focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
551,169,667 ordinary shares of 1.25 pence... :( IMO, this is going to slip well below 2p soon with any spark of disappointing news. Even a digger or conveyor failure news could wobble NGL shares to ground :(
My apologies, good afternoon to you :-)
It is not more dilution just confirmation of what was proposed. http://www.investegate.co.uk/Article.aspx?id=201207200718521262I
This operation has gone bust several times in its life. All the stuff at the moment is hot air. I think they have given indication to get output up up to 60k ozs a year while closing one stope for murky safety reasons. The is still a huge gap between the marketing and any sort of consistant achievement.
The Norseman Gold (LON:NGL, ASX:NGX) turnaround continued today with the appointment of a new chief operating officer. He is Andrew Matheson, whose previous employment included stints with BHP (LON:BLT), Aquila Resources and GHD. He will report to the company’s new chairman and major investor Kevin Maloney and his key priorities will include long-term planning and resource allocation as well as the day-to-day optimisation of the Norseman operations in Western Australia. Maloney said: "Mr Matheson is a valuable addition to the Norseman team and his vast experience in the mining sector at a senior management level will help ensure that the Norseman operation maximises the significant opportunities that exist." Last month Norseman raised A$25 million in a cash call fully underwritten by Tulla Group, the firm’s largest shareholder and the investment vehicle of Australian entrepreneur Maloney. In a recent interview, Maloney said the company had a “great future” and he said he is focused on getting production up to 100-120,000 ounces a year and costs below the magic $1,000 an ounce. Passing these two milestones creates a hugely cash generative operation. After that Maloney intends to exploit the huge potential of the area. The project, which covers 2,360 square kilometres of Western Australia’s Norseman-Wiluna greenstone belt, ultimately has the potential to be a 3-400,000 ounce a year gold producer, he reckons. The current resource of 3.4 million ounces hints at the huge potential of the Norseman ground. Around 80 years-worth of data has been digitised and requires sifting to unearth multiple potential targets. The plan after doing this is to find an initial two new potential open pits that would run alongside an underground mine, giving the balanced mix of production.
Read your post back in the cold light of day: - ...if they manage to quadruple production - ...if the price of gold doubles or trebles A couple of fairly large unknowns there, on a timeline unspecified on the assumption that the subscribers to the recent placing (and uplift there to) weren't in fact Tulla who are now majority shareholders and could push for total control. For the record I am invested here, was at 13p up to 65p and then back in at 35p with a far higher average than we now see so I'm all for a successful recpvery from here but agree with n476, the PI's been excreted on from a staggering height on this one and my take on the future is not nearly as bright as yours
You've completely missed the point! NGL now has new management and investors have clamoured to buy shares in the company. After the news that the placing had been increased 25% the SP stabilized. And so it should - if they manage to quadruple production it's going to be a multi-bagger. Particularly if the price of gold doubles or trebles in the meantime. And why wouldn't it with Western Governments continuing to print money? What's needed is a reduction in the gap between rich and poor. According to today's FT the bottom 50% of US households own 1.1% of the nation's wealth. In 1995 they owned 3.6% which was still pathetic. Capitalism appears to sow the seeds of its own destruction. Discuss.
I understand this company is cash strapped but this forthcoming dilution is the mother of all p?sstakes. With over a billion shares in circulation I can't envisage the share price ever going above 10p in future. Unfortunately I am now locked in this pile of dung with an ave of around 5p. If this ever goes anywhere close to my ave I am getting the f£ ck out of this share rapidito
Ouch ouch...
Norseman Gold Plc Placing Norseman Gold plc ("Norseman" or "Company") is pleased to announce that due to strong demand the proposed placing announced on 18 July 2012 has been increased to raise approximately A$25 million through the issue of 625,000,000 new ordinary shares of 1.25 pence each in the Company ("Ordinary Shares") to institutional investors at an issue price of 4 cents (2.65 pence) each ("Placing"). The Placing has been managed by Moelis Australia Advisory Pty Ltd and Ocean Equities Limited acting as Joint Bookrunners and Joint Lead Managers and included investors introduced by Northland Capital Partners Limited. The funds raised from the Placing will be used for the Company's working capital requirements including the reduction of existing creditors as announced on 18 July 2012. The Placing will be processed in two tranches. Application has been made for the first tranche of 73,830,333 Ordinary Shares, raising approximately A$3m, which is not conditional upon shareholder approval, to be admitted to trading on AIM with effect from 26 July 2012. The second tranche of 551,169,667 Ordinary Shares, raising approximately A$22 million, requires receipt of shareholder approval at a general meeting to be held on or around 23 August 2012. Following admission of the first tranche of Ordinary Shares issued pursuant to the Placing the Company will have 566,032,556 Ordinary Shares in issue and, assuming no further issues are made, following the admission of the second tranche of Ordinary Shares issued pursuant to the Placing the Company will have 1,117,202,223 Ordinary Shares in issue. The trading halt on ASX has been lifted with immediate effect.
