Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Has anyone any idea how many more warrants we expect to see exercised?
By my calculation just now, 6.194mn of the 10.75p warrants out of a total of 11.5mn have now been exercised. One more week left.
Original 10.75p warrants O/S as at 10/05/2023 = 18,420,222
Converted to date = (6,194,225)
REMAINING 10.75p warrants O/S as at 03/05/2024 = 12,225,997
Value of 12,225,997 10.75p warrants remaining = £1,314,294
Expiry date of 10.75p warrants is 10/05/2024
@TRay - okay great, fingers crossed they are all exercised, more money for OF to add value with.
Hopefully that means we will see some meaningful upward movement in the share price sometime in w/c 13 May.
Great timing from Oliver to start the PM drill campaign the day after the warrants expire on the 11th May
Tray556, I don't see where you get your 18.4mn warrants number from. I make it 11.65mn original 10.75p warrants:
The May 2023 rns said,
"The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.
The net proceeds from the Placing and Subscription will be used by the Company to:
· provide funding for the Company to further explore and develop the Nevada Projects; and
· provide the Company with ongoing working capital to support its business operations.
Warrants
Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company's AIM admission document."
From the GMET AIM admission document:
"Under the terms of the Placing and the Subscription, the Company has agreed to issue 17,281,010 10.75p
Warrants and 17,281,010 17p Warrants to the Placees, the Subscribers and the Pre-IPO Investors.
The Company has also agreed to issue (i) the Broker Warrants to First Equity to subscribe for 507,755
Ordinary Shares at 10.75 pence per Ordinary Share and for 507,755 Ordinary Shares at 17p pence per
Ordinary Share and (ii) the Cairn Warrants to Cairn to subscribe for 631,457 Ordinary Shares at 10.75 pence
per Ordinary Share and for 631,457 Ordinary Shares at 17 pence per Ordinary Share"
Therefore total 10.75p warrants are:
Investor Warrants @ 10.75p = 17,281,010
Broker Warrants @ 10.75p = 507,755
Cairn Warrants @ 10.75p = 631,457
TOTAL 10.75p warrants = 18,420,222
Link to the AIM admission document can be found on the GMET website here:
https://www.goldenmetalresources.com/investors/aim-rule-26/
Hi Tray556.
Thanks for the link and I get that.
I am still puzzled, though, as my mind wants to reconcile the stated 18.42mn warrants with Section 12.13 where the warrants were issued on a 1 for 2 basis on the 24mn Placing and Subscription shares issued.
Anyway, whatever. The full amount exercised will be known in a week's time.
By the way, I saw that OF gets a salary of (only) £70k at the outset. I like the cost consciousness of this operation. If he and his team pull this off, they deserve every share option they are awarded.
He's said a few times how rhe SP is sonikportantvto him as a holder and bought on open market recently. Very aligned with us as investors
TR-1 notice incoming with that exercise?
It was not an exercise singular…..
“notices to exercise warrants over a total of 4,001,317 new ordinary shares “ so this relates to a number of transactions.
I'm surprised we haven't had more RNS on warrant exercise - I think there is still a significant chunk available. Hopefully, at the last moment. I'm guessing that POW have not exercised yet (bizarre) as there hasn't been an RNS to update their % holding in the company, as we did for Madame Chang.
POW could have been in the last batch of 4 million warrants exercised. The shares from the exercise of those warrants are due to be admitted for trading tomorrow so that is probably the point at which the new shares are notified to the company if it changes a notifiable holding. It would be very surprising if POW don’t exercise in the money warrants.
RNS more warrants exercised:
“ Warrant Exercise
The Company has received notices to exercise warrants over a total of 4,236,091 new ordinary shares of 1p each in the Company ("Warrant Shares") at an exercise price of 10.75p per Warrant Share, raising £455,380 for the Company.”
Excellent news indeed - 1.5m raised a