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As far as I am aware BNC cash box placing is the correct term.
Also
Can we bin these nonsense terminologies please............ since when has a "placing" ever been called a "cashbox"
FFS - lets use the right terminology can we - so we all lnow what we're really talking about & not some Spivs street slang.....
BN.c
Don't be so negative jezzoo, there's always light at the end of the tunnel
Padmaster
Fork handles?
lols ;o]
Exactly as I read it, pinot.
One for the cashbox.
Are people aware that you can raise up to 20% of the market capital on each cashbox .
No voting required, our BOD can just do it.
In case you missed it...
https://www.afr.com/street-talk/fork-in-the-road-looms-for-bhp-newcrest-s-copper-play-solgold-20220814-p5b9oo
"While SolGold couldn’t raise equity at the drop of a hat last month, it’s not because it doesn’t have deep-pocketed backers. Quite the contrary.
SolGold’s two biggest shareholders are Australia’s BHP and Newcrest Mining, with toehold stakes worth 13.6 per cent and 13.5 per cent of the company, respectively.
With SolGold reported to have only enough cash to see it through to the end of the year (after scrapping its recent $50 million top-up), there’s bound to be a time in the next few months when its two big Australian shareholders will have to decide how much they want Cascabel.
If it’s a bit, then the two shareholders will have to tip into an equity raising and try to maintain the status quo.
But if it is a lot, like some analysts suspect, then we could see a pair of Australian heavyweights in a ding-dong battle.
The company’s annual general meeting, slated for November, is a key date to watch."
That's a pretty damning article, they basically said that the BOD don't really know what they are doing and are out of touch with the way finance works nowadays didn't they ?
So, we simply asked a "few questions" and dropped the whole idea, did we? Perhaps that explains why we lost our finance team?
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.
Also of interesst Norges Bank now hold 3.95% of the co..........
https://wp-solgold-2021.s3.eu-west-2.amazonaws.com/media/2022/07/2022.07.13-Key-Security-Information.pdf
So are continuing to build their stake............
Funny that...........considering we're in such an alleged mess...........
Follow the money............?!?
BN.c
Thank you Pinotnoir you and rcgl2 I find are the most accurate posters on here.
We never had a failed bid.
We asked some questions and decided not to proceed.
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.