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30p looks nailed on very soon, maybe even this week, but bear in mind we were 32p before they announced this news so this is really just getting back to where we were. The big difference is the market will need to take the valuation of Condor seriously as it looks we have a bidding war that could take us up to 60p but who knows as these type of assets come up very rarely and only a handful globally. Certainly feels everything is about to happen in the next 4 weeks. I am still surprised that after the recent news showing just how strong demand is that we are only at 24p as it feels that is still a very large discount with minimal downside as i feel the thaw in financing has happened and funding is now an option and for me the best long-term outcome but if we can sell today for 60p then i guess it draws a line.
This isn't low volume, relatively speaking. There's barely been a handful of trades a day for months.
4th on the top risers board so far today. This is becoming a happy habit, lol
Increases on low volumes is not usually considered a good thing. You want the volume!Sell the rumour, buy the news right...except almost everyone here is sitting on high paper losses so they will likely hold on until the end.Back above penny pre-consolidation....15 years of value creation for you....and the waiting game is becoming more expensive.Best wishes all- I hope this reaches a satisfactory end especially for those who have also been long term shareholders.
Well whether it happens today or not 30p looks nailed on in the not too distant future. CNR has already had two offers so a bidding war looks likely. The Chinese company that spent eight days on site last week will have to up the ante. 60p will do nicely
Some did, some didn't!
This could hit 30p today!
Can sell 100k at 24p, someone is happy to buy buy buy
Ironic we have the board a hard time when they let us buy at 15p …..
Booooooooooiiiiiiiiiiiiiiiiiiiiiiiiiiinnnnnnnnnnnnnnnnnng!
Now Up 11.9% on volume of just 259000. 23.85p has just been paid. Starting to look like a coiled spring.
I think we are as good as sold too. Too many interested parties and Condor wants to do a deal. However i think, as i have said beforein December i suspect finance was shuttered for a period of time rather than sit around Condor decided a 6 month process to sell asset made sense. I actually think that if Condor changed its mind it might have found partners out of the mix of buyers as i am sure some have talked JV or similar alongside asset sale so i think anything is still possible but most likely sold in April for maybearound 50-60p a share but would like to be wrong and it is more but thats why the market cap is so widely undervaluef and i am sure this has equally been a problem. Have to say it looks to be a UK problem as so many companies trade well below net assets.
Looking like another decent day here again as news gradually starts to spread a little further and new buyers continue to come in.
GLA
We know from past experience that, with limited shares not tightly held, CNR tends to fly once demand picks up. With a potential double or triple bagger to be had in a couple of months there is every reason for strong demand to continue
I think ELs comment earlier regarding the raise being an emergency due to finance falling through due to the sanctions in October is right. Consider Jim's position, having sunk a lot of time and money into Condor, finally about to start the build only to have it all wrecked due to the US getting aggressive. I think at that point he said sod it, I want an exit, so the decision was made to sell given the project was derisked and gold price was decent.
If that's true, then any outcome here must result in cash being returned to shareholders given Jim's majority shareholding. I doubt he wants any additional complications that may result in anything other than a special dividend, hence why mark was explicitly saying it in the interviews a few months back.
I think this is the final straight people, the condor journey ends very soon! Let's make it a great finish!
A good start Up 10.7% on volume of just 207000. 23.7p just paid. If the volume kicks in this should be interesting.
23p paid. Looking very strong for a big rise today
It wouldn't surprise me if we see 30p this week.
Top of the leaders…come on CNR you can do it!
I would prefer a complete sale of the company too, but I think that is unlikely. I don't mind as long as all proceeds from the sale/warrants is returned to shareholders
Well, if I recall the original plan was to sell CNR lock stock and barrel?
Just selling an asset could mean re-investing and only part of the sale being returned to share holders: not sure after 13 years many LTH's would be happy with that.
Anyhoos, don't count chickens.
I also hold BEM and have watched it go from 2p to 70p, back down to 5p then a brief spike to 20p last year when mining concession granted. Current SP? 2.2p.
Despite frustration with CNR I don't agree with dissing the MC. The company is still alive (many explorers mentioned here have folded in past 13 years) and he is still in post. BEM is on its second CEO.
After 13 years I'd like to see CNR sold lock stock and barrel. Not interested in special divi or equity in another parent company. I want out.
EL, yes I agree with that. I just wanted to put out the 'worst case' scenario. Still a bargain here if all goes to plan.
Strike prices for options and warrants range from 15p to 50p. AIUI, a number of them cannot be exercised, being subject to various restrictions. Those that remain may not all be exercised, and if they are, the higher-priced ones may return almost as much cash to the company as they dilute the shares. I would expect the cash raised to (essentially) go into the same bank account as the monies raised from the sale, mostly to be distributed to shareholders in some form (yet to be determined). Consequently, I reckon that working on a number of 200-210m shares in total is likely to be closer than 240m.
Just tried to buy and can’t….hmmmm
Once warrants have been exercised the full dilution could reach 240m shares. Condor expects to get anywhere between $100m to $200m for the expected sale of assets which equates to 35p - 69p per share to be returned to shareholders . So for those buying in now this looks a decent bet for a two or three bagger. What will happen to the money raised from the exercising of the outstanding warrants? I wonder if that will also be returned to shareholders. I suppose it depends what plans if any Big Jim has for the CNR shell.
Strikes me that raise was a last-minute, emergency raise due to the construction financing falling through, which itself seems to have been a knee-jerk (and arguably unwarranted) response to the sanctions. The situation now may be different. A new arrangement for construction finance with the previous, or a new financial entity with a higher risk tolerence, perhaps also from the East, could probably be set up. Would take time naturally, but whose to say MC isn't looking at it quietly in the background right now?
That said, the decision has been made to sell and recent developments suggest that process will be successful, so that seems to be the most likely outcome by far at the moment.
Simms, the board can always go it alone. Really?? That’s why we just had massive dilution to get a sale process that already has already taken 3.5 months.
Nice movement . Personally would like 30plus for a total de risk . A bird in the hand .