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Morning all...i read it as not a failed bid, more a that we pulled away because of tensions between shareholders.
Speaking on the sidelines of Kalgoorlie’s annual Diggers and Dealers conference on Wednesday, Mr Cuzzubbo confirmed the company had “tested the market” on a raising, but had not gone ahead amid tension between shareholder groups over the structure.
Pinot
:0)
and BFS RK
Doesn't he actually say he's not worried about funding the DFS...?
Companies with a footprint in Ecuador...batting list...?
BHP Group
• Anglo American
• Codelco
• First Quantum Minerals
• Newcrest Mining
• Southern Copper Corporation • Fortescue Metals Group
• Equinox Gold
• Lundin Gold
• Lumina Gold
• Dundee Precious Metals
• Aurania Resources
Luminex Resources
• Cornerstone Capital Resources • Lucky Minerals
• Solaris Resources
• Titan Minerals
• Salazar Resources
• Adventus Mining
PLus Jinxiang copper and Barrick Gold of course as potentially interested parties...maybe even Gina Rinehart/Han****...she failed with SXX...
Good find that do line lines are drawn RK
Just to remind you...
DGR DIDN'T participate in the April 2021 placing at 25.5p...
Blackrock DIDN'T...
Mather DID
We presume BHP and NCM did as there was no dilution RNS
Meanwhile, in my trawl I came across this which I had previously overlooked...
"On April 30, 2021 SolGold exercised its 500,000 warrants held in Cornerstone Capital Resources Inc for 500,000 ordinary shares at a cost of CAD$1,000,000."
Spot on Addicknt.
There's nothing co-incidental about this either. All part of the plan to strangle by our esteemed major shareholders, who know full well that SOLG can only raise 5% of it's share capital without disapplying those pre-emption rights.
So the next play for SOLG has to be a £20m raise for about 100-110m shares to keep us liquid into 2023.
It's not a case of trusting DC. If he'd said anything else to the market he'd have crushed all of our investments there and then, so we have to be thankful he took the line we'd expect.
In terms of another royalty, this is going to be a dire struggle this side of an amended PFS. It might be slightly easier post, provided the figures improve as the company is forecasting. Another reason why BHP/NCM aren't reaching into their pockets.
The time is soon to be upon us. Do you believe SolGold can pivot and emerge stronger, and therefore hold and potentially buy more? Or, do you fancy us to be squashed further into the dirt yet?
It's your move Darryl. You simply have to get the funds in now. Show us this competitive tension or hand us over on a plate to BHP for 30-35p.
As the recent AFR article alludes, a fork in the road looms for BHP.
It’s either co-operate with funding proposals by Solg and take the dilution or reduced profit through streaming deals
Or
If you don’t like it, make a (sensible acceptable fair value) bid.
BNC, I share your view, but, the fact is we are patently an unhappy ship and there's obviously a great deal going on in the background which is of a concerning nature.
I'm all for positivity but at the same time we must be cognisant of the fact that our main shareholders are making life difficult and DC's got his work cut out.
Sorry Redknight over the years your analysis has often been complete tosh.
Your saying a streaming deal won't work, because BHP and NCM are going to scream and shout and stomp around very loudly.
Solgold must be terrified.
Thank you BNC, your spot on. We have options. If the majors want in, they are welcome, but on Solgolds terms not theirs.
So as a collective we now dont believe the CEO who states he's not worried about securing funding............
He doesnt strike me as a liar!
Any chance we can dial down on the hysterical conjecture.............please?!?
So it looks like this...
Barclays wants Barrenjoey to make a statement in the OZ capital markets...
Everyone knows that SOLG need funds...
Barrenjoey brings a cashbox deal to SOLG, but BHP and NCM don't like it (as before...)
SOLG proposes a rights issue instead but BHP and NCM don't want to throw more money down the toilet while they are working on a joint bid...
By the same token, a streaming deal won't work because BHP and NCM went ballistic last time, so...
BHP/NCM seem to have SOLG by the short and curlies and I wonder if the bulk if not all of the cashbox was coming from Barrick...still my favourite to prevail because after Twigger's outburst in 2020 and no love lost between SOLG and the two behemoths, surely the Board would not recommend any deal with BHP/NCM if proposed, so...
If it comes, who comes in with a counter, like happened with Noront...the Chinese...Barrick...Rio have just had a massive setback in Mongolia...?
if true, it shows they are working together.
"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."
Wait for ColonelDrake to put the spin on it.
We're on another collision course with them, aren't we?
recent quote from Gazebo - at diggers and dealers
"“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said."
i posted this last couple of days.........“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said.
I posted this over the weekend............
Of course we can raise money if we need it
Good morning LunchMoney, I believe addicknt pointed out it was last year, so not years ago.
I believe still relevant.
Redknight has just posted about the fund raise that wasn't a fund raise.
Looks like BHP and NCM are not going to bid. In fact I feel they will be diluted in one way or another.
Has anyone got access to the full article?
If this is true the company has only one option - to sell and to do so whilst we've still got money in the bank. Mind you, both BHP and NCM know full well that a company such as ours has an endless requirement for cash and it seems odd that they've continued to support the company thus far whilst knowing more would be needed. So, what's changed?
Massive They haven't. It just shows that they want us cheap. I suspected that was the case.
I believe we will go down the offtake route to get us to the stage where a CFP is on the table and as Darryl says opens up funding to go to production.
"Looks like they've got us by the short and curlies....."
Indeed!
Looks like they've got us by the short and curlies.....
"BHP and Newcrest were apparently unwilling to invest again..."
So...no cashbox...
No rights issue...
No royalty deal...
Anyone found $20 million down the back of the sofa...?
More information has finally emerged from OZ about the failed fundraising...
https://www.afr.com/rear-window/s-all-not-well-at-solgold-20220814-p5b9p0
"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."
https://home.barclays/news/press-releases/2022/05/barclays-strengthens-strategic-partnership-with-barrenjoey-capit/
"Australia is an important part of Barclays’ strategic growth plans in Asia Pacific. Today’s announcement further strengthens its strategic partnership, by providing additional regulatory capital to support the growth in Barrenjoey’s Markets business, including the establishment of its Fixed Income Derivatives and Equity Financing platforms."
Oh dearest earthling what a character.
They stated & I quote "within months - possibly as early as June"
So technically they are not wrong............
Admittedly it's a stretchy target............but nevertheless, they're not yet actually wrong...........are they?