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GlobeNewswireMay 12, 2022 6:14 PM EDT
VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) is pleased to announce that its lending partner, Sprott Private Resource Lending II (Collector), LP (“Sprott”) has agreed to extend the period wherein it will waive any existing defaults under its Credit Agreement, Stream Purchase Agreement, and Production Payment Agreement with the Company (“Waiver Period”) from May 15, 2022 to May 23, 2022. The details of the Waiver Period and other terms of the Company’s agreement with Sprott are included in the Company’s press release dated April 22, 2022
"Quite the collapse in the afternoon, not too sure where she goes from here, may possibly nip under 10p for a descending wedge recovery over some months but an impossible call - odd rns I thought."
You're welcome :)
Equates to about 9. 43 p & we knew they were raising some cash. Bodes well for the future of this company with exciting prospects.
I'd expect little movement in the SP until then.
Best to be expected. Only one way from the bottom but years really needed for shareholder benefits unless Ashanti put in a bid once things have settled and before the price starts rising too much
Good hire, and raised cash. Turnaround in progress.
The SP, floor or otherwise depends entirely on what Pure's so far useless ramping management,
can do wrt getting enough finance to see the mine working profitably.
I'm far from convinced they will produce the goods, however that's why we are down at 11pence !
I think 9p tomorrow might be the floor.
TDT
Hopefully this is now the floor.
Hopefully....
Funny that the share price hit about what the PP was quickly, bet there was a few that knew the price before hand.
Those Canadians. ..
It was there in black and white in the RNS.
Share dilution was the only way to raise that much money as per the conditions of the Sprott loan. The share price will get pummelled Monday but from there it should recover... Should being the operative word.
PureGold Announces $30 Million Non-Brokered Private Placement; Tony Makuch Joins as Technical AdvisorPure Gold Mining IncFri, May 6, 2022, 10:45 PM
The PI gets zhat upon from a great height yet again.
TDT
The Company has agreed to pay a cash finder’s fee of 6% of the aggregate proceeds raised from subscriptions arranged by certain finders.
The Company’s largest shareholder, AngloGold Ashanti Limited (“AngloGold Ashanti”) has the right to maintain its pro rata ownership interest in the Company of up to 19.9% on a partially diluted basis (see press release dated January 27, 2022). The Company expects that AngloGold Ashanti will exercise its right in full, but there is no certainty of this outcome.
Certain directors, officers, and insiders of the Company (collectively, the “Interested Persons”) are expected to purchase or acquire direction and control over an aggregate of between 10,000,000 and 13,333,333 Units under the Offering. The Interested Persons are each considered a “related party” of PureGold and the sale of the Units under the Offering to the Interested Persons constitutes a “related party transaction” within the meaning of MI 61-101– Protection of Minority Security Holders in Special Transactions .
The Offering is expected to close on or about May 13, 2022 and is subject to certain conditions including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. There is no certainty that the Offering will close. The securities to be issued under the Offering will be issued on a private placement basis and will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws. The Offering will be conducted pursuant to available prospectus exemptions, including the accredited investor exemption and the close friends and family exemption.“
It looks like they’ve forgotten us again the useless bunts.
TDT
“VANCOUVER, British Columbia, May 06, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) is pleased to announce a non-brokered private placement of 200,000,000 units of the Company (the “Units”) at a price of C$0.15 per Unit (the “Offering”) for aggregate gross proceeds of C$30 million. The Company may elect to upsize the Offering to up to a maximum of 266,666,666 Units for aggregate gross proceeds of up to C$40 million based on demand. Each Unit will consist of one common share and one common share purchase warrant (a “Warrant”). Each Warrant will be transferrable and entitle the holder to acquire one common share of PureGold for six months from the closing date of the Offering at a price of C$0.18, subject to certain adjustments.”
I disagree.
Messers Sprott & Co have already injected $70 M +.
They won’t want their holding diluted at this level.
They’ve stumped up further liquidity very recently but are now keeping a keen eye on expenditure on a weekly basis.
The Mine will be cash flow positive within 2 months but will require further funds to expand drilling.
Once the cash is coming in it will be easier to lend against a cash flow positive business.
I see this going the same way of so many before it. Constant issues, debt building, promises of future turnaround on massive ramp up in production that never materializes.
"Per the Agreement, PureGold has agreed to immediately pursue an equity financing for net proceeds of not less than US$5 million to be received on or before May 15, 2022 ("Equity Raise")."
Bought today *12.5p* @ 10.15 am
Liked on Barcplus by Paddinton a big Sprott fan
Pure Gold Secures Financial Agreement With Sprott Resource Lending, Provides Mine Operations Update And Announces Management Change
I am just wondering how many times a dead cat can bounce !
Hi Gavster
Wasn't me who posted that. I do recall somebody posting that across in Canada they were claiming the geology was known to be problematic but I haven't seen anything to back that up. The NI-43-101 would have picked that up if it were a major impediment to mining.
There may well be a whole series on covenants in place that require a certain amount of finance. Seems like the previous BOD weren't entirely up-front with events as they unfolded.
TDT
Hi Tricky and all. Hope all good !
So finally Pure looks like a buy for me but I have a couple of questions I hope can be answered/discussed.
I'm attracted by the NI 43-101 and the traditional route to a BFS and proper funding.
Tricky. I think I remember you posting a link citing some reasons as to why the previous mining company encountered problems. Was there a link and do you still have it. ?
Also. The idea of the low hanging fruit providing the development funding caused a huge spike but recently backfired which for me leads to the question; Have the original shareholders and BOD all made enough cash already so are all happily in profit and covered if the feasibility study proves the mine unfeasible, after all why exactly would they need so much cash if the AISC was supposed to be OK ?
A bit of a wobble this morning but this should pick up once the TSX opens.
TDT
Still a good buy for recovery & any placing would have been heavily oversubscribed; no doubt we shall hear soon.
Last week's news was welcomed so this will hold up the price which will further rise.
· US$6 million additional liquidity and waiver from Sprott Resource Lending
· Operational turnaround underway; positive site-level cash flow expected by Q3 2022
· 60,000 metres of definition drilling underpins active six-month mine plan