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£4.2m fundraise
Out the way, funds going towards completing the DFS and ongoing exploration, the first one is significant but the drilling is vitally important to bring on Sentiment here. Has all the hallmarks of extending this to 1Moz+ in 2022
The good news on this is all major shareholders and some directors (including Bert) have increased their holding at 10p.
Shows a lot of confidence in the company delivering a great return to all shareholders.
hence the excellent rise in the share price; already 10% up.
They should have done a raise back when they were 16p and getting good results!
this sets the level for another while. Great project but will wait a while longer before dipping back in.
It is indeed v frustrating that raise happened at 10p. i am sure they could have done it at 13p but perhaps chose to wait.
unless they use the money to do further drilling in the coming months, this for me is a kick in the mid section.
i expected to be "part of" the next raise as part of the funding.
This is in addition to the $25M ($12.5M in shares / $12.5 in CLNs) fundraising required for the term sheet. GLA, Dan
Hi Dan. I do get that but i thought we were fully funded until the raise.
I hope and expect that this money will be used for further drilling. This is a super project and only the start of a multi million oz.
They had £4.6M in June 2021. Did not see anything to suggest they were fully funded in the Q42021 company presentation, so I guess it costs around £8M a year to keep going. Must admit to getting a bit tired of these placings (generally - not just here) what with COPL, ABDX, GGP. Roll on second half of next year. GLA, Dan
43,000m of drilling 24/7 was always going to be costly, but I think the company utilised their finances extremely well in 2021 and delivered staggering growth for Sanankoro
I do understand the frustration about not doing it higher, and it’s all hindsight. The company may have pulled the trigger now fearing a price of 7-8 p within weeks
The 10p raise is higher than the last one, which is a bonus. And it was the usually LTH shareholders putting their hands in their pockets, like they have time and time again. 10-11p is a price PIs have been able to purchase at this weeek anyway. They could have done a raise at 13,14,15p and taken advantage of a higher price, but for me that would have been a slight kick in the teeth to our top shareholders who have supported the company at every raise.
10p is fine, leaves them funded with a little spare for exploration drilling which is huge. Enough the finish the DFS & finally trigger the term sheet sometime in 2022
I must say that I am a little surprised by just how brazen and blatant this is. Clearly, ordinary shareholders (who collectively still remain the largest group) are not being treated in the same way as the HNW largest shareholders. This doesn't instil confidence that ordinary shareholders will be invited to take part in the Term Sheet fund raise either? Whether this is par for the course, deserved or not, it looks to me like the largest shareholders are taking an ever increasing and larger slice of the Cora Cake, but at the expense of the ordinary shareholders. Clear division of treatment emerging here and much more of this to come.
The question that I am asking myself is whether and why I should invest money here as an ordinary retail shareholder when my holding will be significantly diluted in a few months time with a massive fundraise at lower levels, where I'm unlikely to be invited. Shouldn't I wait until then before joining the party?
That is a genuine question. As always all IMO and DYOR.
I had my finger on the buy button today, but decided against it, because I don't want to run the risk of buying ahead of the Term Sheet dilution that is coming. Initially, I was thinking that even when does happen, Cora will allow ordinary shareholders to take part in that fundraise, but now I'm not sure about that at all. It would be good, therefore, if Cora could confirm its intentions for raising the £7.5 million of the Term Sheet that isn't coming from Lionhead. Will Cora open that up to ordinary shareholders, or will it only be open to the larger HNW ones and Cora staff?
IMO a positive answer to that question will at least incentivise ordinary shareholders to buy in advance of the fund raise?
I would welcome thoughts from others about this, as mine are rather mixed/muddled right now.
Would anyone be annoyed to see they held more shares than some of those who were on the inside for the raise and didn’t get to partake in the mates rates placing ?
LW & OAPK have you registered your interests in partaking in placings with BM and/or Cora?
I have and I was offered into it.
IT - Did you email the company or BM directly? Was that this particular placing and were there any criteria you had to satisfy other than being a shareholder?
When will dilution potentially take place?
I wondering when or whether or not to bail here and take what i have before my investment potentially significantly reduces.
If i leave now i will be at a loss but id assume not one as significant as from a potential dilution of shares
I've aligned my Average with around the current price now, slightly above, and I believe if at this moment in time, if our largest shareholders are collectively willing to put £m's together, they clearly feel confident Long Term of reaching multiples of this price. Even if I'm not involved in the term sheet dilution/fundraising, for example lets say its at 8p, I'l probably get a chance at that time to execute an order at a similar price.
Prime example being GGP's fundraise the other week at 14p, a yearly low, for those who never took part in the fundraise, the brief panic in the market created the opportunity for buyers to hit the trigger around 14.6p, which is what i did
Q1 drilling campaign to unearth more monstrous hits to move this 20% on the eve of the DFS being submitted. This has 1Moz in site, production soon but I'l keep an eye on my average and keep it as low as possible. Averaging down here seems more of an opportunity than a punt, I can confidently say that with the success 2021 has brought
AG - so from your perspective just stick it out and see what comes of things in the fore sable future?
Company need to pump this now so insiders can dump. Any selling MM’s drop it below 10p so they are not wanting anything from PI sellers when there is a big dump from Placees coming on any rise
Stocktow - yes. I won’t be contributing in the term sheet/fundraising personally but I understand why others would. I believe that I have a low enough average to really make a healthy profit moving forward.
If the share price fails to move north Come the term sheet and the stock is diluted down at 7-8p, although I won’t be taking part, I do believe il get a chance sub 10p for one last top up. And if it doesn’t drop that low, even better.
They clearly have very rich ground. Any news discoveries and “world class intercepts” reported on the eve of the Sanankoro mine term sheet, I think interest will certainly pick up.
I can’t predict the future but I won’t be leaving my position now to flirt around with lower averages. Il adjust as and when that comes.
I agree with AG that buying at these levels should reward investors in the long run. No question that Cora is going places and (putting some of the jurisdictional problems aside) is looking like a solid investment proposition. There is no way anyone can predict with a degree of certainty whether the term sheet fundraise (in circa 4-6 months) will be done at lower prices, or higher prices, or even at 10p. There will obviously be drilling and other news before the DFS/fund raise and 6 months is a long time on AIM. I'm currently mulling over re-entering an initial position at this level but leaving some behind for the fundraise (I've done that with another stock I'm in which is in a similar sort of situation), or just waiting for the fund raise before buying back in. I'll follow events very closely and see what more information BM provides. GLA
LW: the straight answer is that I knew BM when he was at HUM, I have taken part in several placings at Cora so he picks up the phone and asks me if I am interested in the next one….. as he should. I am sure that he would do the same for any other PI (if the quantum is reasonable) and I would suggest people email him to better understand the quantum and parameters, you can’t expect to be on the list without asking to be.
There have been several shi**y posts on here today, but notwithstanding…. Cora’s biggest shareholders keep funding their corner, last time 7 odd pence, now 10 pence and BM keeps buying in. Suggestions that insiders are about to dump seem insane to me. I don’t want to disrespect BM but Cora is a one party town for him; he makes his living from Cora yet he still buys their stock with his hard earned ….. no idea what his salary is but he just put £30k in ; my guess is that this is a chunky amount for him and underlines his confidence in the project, as does the shareholder support that he has received in this and other placings….. I firmly believe that my interests are aligned with BM and our major shareholders……
I intend to be here for a minimum of another 3 years and expect to get to and beyond production and anticipate very big increases in resources in that time scale.
Thanks IT - would agree with the points you have about Cora's long term prospects.