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Quite right, Jerry, although I think it more likely that the terms of the Franco deal would have specified how the money was to be spent, rather than them "finding out" and objecting.
Imho, the seeds of last weeks equity raise were sown when Ingo said that $20 of the $150 from FN could be spent on exploration. FN obviously heard that and put NM straight in that it’s purely for the PFS. So then NM was short the money he needed for sg&a and some exploration. So despite saying that although NC and BHP wanted an equity raise, he wouldn’t do one at these prices. Well he was right there, he did them at 17.5% below these prices....
Imho he has a choice. Sell Alpala/cascabel for a good price basis the FN deal and go exploring, or lose the company in it’s entirety for a fraction of its value. If there are ten to fifteen Alpalas out there this would be the most sane thing to do. But he seems so stubborn that he is risking it all. He is one strange bloke.
With the greatest respect to majority of folks here urging NM to sell Alpala as soon as,( including myself....) something we all have to accept is the brutal fact -NM has much more information at his disposal than any average poster here,and he ls looking a trifle bit longer term than our urge to make a quick buck asap...as such only thing we can do is either hold for the big price to come at some unknown time (or not,,,,,,)OR, take advantage of the occasion spikes that we had,and almost sure will have,sell and move on.....I personally use the mix of the 2 in way of using a trading pot, (I am sure most here doing the same with more often than not success.....)while taking advantage of the many swings along the long run....
The latest retrace and Thursday placing,and the current SP is another of those opportunities to make the most of.....IMHO, and GLA.
Completely agree with CD, the APALA story has been out there long enough, and the Big Guns haven't moved on its NM has to proceed as planned with the goal of being the largest miner in Equador , the recent Franco deal has now put a great deal of Focus on SOLGOLD .
That has really turned the heat on Newcrest and BHP , both would like to takeover Solgold in its entireity , and I believe they would quite happily have planned that by drip feeding cash into SOLG as it fumbled along proving up the asset , as Nick says they would be taking very cheap confetti shares , increasing thier percentage holding, while the Pi,s would be diluted out of the end game,
Nick has done ALL the genuine shareholders a great service by raising this new equity through Franco, the small equity he has recently done is not a betrayal to shareholders it secures our future interest in the Company, we can now move very fast and drill a couple of other prospects , which in turn will increase our asset ,
The Finance deal has unlocked the door, we have shown the big players they no longer hold the keys to our success , we can now follow the same route with financiers and open that door to success on our own,
That is Nicks plan and its working !!!!
GLA LTH this is a Company with many moving parts, and we are one step ahead of the big players, My Top Tip ATM Buy SOLG while its at these cheap levels before the drill bits start turning
Hi ToS for someone who has 10,000 shares in this company as a "Free Ride" by your own admission on the first post I see from you, you've clearly made good profit from the 2-3p days you invest because to my knowledge have never really looke down any further than 12p and in the main probably ave at this price. surely your comment " I do accept that the rewards may be greater in the longer term, but neither I nor the market - given where the SP is in relation to Alpala" you would be happy with that
Totally understand your frustration as I am also, but I personally would not have my yearly ISA allowance tied up anywhere else, however understand that for you there is a much bigger time and age factor, but as the saying goes couldfa, shoulda, woulda!!! Good luck. We are all in this together shoulder to shoulder
I’m not convinced BHP will immediately make a move when their stand still agreement ends in October. Why should they. It took 6 years for Alpala to be proven up. We’ll be lucky if we get 10 holes drilled by October and that won’t be on one tenement but spread across probably three that have permits to drill. The elections are looming next year so still considerable risk with that. I’d imagine BHP would be happy to let the elections come and go and SolGold to release their BFS and if both are positive make a move then. I’m not expecting a bid come October but could be wrong.
ColonelDrake everything in your post makes sense, I agree with it, however doesn’t that just make it even more frustrating that NM won’t consider selling off Alpala in isolation? He would no longer be under such pressure to prove up other locations, would avoid the necessity to raise huge amounts of equity, could reward shareholders by way of special dividend, whilst still allowing us to enjoy any further exploration successes down the line. Why choose to back yourself into a corner like that? I genuinely don’t understand it. He seems, as other posters have said, he’ll bent on taking this to production, or selling off the whole lot. Either of those two options would seem to me at least to present a much greater risk to my investment, and I have had no input into that decision. I do accept that the rewards may be greater in the longer term, but neither I nor the market - given where the SP is in relation to Alpala - seem to think it’s the best approach at this point.
Along the way ..... excuse the typo ..... ******* phone
Yep he said something along the lines of “ of course there will be equity along GG’s way”
Anyway we have the money , some permits and troops back on the ground so expecting plenty between now and October .
I just wonder if we may reach October and nothing happens re BHP ( as with Newcrest last year ) but there will probably be a rise in the price leading up in any case . Just think if BHP want to act they will, standstill or no standstill
He also stated in “said webinar” there’d be no equity raise at these prices
Sorry couldn’t resist ha
NM is not going to sell off bit's (tenement's) of Solgold here and there! He's actually stated that in the webinar. He's tiring of the old exploration game, JW will be heading that up, whilst NM will be concentrating on heading up the production side of things....wait and see! After a while rock star's get fed up with packed venues and concert going fans shouting their names, the buzz wears off and they start looking for something else (drugs etc). Production is Nick's drug, and it's driving him hard! NM will not throw the baby out with the bathwater.