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So does that mean it will come back to trading at 2.75 , which would have been the same as 0.275 before the consolidation?
I think we will generate loads of interest based in USA and the current mcap...
We should fly with proper news/coverage
We closed at 0.32, with consolidation that makes it 3,2p with placing at 2,75p that will cover the next 2 years.
It wont be free money for those holding pre suspension but is looking like a good bet!
Excellent news, good to see an update and confirmation of the AGM date. Hopefully all resolutions passed then we are back dealing on 25th November! Good to see major investors/directors are locked in for at least 6/12 months. Hopefully the share price on opening will climb a lot higher than the placing price of 2.75 pence. I will be holding for at least 6 months and will re-assess my position then. Hopefully by which time we will have seen a nice uplift in share price. Time to show more patience and start the countdown to the 25th November...Happy days
Did you attempt to get in contact with Peterhouse for placing purposes?
What was their reply?
Am just fine with my holding.
So we lose out on placing right?
10:1 consolidation :- 50,000 shares.
How many shares will I end up with if I have 500,000 shares?
Edward Nealon, Non-Executive Chairman of Richland, commented:
"The proposed rebirth of Richland as Lexington Gold Ltd focused on the USA represents a move into a world famous mineral zone in the North and South Carolinas, where the dominant commodity is gold at a time when gold is performing strongly compared to other commodities. The acquisition of GAR provides us with not one but four projects which are all individually highly prospective, with two of them having walk up drill targets, such that we expect exciting times ahead."
Am very happy with this so far. Placing is just what we closed at. It would have been an ask and most are usually below. I was hoping for higher but expecting the usuall 50% discount, but it's far less so very promising.
Have to hope the placing shares were priced at a discount in order to get them away
Unfortunately not! Looks like it is near parity, from when share price was suspended. However good news is funding includes the drilling programme for two years. Hopefully there will be regular resource updates once drilling commences.
the Company is proposing a share capital consolidation at a ratio of 10:1. the Company has conditionally raised, in aggregate, approximately £3.33 million (before expenses) via the proposed issue of i) 84,625,476 New Common Shares pursuant to the placing (the "Placing Shares") at a price of 2.75 pence per New Common Share (the "Placing Price") and (ii) 36,363,636 New Common Shares (the "Subscription Shares") pursuant to the subscription at the Placing Price (together, the "Fundraising"). The net proceeds of the Fundraising will be utilised to fund the initial cash consideration in respect of the Acquisition and the enlarged group's planned initial two year work programme and requisite working capital requirements.
But surely with a 10:1 consolidation and a raise at 2.75p we aren't going to end up 700% up when it relists
It's happening!!
To add to your post Floppyjaloppy
"Mr Nealon, the Chairman of the Company, has agreed to provide the Company with a three month short-term, unsecured and interest free working capital facility of US$100,000 via his company, Almaretta Pty Limited"
From Nealons position and knowledge of the situation, he would not throw 100k into nothing.
Am confident from the info we have so far, this deal should be imminent. It's been a month since the last deadline. This november am guessing.
Hopefully the 3rd is red, markets should rally I hope.
Expect to hear some news soon - End of November is cut off for paying the directors cash or new shares, End of December its all over. BOD need to give us a progress update ASAP.... 'In the coming weeks' they said at the end of September... Well they have had 4 weeks to update us, time to deliver imho
"Consequences of not completing the Proposed Transaction: In the event that the Company does not successfully complete the Proposed Transaction or an alternative Re-admission Transaction by 31 December 2020, trading in the Company's common shares on AIM would be cancelled.
Director & Management Fee deferral and proposed fee conversion: Myself, the former-directors, Mr. Brooke and Mr. Sibley and certain other members of senior management have agreed to i) defer payment of the fees due to them as at 30 June 2020 of US$182,000 until the earlier of the Proposed Placing and 30 November 2020 and ii) to convert US$106,000 of the accrued fees due to them as at 30 June 2020 into common shares in the Company (subject to the Company being in an open period)."
Yes i always wanted t buy into that one but never did in the end. We are in a different jurisdiction but have the support of it being a renown gold area with many companies and prospectors . We have more upside Imo .. everyone is looking for value and we have it .. news hopefully soon
If they hit paydirt, maybe it'll be headed there.. But at 1.45 quid a share that would value the company at around 300mn quid, a bit rich.. You'll find the Loch lomond one, has far fewer shares, outstanding.. But we can, dream...
Welcome ARK yr first ever post :)
Thanks Munchlet 4 that .
I personally see value in the low SP range and believe this will rerate and rocket in value .. rather than 10to 1 they should consolidate with a lower number .. just depends I guess on yr perception x
Yes we can dream big and dreams sometimes turn to reality !
With the gold mine near Loch Lonond coming onto the market at £1.45, dare we dream that our Carolina mines will be of similar value?
It does not change the value of your shares, but when penny stocks trade in fractions of pennies rather than pennies, they are generally regarded as"failures" because historically the original, shareholders have suffered loads of dilution from subsequent capital raising. Yes, consolidation is regarded as cosmetic, but historically, it has resulted in more confidence... Its a good thing..
I've been lurking this board for well over a year now since I purchased 550k shares in Richmond in Sept 2019. Looking back, I cannot say how or why I made the decision to buy, I read up on the company's past and can only put my purchase down to "gambling" my dividends which sat as cash for a long time. I currently sit on a 517% gain. To be holding 0.05% (maths may be out, so please correct me if so) of a company which, fingers crossed, will be entering into gold exploration at a lucrative time is exciting.
Now, please entertain my dreams. If, and it's a big if I know, Lexington find a sizeable amount of gold in a few years time and begin to drill into one of their sites, can anyone theoretically estimate where our market cap will sit if we consistently produce quality amounts over a sustained period? Based on a few of my theoretical calculations, it seems we may be on to a real winner. Regardless if we all make good returns or cry together as the RTO fails miserably, I've enjoyed checking into this board every couple of weeks to read an update or an opinion piece. Best to you all, looking forward to catching up at Lexington's 2034 AGM at The Savoy.
https://www.richlandresourcesltd.com/
What is happening is this
Proposed Acquisition of Global Asset Resources Ltd, Board Changes,
Proposed Fundraising,
Proposed Change of Name and
Proposed Share Capital Consolidation
Munchlet how does the consolidation affect our shares .and what’s the reason they would do it ? Does the share number diminish and the price stay the same? Less shares means less free float
I've also seen from the subscription agreements being sent out that there is going to be a consolidation of 10 to 1, which means that the share would be coming back to trade at around the 3p/share area rather than 0.3p. That's a good idea... And yes hang on to your stock. We've got 4 chances with 4 different locations in an historic gold producing are in a mining friendly area, the U. S. Carolina... Watch this space.