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I've posted it on here already, but here is the article in the AFR in full.
S'ALL NOT WELL AT SOLGOLG
They say lightning never strikes the same place twice, but the luck of some has us wondering.
Ayten Saridas, the former Oil Search executive suing the company for bullying her out of her job, joined Brisbane-based SolGold as its chief financial officer on June 27.
That’s only 45 days before Thursday’s announcement that Saridas had resigned effective immediately. After joining the ASX-listed Oil Search in August 2020, Ms Saridas’ abrupt resignation was announced “by agreement” after four months on November 27.
Little consolation, but at least Saridas wasn’t out on her own this time. SolGold, an Ecuadorian gold and copper exploration company, which is listed on the London and Toronto stock exchanges and counts BHP and Newcrest among its largest investors, also flagged the departure of independent director Keith Marshall, and head of exploration Jason Ward.
The shake-up came shortly after London activist investor Berry Street Capital complained that its recent withdrawn capital raising (on which Barrenjoey and Barclays were working) had revealed “the management and the board’s lack of understanding of 1) their shareholder base and 2) the basic mechanics of capital markets”.
BHP and Newcrest were apparently unwilling to invest again, and a second raising that would circumvent pre-emption rights was ultimately seen by shareholders as not appropriate. And fair enough, it’s a £600 million company, not a Perth-based penny stock explorer, though it’s only got about $25 million left in the bank.
Sharketmare,
They may have asked two banks to look at a fund raise, but as I said, they withdrew after discussions with major share holders
Atb
Sharketmare,
Where’s your proof, not hearsay
Atb
Correct Mathers, that's exactly how I read it.
Mathersfinger, two banks were actively working on the fundraise before the company canned it. SOLG wanted to raise funds in this way, it's two major shareholders said no.
Sean hunter,
I’m with Quady here, there was no failed fund raise, read the RNS dated 28th July, bottom of news reads, had DISCUSSIONS with MAJOR share holders and other options.
Read what is written not what rubbish gets posted here, so many keep posting their unsubstantiated thoughts without any real news, just typical little tittle tattle.
Darryl has even been quoted in the media indicating that we evaluated a potential raise but did not go ahead with this.
So you believe what you and others want, I will stick with what is written by the company.
In addition to the cash position of approximately US$26m as at 30 June 2022, SolGold continues to consider, and has had discussions with its major shareholders regarding possible financing structures and options to obtain funding to further progress the Cascabel development, including a potential equity raise. SolGold also continues to assess potential alternative funding structures which may involve strategic investors. The funds raised would be allocated to financing the completion of the Cascabel DFS, regional exploration and general corporate purposes through to the second half of 2023 to maintain momentum on development plans.
Atb
Quady oil and gas take a look at my portfolio and see what you think ,rmp ,des,folg among others I've been in ,watch what happens to those in my portfolio ,this will bounce imho undervalued unless rio/bhp come up with an offer at this low price sat 50/60p
SO DFS is 3 years behind so far then.
Ortherncopper;
looks like dilution to death for us Pi's then.
Let's get it sold !
Red, I must admit at being surprised at your recent buys - the ones at 21/22p and today. We are almost certainly going to have to raise funds sometime soon, meaning you either think that we are going to do so at a premium to today's SP or you don't see us raising funds at all before some sort of corporate action?
There is no way I'm giving a penny more of my money to this company until funding is sorted out.
Wouldn't surprise me if this went into the 17's by end of the week, Clearly majority of II happy to wait on the side lines for a few years. II playing a blinder here by squeezing shares out of nervous PI's who need the cash following summer hols or the impending rises for cost of living...
Hold tight if you can, only one way this will eventually end.
ONWARDS & UPWARDS !!!
Sorry that 19.5...not 20.5...MMs arent a charity...half asleep when I posted...
Quady, anyone can check my posts- ever since the failed fundraise and that disasterous RNS I have been predicting we will settle at 19p.
A look at p16 here will highlight how far off our timetable we have slipped..
http://www.solgold.com.au/wp-content/uploads/2020/01/SolGold_Corporate_PPT_2020-Jan-22_FINAL.pdf
Understand eish , I just think a lot of the things I briefly outlined are going to take time.
You may be pleased as we get to November, December where one or two come to fruition.
I am thinking of fund raise for continued drilling program and as we near the PEA for Porvenir.
All the best.
Solg say DFS targeted for H2 2023.. so we could realistically expect around mid 24… that’s a lot of funding.
It's a good time for swapping around stock and bit of smart isa thinking... assuming you have confidence the sp will be higher. Book the losses and buy in low on the isa.
Good morning Quady, I and many others disagree that there has been "Lots of communication" from the company.
You state this string of facts so nicely, even I have given you a tick!
But good communication is also about re-iterating good news, reflecting etc...
I remain disappointed until I see some action. That entails a many things!
Bought anotherc300k plus at c20.5 average...come on BHP...,!
Tesla I have been an oil and gas man for decades. I sold Rockhopper at around 3 pounds a share.
Rockhopper are nothing like Solgold.
When realistically could a DFS be completed ?
Good to see you being ticked up quady as you've been right more than most on the board thus far.
Keep up the good work.
Have it all…..only if you believe the daily tripe posted on here.
All they have is a large find and no way of producing it….very similar to rockhopper 10 years ago.
Add into the mix an unstable world, rising interest rates, a Russian intent on changing the world order, the licences in an unstable country…..what could possibly go wrong……..
The level of ramping on here is beyond delusional……..
450m for a company about to run out of cash and a major shareholder happy to see that happen and you all seem surprised…..
Good morning eish.
We have had lots of communication.
We know a PEA is being prepared for Porvenir.
We know we are getting an updated PFS with more resource for Alpala.
We know we are heading towards a DFS for Alpala.
We know we are conserving cash by cutting back on drilling.
We know we are looking for partners for other tenements.
We know Alpala is taking center stage.
We know we are looking at preparing the DFS.
We know that after the DFS that different funding options open up for us to construct Alpala with minimal dilution.
We know we are going to production.
How do we know all this ?
Because the company has communicated at every stage, they have kept us fully updated.
orthern, they didn't wait, they tried and failed to raise funds and this explains the current malaise. They'll be back!