to place shares at 30p and the major holders all said no thanks, would you or I or anyone else be willing to throw more money in at a substantial premium in order to take up our allocations? And it would be pretty disastrous if they did an equity issue that wasn't even fully subscribed, I think it would look like a sinking ship.
I'm not being negative about Solg generally, the assets are still there, the studies are progressing, the regional news will come in and the investment case is still largely as it was when I invested. I just think now the days of Solg sticking two fingers up at the majors are over and if we have a fundraise later this year, it will be at or around the then current SP and I think the majors will take up all of their rights and a lot of us won't, so a little bit of dilution but not massive at this stage.
I don't really see them taking up the FNV option unless they want an angry Sandeep Biswas all over them in the press.
Rcgl
Could the extension not be to deter raising at a stupidly low price .... always good to have an alternative?
Well, they pulled them once they became aware that BHP et al were going to vote against them, either directly or from their proxy advisor. Otherwise they wouldn't have tabled them in the first place would they. The outcome is the same.
The major shareholders were clearly not happy with how things had been run, and NM himself said as much after the AGM. NCM were very vocal in their opposition to the FNV deal. So if the board was actually offering an olive branch to the majors, and wanting to work collaboratively with them on future financing decisions, why extend the FNV option?
Sorry we annoyed you, we want to avoid annoying you even more, but we reserve the right to do exactly the same thing again...?
Agreed OsoToro.
Rcgl,
BHP, NCM and CGP would carry more votes than necessary to block any resolution requiring over 75% to be carried. The BOD would have known that and chose to pull resolutions rather than have them voted down. That’s very different to those three shareholders exerting control over other BOD decisions such as choosing whether or not to take up the option on a second tranche of funding from FNV.
Will it still be 65p in April Mr Drake?
April fools day! that's for all of us waiting! Lol
I don't think BHP, NCM or CGP are pulling any strings...
I just think there's been a 'charm offensive' since the AGM to rebuild relationships and that all three are now back in the tent...
It would be very surprising if both they and Solgold aren't considering all their options...this is a moving picture, especially with the way copper prices are moving around...
Colonel.April fools day ,let's see lol!!:)
I completely agree rcgl...the smart thing to do..collective RNSs but only when there is something meaningful to report.
Also if we subscribe to the view that BHP and NCM are now pulling the strings and getting things their own way, having ousted NM and blocked the special resolutions, why would the additional FNV funding option even have been extended? Wouldn't BHP and NCM just have shut it down completely and let it expire on the original deadline if they are now exerting so much influence on funding decisions?
Regarding news, haven't they explicitly said that they are going to provide more comprehensive drilling updates and release news in complete batches, rather than releasing results hole by hole, assay by assay? So no news does not equal bad news. We will just get a much bigger drilling update from the current campaigns when they release the results.
Colonel has anyone considered Tenstar's and DGRs communications with the BOD, we are always taking about BHP, NCM and CGP.
It won't look encouraging if SOLG can't get a CEO in place by the end of April, it sends out a signal that no one of any worth wants to stake their reputation on the position.
Alternatively, if the position is filled in good time by someone of high standing in the mining world it could have the opposite effect.
Here's hoping.
Or an offer for the lot of course
lol !
Turbo, the end of the month is not necessarily the timing for an announcement concerning a new CEO. NM is leaving and will be replaced by Marshall on an interim basis. I guess the search for a full time replacement has begun, but it may take some time. The sooner we get someone on board, the better. The delay is not helping us at the moment.
Ok folks, any views on the timing of the next RNS? Key news will be departure and replacement of NM, drill updates, PFS timing update or funding update.
You would hope we’d hear something before the end of March. Can’t see much changing with the share price until then.
GLA