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To the TSX Venture Exchange (the “Exchange”)
Dear Sirs/Mesdames:
RE: Minto Metals Corp. (the “Company”)
We refer to the listing statement of the Company dated November 12, 2021 relating to listing of the
common shares in the capital of the Company.
We, Deloitte LLP, consent to being named and to the use, in the listing statement of our report dated
July 22, 2021 to the shareholders of the Minto Explorations Ltd. on the following financial statements:
Consolidated statements of financial position as at December 31, 2020 and 2019;
Consolidated statements of net loss and comprehensive loss, changes in equity (deficiency) and
cash flows for the years then ended and and notes to the consolidated financial statements,
including a summary of significant accounting policies.
We report that we have read the listing statement and all information specifically incorporated by
reference therein and have no reason to believe that there are any misrepresentations in the information
contained therein that are derived from the financial statements upon which we have reported or that
are within our knowledge as a result of our audit of such financial statements. We have complied with
Canadian generally accepted standards for an auditor’s consent to the use of a report of the auditor
included in an offering document, which does not constitute an audit or review of the listing as these
terms are described in the CPA Canada Handbook – Assurance.
This letter is provided solely for the purpose of assisting the Exchange in discharging its responsibilities
and should not be used for any other purpose.
Yours very truly,
/s/ Deloitte LLP
Chartered Professional Accountants
News Soon
The Resulting Issuer common shares are expected to commence trading on the Exchange with the symbol "MNTO" before the end of November 2021, following the fulfilment of the remaining conditions by 778, Minto and the Resulting Issuer.
https://www.mining.com/web/china-moly-says-green-push-to-unleash-extraordinary-metal-demand/
Note that the anticipated average quarterly revenue for the next 18 months is USD 36m+.
ok cheers,mine was just a rough calc.
anyway...up she goes
Troajan: the additional value drivers are:
1. Mine life which will see further extension
2. Near mine exploration yielding new orebodies and/or extensions to known mineralisation
3. Drilling in additional land package
4. Production going higher (It’s currently 8.5-10ktpa, we should hit capacity of 20ktpa over next 12 months)
5. Re-negotiation of gold stream with Wheaton to yield meaningful revenue from the gold we mill (we did a re-negotiation in 2019-20).
All in all Minto is significantly undervalued even at 187m CAD. It has over 3B USD in copper content. This is an integrated explorer producer and developer, gearing up. Some of above are my opinions, please DYOR folks.
Nice one Mullins58. ;-)
The pricing of CAD$ 2.60 per share applied in the capital raise implies a pre-money valuation of Minto Metals of CAD$ 156.6 million and post money CAD$ 187.1 million. At post-money valuation of Minto Metals, Pembridge's 11.1% share in Minto Metals is valued at CAD$ 20.8 million. This is approximately £11.8 million at current exchange rates, equal to £0.133 per undiluted Pembridge share based on the Company's issued share capital of 88,965,516 shares. If all existing options and the conversion rights of the recently issued convertible loan notes were exercised, the Company would have 122,220,856 issued shares.
6.95p paid
Great post PaulJ8520 and clearly shows how undervalued PERE currently is.
Thanks for the info PaulJ82520, on that basis we should be trading over 10p easy come start of trading on the TSXV.
Fingers crossed.
Following listing on the TSXV, the Resulting Issuer expects to have the following total available funds:
Net proceeds from the Concurrent Financing $29,299,237(1)
Estimated Consolidated Working Capital as at September 30, 2021 $1,030,000
Estimated Revenue for 18 months following listing(2) $273,428,000
Estimated Total Available Funds ($Cdn) $303,757,237
TSXV Approval
The TSXV conditionally approved the Listing of the Resulting Issuer Common Shares on November 4, 2021. The
Listing is subject to the fulfillment of all of the requirements of the TSXV on or before February 2, 2022.
Legally, the Effective Date of the Amalgamation will be on the date a certificate of amalgamation is issued in respect
of the Amalgamation. However, the Listing will be completed on the date the TSXV issues a Final Exchange Bulletin
in respect of the Listing, which is expected to be shortly following the Effective Date, provided all required
documentation is filed with the TSXV.
Documents filed yesterday
https://www.sedar.com/new_docs/all_new_pc_filings_en.htm
using atym as a comparison,they produce around 60k tons of concentrate a year
giving it an mcap of £550
so pere's,should be more like £25 mill.imo
https://www.proactiveinvestors.co.uk/companies/news/965836/pembridge-resources-mark-excellent-quarter-and-hails-conditional-listing-approval-tsx-venture-exchange-965836.html
hmm,you doods,look familiar.
The 2 x 250k trades are buys.
6.75 paid
The Resulting Issuer common shares are expected to commence trading on the Exchange with the symbol "MNTO" before the end of November 2021, following the fulfilment of the remaining conditions by 778, Minto and the Resulting Issuer.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"This conditional acceptance by TSXV clears an important hurdle in Minto's path to being a listed company and we appreciate the work that has been done by Minto and its advisors on the RTO and listing process."
Cheers for pointing that out Kev, I stand corrected :)
Oh well, it’s churning out cash, just a matter of time imho
Lottohopes, I think the cash will be locked up until rto.
RNS September 22nd.
“ Of this amount, CAD$ 15.2 million has been received in escrow accounts, approximately CAD$ 0.55 million is anticipated to be closed on in the next week and the remaining CAD$ 14.75 million will be closed on concurrent with the completion of the RTO transaction. The proceeds of the financing will be held in escrow pending closing of the reverse take-over, and upon release of the same, will fund operational improvements, exploration and working capital for Minto Metals. ”
Kev: depends on your point of view. Regardless of delays/timeframe in listing. they are proceeding with mining, drilling nearby zones. Part of the cash is already available and being deployed. I d like to see the capacity reach the full 20ktpa by next year and copper to stay in 4s or higher. We are at barely 8.5ktpa currently.
Isn’t this just adding another task / expense / delay to the RTO?