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Price monitor x2 not sure why they are not exactly breaking volume records
It sounds as if Dubrell has a head on his shoulders, something missing at HER for some time. We will see.....
.....
The company has had some problems over the past year or two, with shares being suspended from trading in London more than once due to a failure to publish accounts on time.
Dumbrell became chief executive in mid-August, and has since embarked on a clean-up of operations. He had originally joined Herencia in May.
This work included appointing a public relations partner, having not had one before, as well as a new joint broker, VSA Capital, in October alongside WH Ireland, which also acts as its nominated advisor.
Herencia likewise changed auditor, with Dumbrell saying the previous firm "did not understand the space", including not speaking Spanish, the language of Chile.
Other cost-cutting measures recently include reducing significantly the salary of the company's Chilean country manager. Dumbrell takes no salary himself and will be paid in shares instead.
Herencia also now has an electronic, cloud-based accounts system, meaning Dumbrell can keep tabs on things worldwide.
"I got involved in late May and we did a clean-up of all suppliers," Dumbrell said.
"In London, we identified who we should and shouldn't be working with. We changed our auditors recently, who are going to make sure we don't have the problems we've had. This company had problems 18 months ago just getting filings done on time."
On the ground in Chile, work is outsourced. Drilling is done by Canada's Major Drilling International, while laboratory work is carried out by geochemistry services company ALS.
Looking ahead, the focus for Herencia will be on securing a new project as well as progressing those already held in Chile.
It hopes to spend, Dumbrell said, around USD500,000 on drilling at Pastizal and Picachos to take these projects to a JORC-compliant estimate.
"In recent weeks we've been working behind the scenes very hard and until we get something signed I can't make any noise," he continued.
"We are talking to people as we speak, and if this comes together there will be a lot of newsflow, and what we believe is very good news for the company".
Dumbrell is confident Herencia can "bring something good in, and get on something that is really going to change the company".
"It comes down to now just getting the right project and kicking a few goals," he added. "This is a reset year for the company. Clear the decks, work out where we should be, and we think 2019 will be an exciting year for us."
Herencia's shares were down 9.1% on Wednesday afternoon at a price of 0.025 pence each. The stock is up 25% in the past month but still down 67% in the year to date.
By George Collard; georgecollard@alliancenews.com
IN DEPTH: Herencia Resources Hunting For "World-Class" New Project
LONDON (Alliance News) - Herencia Resources is confident of the acquisition of a new "world class" project in South America, with an announcement potentially within the coming weeks.
Speaking to Alliance News at the Mines & Money conference in London this week, Chief Executive Carl Dumbrell said: "We are clearly saying we are looking for a new project. Now we are not doing that for negative reasons, the way we see it is we've got a great company here that is well backed by two really good shareholders.
"We can take it [Herencia] from a company with a handful of junior projects into a company possibly with a world-class project. We've started our search, and it's pretty much been South America, and copper and gold."
Herencia's current operations are exploration projects in Chile: Guamanga, La Serena, Pastizal, and Picachos.
Dumbrell said the company likes two of the current projects, Pastizal and Picachos, "an awful lot".
However, on Guamanga and La Serena, he commented: "The other two we like but I don't believe they are game changers.
"I just don't think it's the best deployment of our capital. Too much work, too early stage: I can't see the bang for buck."
Guamanga and La Serena are likely to be sold if Herencia can secure a new project elsewhere in South America.
Dumbrell continued: "We are South American, hunting for copper and gold. We like Chile, but we won't limit our search there.
"We see South America opening up more than ever, it's a friendly place to do business, so why would we not? There are still parts that are more difficult than others, but we are doing a search across the continent."
"We've come across a couple of good targets," he added, "and we're doing some due diligence specifically on one. We would hope to be public in a few weeks."
On the funding side of things, Herencia in September said it had enough cash until the end of October, but Dumbrell this week said the company is fine financially.
The company hopes to go to the market at some point, with management participating in any equity raise, but Dumbrell did say that macro-economic issues such as Brexit mean it is not the right time.
"The market here is pretty tight at the moment, so it is not the right time to do a deal," he said.
"I would like to do a deal, but when I do it will be a proper capital raise. We are talking to parties here but at the moment it is not just right, and sadly for us, it's Brexit."
Herencia is backed by two "friendly" major shareholders, Dumbrell noted: Lind Partners in New York and Oriental Darius in Hong Kong.
Lind is backed by the John Hancock, the son of Australian mining magnate Gina Rinehart, and Dumbrell described them as "true expert junior resource investors".
Oriental, he added, is backed by a "very wealthy" family in Hong Kong.
.....
Herencia Resources Hunting For "World-Class" New Project
It has been shown on ADVFN news under HER, but you need subscription to read on alliance news, can anyone confer?
Can't be any worse than AXM or KOD although I note they rise when i bailed :)
GLA
It's not a bad gamble ; Cheap entry point i have only 2 million shares here , will just have to wait and see the outcome G L A
What will likely happen next? Just took a gamble here and wondered how bad that was?
Still nothing yet???
Must be close to fumes in the kitty now
Nothing will come of it. Too little, too late. Same as always.
Picachos / Pastizal - Copper rich with strong grades. Read this Reuter’s Article, written in June but one can see how desparate they are for copper. FOCUS-Rio Tinto ready to splash out on copper https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSL8N1TS0ZG
Doubt very much, a lot better position than last year, think we will see a longer term turnaround plan here. New CEO only recently appointed, also investor presentation in June 18, points to strong grades and drill results and this after a long time.. https://herenciaresources.com/wp-content/uploads/2018/07/June-2018-HER-presentation-_v4.pdf
I think Lind and Darius will place at a really low value and reverse takeover
i can't see the point of them investing anymore, this isn't the same company they first invested in
Personally I think they’ll pull the plug.
Funding news imminent here as per results rns. New CEO also at the helm, it’ll be interesting to see how he plans to steer the ship.
Correction EDL.
See they have agreed to provide funding to ADL, here we are also due we could be next?
1 year today from the placing at 0.12p
i said i think placing will be held until after this date if the ownership goes over 30% for either Darius or Lind they can takeover at a much lower price - we wait and see.
Funding by 2nd November in my opinion
Yikes! Read last column here, 2013, Now 3m, still more than mcap.
17m assets!!!!! Say whaaaat!
http://kirillklip.blogspot.com/2018/09/green-energy-metals-and-tesla.html#.W5DXmEnmw68.twitter
mcap here is under 3m assets 17m, last time cash was short they just sold some and raised over 2;m. The market is v v short of cu and huge TO are about to happen. Cu over 1% is in demand, google Rick Rule from sprott, The world's leading natural resource funder.
Herencia Resources plc ("Herencia") advises that, on 11th October 2018, the Board granted the issue of 100,000,000 ordinary shares ("New Ordinary Shares") in the Company to Mr. Sergio Avendano at a price of 0.038 pence per share. The New Ordinary Shares have been granted in lieu of payment equivalent to US$50,000 for past unpaid salaries and services completed by Mr. Sergio Avendano.
Is there a lack of cash.
Certainly some ground work going on at Her, maybe, just maybe, we will see some actual moves towards generating revenue
We know that anyway and "no guarantees" - well, its AIM so again nohing new. Get funding sorted and concrete moves to generating revenue needed asap then all fine on the south American front!!!