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Interesting Frog but I don’t believe for a second there will be a rights issue for $1.8B. If they take up Franco’s offer for a $1B (at what cost!?) borrow $1B (at what cost!?) then they “only” need €800m! Off take agreements, smelters, traders to fund $400m (totally speculative and at what cost!?) then rights issue at £1 a share for £400m and only another 400m shares issues, bingo financed!
I have just been musing on the question of raising the US$1.8 billion Solgold needs to get to the mining stage. I have taken the number of shares in issue as 1.923 billion, therefore the amount needed per share is $0.937, which is 77p a share converted @ 1.2181. To achieve that the share price would need to be in the region of 80p or higher. Further on from that, I wanted to see what effect this would have on BHP's holding, bearing in mind that most shareholders would probably not be able to take up all their rights, so say 50%. I calculate if BHP took up all their holding and everybody else took up half with BHP buying all the shares not taken up, they would finish up with 35.5% of the company. Of course to make that work the cost of the nil paid rights would need to be double the rights cost so the share price would need to be at least 154p. On the other hand, if the rights issue was to be 2 shares @ 38.4p per share the share price would need to be 78p+, which would probaly be a bit more realistic although still along way off from what it is now. In this case BHP, if they took up all the unsold rights and took up all their own rights, would finish up with 42.67% of Solgold. This is a very simplistic calculation but if this is NM's chosen path, one can see why he is so keen to get the share price moving up. The trouble is this is not a good time for shares, even with mining shares doing better than most other shares. I can provide my full workings if anyone needs them and, of course you are welcome to shoot me down in flames if you see any flaws in my calculations.
Just to add, I am now setting out from my home to the south of London to drive to Durham. I reckon it will take in the region of six hours, but then I will need at least one comfort break?
Anyone expecting an update this week ? Plenty of potential news but nothing due as such .... in fact when they got the Banca permit it wasn’t considered worthy of an RNS . Now with Citi on board to watch their back I don’t think they will miss a single opportunity to release anything that may be deemed remotely positive
EISH,wasn't the report regarding cgp I was talking about the resource update was my praise ,but regards cgp ,I think they haven't the funds to continue to support solg as we turn to mining imho but lets see,pretty sure we will get an rns regards report on Friday in Canada early next week ,possibly more updates on others regards resumption of drilling etc and maybe funding for mine ,also I think soloman islands venture ,here's to a good week solgers !!!:):)
Hi iceberg, I think your right with regards the Solg/CGP agreeing an amicable agreement. I also reckon it will be sorted sooner than later! In a post from a few days ago I actually stated the same thing. I think I said something along the lines of "blink and you may miss it" I think it could take us all by surprise!
This from ADFN with regards to fridays SEDAR RNS lodged on TSX
“Cascabel Forward Program PFS Remaining Timeframe 3 months Recommencement Date 01-Jun-20 Completion 01-Sep-20 DFS Remaining Timeframe 9 months Recommencement Date 01-Sep-20 Completion 30-Jun-21 (though it has been suggested in recent webinars that much of the PFS work is being done to DFS requirements and that the workstreams are running in parallel so that may expedite this date.)“
I agree copper and this is from a cgp shareholder..CGP cannot legally get any royalty smelter % etc. It doesn't own or control the mining mine only ensa does and this is controlled and majority owned by solg...CGP only have shares in ENSA. It only gets a profit from ensa when it decides to pay one. The only option for CGP if it wants to take it production is debt. CGP have stated (this month) it wont. It is looking to sell its ENSA holding or take it down to a none contributory ie a 1% royalty. I spent around 3-4 hrs trying to understand CGPs poison pill it issued last year. Its not actually that bad and I've made sure I have the cash to gain any of the rights that might trigger. I am happy for the shares to stay low due to the 20day vwap. CGP will be sorted very soon though and this is from both parties imo.
Nick will simply say.,..... any smelter that approaches CGP will not get a sniff from the remaining 85% of Alplala, or indeed any other tenament that Solgold owns in Ecuador. The governmet will turn tbe screws also. Any smelter that tries to approach CGP will be signing their own death warrant as far as Ecuador is concerned! Solgold has Ecuador "in the bag" more or less....CGP will not get any smelter rights for Alpala! Do you think that any of the smelters on Nick's shortlist will be able to do business with both Solgold and CGP? Will any smelter risk getting black balled from the whole of Ecuador for 15% of Alplala? We all know it's a ruthless game and NM and SOLG will have no problems playing that game!
Cookie, I am a little confused , or simply either stupid or over the hill. Would you mind spelling out what all the excitement is all about over the weekend as regards Cornerstone? Do we think they may accept a deal? Or do we think a Bidding War in the fray? And hence the late RNS on indicated and inferred. Or is the total FN package being finalised via a "site inspection"? What are the 3 other Cornerstone points their investors need to consider? 4th is coughing up $450mil for mine building costs. Or are we expecting a package of permits having the green light? So much and many possibilities! LOL!
FJ. Yes I heard that too but when I wrote the blog here I did not want to put down the 450 figure as I may have miss heard and did not wish to miss lead. Either way it's a huge amount of dosh to have to find at some point. I would have thought that with everything that is now happening and the news coming out that the CGP share holders would want to grasp the offer. I am glad I am in this over the weekend! Ned