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Coloneldrake now writes under the name Fortissimo
Because of general disappointment/loss of confidence I have not been following opinion.
May I ask what happened to ColonelDrake, who was always a stoic SOLG flag bearer and a one-time supporter of SHG.
"If you can keep your head while all others around you are losing theirs—you haven't got a grasp of the situation. "
DBW the point is you never bought any eggs, we are not buying we are raising cash.
Completely ridiculous.
Maybe they invited them around for tea to discuss a fund raise but could not decide on which cup cakes to go for? So everyone left empty handed.
C. Fail (miserably)
So I go out to get some eggs ….. no one sells me any and I come back empty handed
Did I ….
A) Test the market
B) Put out feelers
C) Fail
????….. I know how my wife would see it
The point I was making about the 4.5 m is, did that have anything to do with some of the resignations we had? Possibly all the resignations? The bigger the company the more tentacles the octopus has.
Good afternoon Bozi while I find myself in agreement with you on most occasions.
I do disagree now. This was just putting feelers out.
If we issue shares then NCM and BHP have a chance to participate, however other forms of funding would I feel exclude them.
Let's see what happens.
All the best.
Quady.
In Darryl's own words, we "tested the market". This is quite a clear statement that isn't open to interpretation.
SOLG approached the relevant parties to confirm the terms it was willing to execute on and put the feelers out to see if there was sufficient interest. This didn't materialise, either due to significant shareholders refusing or potential new investors not showing the necessary interest meant that we did not proceed any further. The attempt failed or was not pursued.
Addicknt's point to you this morning about which battles you choose is good and sage advice IMO.
Any fundraise between now and December is very likely to be on poor terms I'm afraid to say. This isn't an assumption. It's virtually guaranteed given that funds weren't raised last month when the SP was at 25p. Those who know anything about the market and how placings are conducted will know that a recent lack of appetite will work against us and with market facing record levels of uncertainty on a 3-6 month timeframe, the coming weeks are going to be even trickier environment to raise new cash.
The company is therefore going to do very well to raise funds at 20p even. It will all depend on timing but should we go another week or two and see an SP sub 20p then the best we can hope for would be 17/18p.
Basically, every week we step closer to the AGM our position weakens. Everyone knows how long our current treasury lasts and can therefore form their own play.
Link this back to the BHP comments from Mike Henry from yesteryear. BHP have to make the price come to them. This is how they do it.
Everything happening now is not a surprise. It was on the cards the moment the SOLG board had to relieve Nick Mather of his CEO position. This isn't me saying Nick never made a wrong decision, but what it has done is create openings within our board. Openings BHP can use to strengthen their position.
Good morning addicknt we don't know why they left.
However we do know that no fund raise was executed.
It was a discussion, and Solgold decided not to proceed.
Deciding not to proceed means no fund raise attempted.
We at some point will get a fund raise.
When we see the format that may give us some indication what the discussion was about.
Especially if we get a streaming deal and exclude BHP and NCM.
Yes Monte. That is generally what is meant by the term "misappropriation".
In basic terms we were scammed, quite possibly something that was facilitated by an employee.
In terms of how it takes place - it can range from overpaying for a product or service through to plain old fraud.
A lot of the higher uppers in the mining game have their own company which they eill use to sub-contract. Same as pretty much any walk of life where those greedy enough have worked out that there's a few ways to skim off the top.
The $4.5m was probably an extra month's funds. To think it could be so instrumental in our future (it absolutely can for those willing to analyse all eventualities) is sad and slightly scary.
I'm not suggesting anything, but we never did hear what happened to a certain $4.5m.
Someone walked away with it.
Just a update, not seen it posted here before now
https://www.miningstockeducation.com/2022/08/cornerstone-corrects-news-release-22-19-newcrest-withdraws-from-option-and-farm-in-agreement-for-the-miocene-project-in-chile/
Apparently, there never was a failed fund raise and it's all made up. Perhaps this explains why Berry Street were fully aware of what was going on (they had probably been asked to participate) and publicly stated that it had failed.
Q, there are certain battles you should continue fighting, such as your production argument, but your denial of certain others simply makes you look daft.
Separately, we now have a pretty clear idea of what happened, but I remain totally mystified as to why it should have led to the departure of Ingo and Ayten. Surely it can't simply have related to the failed fund raise?
No Quady I won't block you because you come across as a sincere, polite and honest guy I don't doubt your intelligence either but we look at the same situation and we are seeing completely different pictures. One of us is wrong. I hope it's me.
https://www.yourmoney.com/wp-content/uploads/sites/3/2017/04/shutterstock_536266534-730x400.jpg
SharketMare so when we did an offtake agreement with Franco Nevada that in your mind was a failed fund raise because our major shareholders were not onboard.
I think you can see how ridiculous you sound.
Life's too short to spend Saturday morning arguing with someone convinced that down means up. See you all Monday.
SharketMare this were talks no fund raise was executed and failed.
So you're saying any discussion the company has that doesn't go their way is a failure.
That's just mad.
They didn't even publish any proposals of a fund raise, because it never got that far.
What a ridiculous statement.
But you know better, so tell me what the proposals were.
Quady, part of any fundraise is getting your major shareholders to sign up to it. SOLG failed to do this, which is why their proposed fundraise failed.
Basic stuff.
So telegraphist50 you believe that proposed terms is a failed fund raise.
It's really not.
Solgold were just discussing this with their two major shareholders. We don't know what was discussed. That's why I have asked if anyone has any details.
If this is a failed fund raise, then any company proposing any fund raise means its a failed fund raise if they decide not to proceed.
I hope you would agree that's just crazy.
CD @ 20.52 last night - great post, wholeheartedly agree. Reads like it could have been written by your mate Sean!
In order for it too fail it had to be placed. Nothing was placed therefore nothing failed. I dare say you have read the article by now. Please seanhunter feel free to block me.
We know the company needs to raise funds now or soon, they were actively considering their options on how to do so and some of the large shareholders didn’t like the proposed terms. I’d say that sounds very much like it failed but pure semantics in any case.