Firering Strategic Minerals: From explorer to producer. Watch the video here.
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“According to sources who asked to remain unnamed, the decision to let CEO Darryl Cuzzubbo go and the delay of both the Cascabel definitive feasibility study and the Porvenir preliminary economic assessment, had the goal of making the company more appealing to bidders by simplifying the management structure”
Hmmm ?
“The company, which saw its chief executive and managing director of less than a year leave last month, is said to be at the centre of a bidding war between Jiangxi, China’s largest copper miner on the one side, and BHP (ASX: BHP) — possibly in alliance with Newcrest Mining (ASX: NCM) — on the other”
https://www.mining.com/solgold-shares-dive-despite-raising-36m-with-jiangxi-backing/
Red ,lets see not many trading days left this year now
Nobodys getting it for peanuts Bubble...
If anyone is selling at these levels they want their head testing...
Why would they do that while Maxit is hoovering up 23 million shares...? (and others presumably?)
And a TR1 could emerge any day, even before Fawzi updates the major holidngs...
They getting this for peanuts compared to asset valuation imho ,there's someone playing this share down atm ,will it be allowed to bounce I don't know let's see what next rns says
No consoloation but CGP is down 7% also...
However SOLG TSX price equivalent is 18.6p (on no volume)...
We end the day with the sp down in pretty much direct correlation to the dilution?
Fair question brad...
The thing is, Sangha (Maxit) is a M&A specialist...he's not interested in taking Cascabel to production..
So all we have to do is guess, based on his entry price for his 23 million (£3.75 million) what exit price he is looking for...?
I'm guessing 4/5 times might do it (i.e. 65/80p) but whatever it is he wouldn't do it if he didn't expect to make a substantial profit...after all £3.75m won't be big potatotes in the context of his business turnover...
Not remotely interested in day to day price movement here now ( up or down) … pretty sure we’ll get some more news pre merger but feels like the market will only move on an offer or rumours of one ….. which is exactly what I expect, just a matter of time
I do not have a lot of confidence here it looks like it's all about the board and how much they can make they have no reason to sell.
It seems to me that from a private investors point of view the choices here are very straightforward. You either buy into the narrative of the new management team, which is promising significant change and a realisation of value, or you don't and think things will carry on as before - an approach which offers nothing other than further massive dilution, or perhaps something even worse.
If you're in the first camp you'll hold and perhaps add more; if you're in the second camp you should sell because there's no future. There's an awful lot riding on the next two weeks and coming months.
Orpherncopper,
I agree on exploration... would be great to get some drills turning and recently you had a few tweets from SOLG showing directors (new ones) looking at prospects identifying the next value enhancing prospect etc etc. But there's a few loose ends to tie up first with AGM in 10 days and Merger set to complete 2 weeks after that (approx). So just bear all that mind. 2022 was a lost year... in many ways but no point talking about plan A or Plan B and where's the exploration.... Need to get through the next month and then I would expect an indication from the Strategic Review to come before January is out.
I understand your frustration but seriously.... you need to calm it all down and decide what the next 6 months holds for your investment. If you are not confident, then I suggest you exit and find a stock you are confident in.
‘ You think BHP are the only company capable of taking Cascabel to production’
Absolutely not.. but they are required if the bidding war everyone seems to be hanging their hats on is to happen.. I have said before, I could easily see them walk away and focus on M&A of a larger scale, with faster routes to profits.. we are small fry in their scale of acquisitions.
Leaving us in real need for a plan B.
I am happy we are to monetise in some way…. And It needs to happen fast. But as an exploration company we should be targeting some of our other supposedly great prospects now we have some funds… a plan B, so to speak… surely we are capable of doing more than one thing at once.. the Strategic review can’t be keeping everyone busy.
I was once invested in a company that did a raise at 15p Six months later they were taken over at 19p, along with the cash pile just raised. It happens.
You think BHP are the only company capable of taking Cascabel to production that is interested in it? If anything, BHP’s presence and influence was what was putting off these other parties from trying to buy in. stay away from this sector for your own good.
And if they decided to let it go and walk away… what will our price drop to?
DBW thanks my friend will watch out for results
Immediately on 22nd
Hubrishunter refers to the new shorter fund as arb fund from Canada.
"$solg #solgold the CEO of XIB Asset Management is specialised in merger arbitrage. The 0.5% short position in Solgold most likely is because they are buying CGP on the approximate merger terms. It is NOT likely a directional trade given the PM background for XIB"
https://twitter.com/hubrishunter/status/1601884409136758784?s=46&t=6AVq-3pMLvoa5VHRVF3m5w
So is 17 p slug, wonder why?
DBW ,When's results of AGM?
Quite right Orthern. Too many people here are banking on a bidding war. Well lets imagine there is no bidding war. At present an offer of 25p looks generous. Many would just about break even at that , many would lose. People who talk daily fluctuations are irrelevant talk tosh imo. They matter to most folk who are thousands down with no clear exit ahead.
Look beyond the echo chamber here of ‘A bidding war will hopefully begin soon’ and we have no plans announced for our new funds.. just Plan A above.
It just seems like we now have have
‘Plan A’ wait for a bid, and for Plan B, see plan A…. no plans to restart exploration drilling, just see plan A.. It’s little wonder the price is falling.. it’s no confident business plan.
Absolutely nothing to do with naivety