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"The price will only look cheap if a future increase in value is obtained"
Thanks for that.
Note that such cheap shares are available to anyone right now on the open market... The price will only look cheap if a future increase in value is obtained
Should add, remember Maxit are already invested through CGP so have nose in trough already. Adding another 23m shares at such low placing price just spanks of opportunism as Chinese would have had those shares.
I'm not sure I would call it an illustration of confidence but more an example of insiders getting cheap shares alongside the Chinese issue. I'm not sure Maxit or Scott and co can justify taking 25m shares at cheapest placing price in years when it's pretty clear to me the Chinese would happily have taken the full 180m instead of 155m.
Maxit are an insider and some might say it's good news that they are invested as it ensures they will get a good deal done. But let's be clear here, 17p placing is rock bottom stuff. It's not a 25p placing levels is it?? Maxit are supposed to be getting the best deal for us but by them taking the 25m shares just looks like they did the deal cheap with the chinese so they could gain too.
I said at the time of the placing RNS a few weeks ago that I bet the insiders are the ones that took the 25m shares. At the time they didn't have the balls to put their name against the RNS but I suspect 'insiders' regs forced their hand in the end.
It's ugly nest feathering by the money men behind this and I do wonder what else is going on with the CGP books. What was the CGP cash balance prior to the merger?? What will the cash balance be at time of merger?? Mmm. Anyway, apart from the ugly stuff, the funds are in, the Chinese are in and BHP and NCM are diluted down to sub 13% I believe.
AGM up next.
More importantly it makes things tougher for BHP and NCM at the upcoming AGM.
The important thing here is the book became a lot more diverse.
This makes any bid much tougher than before, as now BHP and NCM diluted percentage wise. And a new investor with a decent stake.
Also the statement on exploration and advancing of our project.
This can only mean Cascabel.
The stand out line in the announcement is this gives us extra optionality.
I should add, neither would Scott and the other directors.
BBG, indeed. Sangha's been banging one drum for a very long time and it's inconceivable that he's changed his mind and now regards this as a long term investment. It's also good to see Scott and other directors subscribe...unlike DC who refused to put his hand in his pocket for anything. It's also encouraging that given the current sp, there wasn't any re-negotiating on price.
It also tells us something else, which may not be too popular with some; and that is there's nothing on the table at the moment. I'm assuming that if there were, Maxit as insiders, wouldn't be able to invest.
Kane Unable....
Jiangxi 6.3% Maxit (Sangha) 1%...
Bring on the bids!
Its an illustration of confidence when the advisors are buying into a company which they are retained to sell. Scott also picking up another 1m. Boom times
Interesting to note that Maxit have also subscribed.
My word. Very quiet over on UK board.
Have you been watching Harry's penalty over and over again.
He would have scored in Aussie rules.
RK1 - are you making that comment about OT as a qualified geologist?
Just checking... ;-]
RK, I didn't suggest it would stop us; just that it may extend any dd being undertaken.
addickt...You Tolgui is more complex than Cascabel.....hasnt stopped Rio...
Morning Add
Indeed every vote will count and the Chinese involvement here is pivotal. Bear in mind that once the Jiangxi deal completes and are therefore eligible to vote, it should get us over the line.
After the completion I’ll be fascinated to see the major shareholders updated.
It’s a question of who blinks first now that’s all
Bozi, I'm sure you're right, and although BHP have probably been out of the loop for some time, they must have a pretty good idea of what's involved. I'm equally sure the Chinese will have been conducting some pretty rigorous dd, but there will be a number of serious players out there who are unlikely to know the detail to the same degree.
Q, good to see you've changed your mind about the resolutions. Every vote is going to count.
Add - I can see where you're coming from but I'm not so sure.
I would imagine that BHP and others have had access to technical data and have been able to plug the numbers released into their own models. Geology is the biggest unknown, but SOLGs metallurgical work here has likely helped would be suitors form their own opinions.
Further DD before parting with the sums we talk about still a must, though.
Well, if my post achieved nothing else it seems to have rid us of this total waste of space. He's contributed absolutely nothing since he appeared and he will not be missed.
Well stackhigh that was the biggest waste of letters tapped out on a post I’ve ever read on a cold Saturday afternoon lolzzz…
Anonymous poster on an anonymous bb posting sheet
Come on England!!!
Our old CEO Malcolm Norris ( who secured Cascabel) is beginning to make a few ripples again in Ecuador, not too far way from us.
Anyone who fancies another rollercoaster decade might want to get in on the ground again..... it’s not for me, I’m to old to wait for another Solgold type project. Couple of drawbacks.... it’s only quoted in Oz at present, and Cornerstone are once more involved, but if you believe in the future of mining in Ecuador, I’d say this crew represent as good a prospect as any.
Thanks Seav ….. was a bit ambiguous, glad we have clarification
He has clarified it;
"None of my comments relate to SolGold specifically. You are reading too much into it. I have come across some very high level info about trends of western governments that will impact us. Our industry is going to change a lot going forward."
He seems to be referring to this link which he has replied to ;
Federal Govt Unveils Canada's Critical Minerals Strategy – December 9, 2022
https://www.cpac.ca/episode?id=320278d6-91f2-409e-a160-1d5d0cb1576c
"That is sadly just the beginning. I am most concerned that the people making the rules really have zero clue what goes on in mining business and how their new rules may make things even worse."