Norseman Gold is placing 500m shares with institutional investors raising A$20m. The company's major shareholder, Tulla Group, has agreed to underwrite the total issue for cash of A$12m and conversion of existing debt of A$8m. The funds raised from the placing will be used to finance the company's working capital requirements including the reduction of existing creditors.
Hi could someone tell me if this placing will give Tula a controlling interest? ie if someone buys all 500,000.000 that would give them 50% of the company?
Its unfortunate to see the doubling of shares today... however after considering the predicted production (80k oz) which seems very realistic based on 175k of ore at 4.6gt and costs ($1000) and spending the past few hours searching around the web, the valuation of this company based on a future p/e of 10 is about 26p. ive read on the other sites iii that there are concerns about the intentions of Tulla but after trying to find something about their other businesses they are involved with (extensive surfing) i cannot find anything sinister. unless anyone can highlight anything (except 500m more shares to institutaional investors) to me, then i still find this a share with great recovery potential. will i regret topping up today? lets see! opinions very welcome
Hopefully this is it for placings and corporate action for a while and the company will now focus on providing shareholders with some value ..from here. I've topped up at 2.69p today just to average down..
ouch, 500million, thats the amount of shares doubled
Proposed Placing Norseman Gold Plc ("Norseman" or "Company") has today requested the halt of trading of its shares on ASX until an announcement is made to the market with respect to the completion of a capital raising. The Company is undertaking a private placing of approximately A$20 million, including the conversion of A$8m of existing debt into equity, through the issue of approximately 500 million fully-paid ordinary shares to institutional investors ("the Placing"). The Placing is being managed by Moelis Australia Advisory Pty Ltd and Ocean Equities Limited acting as Joint Bookrunners and Joint Lead Managers. The Company's major shareholder, Tulla Group, has agreed to underwrite the total issue for cash of A$12m and conversion of existing debt of A$8m. The funds raised from the Placing will be used to fund the company's working capital requirements including the reduction of existing creditors. The Placing, to be processed in two tranches, is expected to be completed on Thursday 19 July 2012. The first tranche of approximately A$3m, involving approximately 74 million new shares, is not conditional upon shareholder approval, with new shares expected to commence trading on 26 July 2012. The second tranche of approximately A$17 million, involving approximately 426 million new shares, will require receipt of shareholder approval at a general meeting to be held on or around 23 August 2012. A corporate presentation in relation to the Placing is available at: http://www.asx.com.au/asxpdf/20120718/pdf/427gdj040gnqjc.pdf
Well done! 500mil shares at 2.56(?)p to raise £12.8mil(approx) http://www.investegate.co.uk/Article.aspx?id=201207180725249170H Oops
For personal reasons or not it looks like Kevin Maloney means business, i like his style! Release date- 13072012 - Norseman Gold wishes to advise the appointment of Mr Kevin Maloney to its Board. Mr Maloney is Chairman of the Tulla Resources Group of companies, which has now invested significantly in the future of Norseman both through direct funding through shares and convertible loan notes and also with the introduction of its associated company, L2 Project Management - Norseman Pty Ltd, as the manager and operator of the Norseman Gold Project. Tulla Resources Group is the Australian owned investment group of the Maloney family. Based in Sydney, it was established in the early 1990s with an open mandate focusing on small to middle market listed companies, private equity, venture capital and debt. Tulla Resources Group has a track record of success from building and growing many businesses, including The MAC Services Group which is a mining services company that was listed on the ASX in April 2007 and sold to Oil States International in December 2010 for approximately $650m of which the Maloney family owned approximately 52% at the time of sale. Mr. Kelvin May has resigned as a director of the Company for personal reasons. Mr May was appointed to the Board in February 2012, and has worked with the Company as its Chief Financial Officer since January 2008. The Board thanks Mr May for his contribution during this period.
if you dont ask you dont get.
lets finish with a blue number please!
good coverage in the weekly proactive investor email, it was 3rd from top story. im sure that will bring a lot of attention this weekend. with a current valuation of £14m and net assets of £53m and things looking on track now to produce 80k in the future. it does seem that this has a long way to go. if it does fall back again i will be adding. i sold out of 2 other gold co's this morning to add here
Loads of buying this afternoon and it appears spread is narrowing...looks good for next week
good to see a move upwards today...I was about to give up all hope here!