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PS: Yes - wanting to be diluted at 14p instead of (maybe) 27p is an odd view ;)
You guys do make me laugh :)
There could be all sorts of deals shaping up in the background that the BOD are working on to send this bagging+ from here.
Cotex are happy to continue to play ball and, no, it's not a death spiral otherwise nobody would be piling in at sub-teens :)
Cotex are likely aware of possible outcomes here, hence the 27p payback in shares clause and the 5% coupon isn't too hefty as these things go so it's all good from my perspective.
Let's see if some wow news drops in the coming months.
Short term loan at a favourable coupon, no free shares associated with it, very good deal, cripes, inflation is worse that the %interest!!. . Expecting positive developments before the 2 year term otherwise more of the same until the project is cracked open and on steroids.
Not happy at all. Why couldn’t we raise £500k at 14p?
This shows to me they can’t because of huge internal and company issues. Cotec gambled £500k here to save their investment.
Something is not right at all. From going concern to convertible notes. Like wth.
My break even is 23p. Looking to exit at 17-18p
This is enough. If they didn’t get Cotec funding then what ? We hit 10p yesterday.
A much needed and comforting update, will be turning away from the chats today! A few that sold out might be a bit miffed.. expecting a lot of sulking
Robbie is a pensana holder and doesn't quite see there is room for more than one player.
I hold both and then some.
Robbie only knows how to be a rude and unpleasant character. His prediction of a placing fell flat on its face: “Dumbo, a placing is incoming as they are running out of cash.”
Robbie, it is nothing like a death spiral agreement.
It is a conventional loan for £2m, with a 2-year term, paying a 5% coupon.
The only addendum is that Cotec can simply choose to be paid back in shares, at a fixed price of 27p per share (which happens to be a 130% premium to the current mid-price of 11.75p), rather than be paid back in cash. That would equate to 7,407,407 shares, excluding any potential rolled-up interest.
Robbie, you do not understand what death spiral financing is. The Cotec deal is not a death spiral.
Lewis, it's a death spiral. No chance of them losing anything.
27p. The bigger picture is that this is a US ESG investment body. This in my view is precursor to larger funding package ahead of MDA or takeover. Note they are also committing a separate 1.5millip to the magnets project.
These guys don't throw away money on uncertainty
RNS: £500000 additional funding.
Have not read all of the RNS yet, couldn't find the conversion terms immediately. Could someone else clarify?
Another tranche of this from May:
"CoTec will invest £2 million (C$3.2 million) into Mkango by way of a two-year, unsecured convertible note ("Mkango Note") with 5% interest, convertible into Mkango shares at 27p each, providing Mkango with additional working capital as it advances financing discussions for the Songwe Hill rare earths project ("Songwe") in Malawi and the Pulawy separation plant project in Poland"
Continued investment at 27p. Wake up market. We are under 12p
That's about the strength of it ;)
Mr Market is at the door. He's got a buy 1 get 5 free offer for you. Seems like a good deal to me
Certainly seems so. 700k shares bought rapidly. I can’t even get excited. This better not be a trap. Something has to give here. Come on mka. Ffs
UP SHE GOES
:)
if I can find them I will buy more
https://www.intellinews.com/poland-s-azoty-group-suspends-fertiliser-production-as-high-gas-prices-sting-254344/ - maybe a reason for selloff in relation to Myles' earlier tweet today although as he says, you'd have thought this would be priced in already.
Ah, didn't know that.
Figures.
All I see is panic selling, can someone please remind me of the bad news we've had??
I'm rubbing my hands together tbh but I'm not so easy to scare out of incredible value opps like this and HUM.
Took another 30k today, happy to keep adding over the next six months - this one could be epic.
The whole company will eventually bring in a valuation north of £200m+ once all this nonsense is over
HyProMag is worth more than the entire current market valuation, and that has no known issues including fully funded by grants, it goes about its business expanding and proving ground breaking RE technology
The fact Songwe is now trading at 3.5p (if you remove HyProMag from our assets) is both sickening and incredible