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As expected the funding round is complete. Full steam ahead and hopefully shuts up plenty on here who expected 0.25, the company to go bust etc etc.
Now time to prove up the Oil and consistent cashflow and income.
Let the restart formally commence.
GLA the genuine LTH and to the rest of the doubters its time for you to move along to the next board and rinse and repeat.
agree its a play ground full of shorters with the atitude of ha told you so but that is now not the case
"GLA the genuine LTH and to the rest of the doubters its time for you to move along to the next board and rinse and repeat."
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'Retail' need to wake up and not be a 'typical' LT holder...guaranteed way to lose most of your capital.
Anyway, in my earlier posts I forgot to also mention the CL notes and so total share dilution is around 38%. This will be a long difficult recovery for those who originally bought in at around 2p levels (and could not/chose not to average down).
So, they have funds to drill Saffron2 and Bizzells £10m facility at 8p for further drilling. Minimum £5m was needed from the OO and Placing for the Bizzell funding which was passed as a resolution for shares to be issued at 8p.
Not quite. The first £2m from Bizzell is should now be coming mid June, though it was meant to be coming in February and we have no explanation why it didn't. The further £10m facility is still available but entirely at the lender's discretion.
So they got it done. Probably time to close my short as the placing hasn't marked this down to a lower level. But Gneiss taking shares and the line about giving warrants to "various other sub placing agents" makes me think a lot of the shares have gone to parties that will try a flip them into the market at 0.35p or for a small loss and take a flyer the warrants will give them a future profit. 4 years is an incredibly long term for such warrants and a quick calc says these warrants are worth about 0.25p, so quite a sweetener. So there are probably several hundred million shares the holder would probably rather sell before taking the chance on S2, so I don't think it's going anywhere fast.
nice to see shorters are admiting there going to close there shorts
The condition for future funding by Bizzell at 8p per share was that a minimum of £5m be raised in the OO and Placing. £6.9m was raised, therefore the condition has been met and funding at 8p is now available which means follow on drilling after Saffron 2 and further production.
'they're' and 'their'
No, the £5m condition was in relation to the £2m due in June. Here is the relevant part of the OO Circular:
"The date for funding and issue of the £2 million of Convertible Notes previously committed on an unconditional basis and initially intended to be drawn / funded at the end of February 2021 has now been rescheduled to be no later than 14 June 2021 (that is, concurrent with the anticipated completion of the drilling of the Saffron #2 well, but not dependent on the completion or outcome of the Saffron #2 well), as well as now expressed to be conditional on the Fundraising having successfully secured at least £5 million;"
However, as that paragraph alludes to, the £2m was due to be paid to the company on an unconditional basis in February and it wasn't. So you can believe that it will now arrive in June but you should apply at least some level of scrutiny.
The £10m was and remains just a facility. The >£5m raise was not necessary or sufficient condition for the £10m. It will be drawn down if both sides agree suitable conditions are met in the future: i.e. it is not unconditionally available just like it wasn't unconditionally available during P1 (when it ultimately was not delivered upon, hence the LO nightmare).
PageofCups,
The RNS states that 750,289,637 shares are being issued as part of the Open Offer - at 0.35p a share that raises £2.63m. It also states that the agents will seek 'to place the balance of Open Offer shares'. These shares have yet to be placed so they have yet to raise the minimum of £5m, have they?
boil bagged with a 5 billion placing with no drill for years we have a drill next week and only a month to wait to results this will bag minimum imo