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Your last paragraph is exactly what I'm thinking SharketMare.
Jezzoo, I wouldn't go as far to say Darryl is engineering a lowball takeover, but that is where I think we are headed unless Nick can pull something out of his hat.
If the SP falls back to 15p a takeover at a 300% premium (Noront's was 358%) is 45p. If we can achieve 60p-80p here I think we will have don extremely well.
It feels like it's almost written that BHP will somehow get the whole lot for the same price they paid all those years ago (45p).
Cannot confidently buy at this level unfortunately, the share price seems to be unsupported at present. Should it reach the painful 10p again I would probably buy another motherlode but until then I don't have the confidence.
The potential is obviously still all there, but we seem to have been outmaneuvered by the big guys at this stage and the final outcome is still very much unknown, irrespective of any company's statements.
lostagain, I think Irwins silence combined with that of CGP, is very good news. If either party were feeling aggrieved I'm pretty sure we'd know about it.
If Darryl Cuzzubbo hand his notice in we would be back two years ago lets just hope someone out there wants this Otherwise it will be back to Nick Mather playing for time again What worries me most is Warren Irwin being silent things must be bad
Support needs news suggesting how the company is going to move forward.
It's in limbo ATM and as such the the SP will drift down based on the last pieces of information being negative.
The lower it goes, the easier it will be for BHP to buy this sloth out.
It's almost feels like somebody or a group of somebodies are engineering a give away.
No support, any buying immediately met with selling
Yes SH, have been doing so in chunks as and when able, got to be worth 100% upside minimum from here over the next couple of years. Too much nonsense posted here over the last 4 weeks with too many people talking themselves into selling out cheaply it would appear!!!
Have a great week all
Anyone tempted to buy at this level?
Perhaps we could put this issue of public information relating to a fund raise to bed.
As far as I can see, since June 2016 there have been nine separate fund raising exercises; two involved the offer of shares to all share holders, and it goes without saying full details were revealed beforehand. Seven were private placings or other forms of financing and no details were announced in advance. Obviously, no details of failed attempts have ever been released, although it's my view that until two /three weeks ago there have been no such failures.
So, there you have it; if a fund raise involves the public i.e an open offer or rights issue, details are announced (but we all knew that anyway), if it's a private deal no details are announced - the clue is in the word "private". This is true for every company I've ever come across and the process is dictated by Stock Exchange rules.
The whole world knows we attempted to raise money and failed - what should concern us is the reason why it failed, and it's my belief that DC has provided the reason. The resignations provide further uncertainty.
Anyway, what's important now is that the company deals with the cash issue asap. It's all very well saying we've got enough cash until the end of the year, but time passes incredibly quickly and we cannot afford to wait until November or December, particularly as capital markets are getting much, much tighter at the moment.
Not nice being ganged up on is it Quasi ?
I think mild dyslexia is the least of your problems
Good grief !
Agreed SH - communication from the board sucks - one day maybe the Directors will take questions at the AGM rather that cut off the meeting immediately and hide or at a special web meeting for shareholders to question them
Quady, the more you write, the more ridiculous you come across. If you want to improve your credibility, which at the moment is zero, I would stop posting.
Apologies for the terrible typing I'm on a very bumpy train journey.
NoQuady, when we've had chappy fundraises at wellbelow the current SP, which is what this one was no doubt going to be at (my bet is 20p when the sp was 25p) we, the poor bloody infantry don't get told a thing until its over. This was a dismal, dirty fundraise which have undercut us local holders. And it still failed.
In saying that even the BHP raise at 45p came as a total shock at the time.
We are the last to know anything.
Addicknt I sometimes doubt who you are, when we have had fund raising in the past we have had announcements of the fund raise and it's terms. This is even before it took place. So yes a proposed fund raise we would have the details. The reason we don't have the details is because no fund raise was announced. As an ex CEO you should at least know that much.
The idea that the company would release details of a failed fund raise is simply ridiculous.
Is this going to be the new verson of your "diverse book" obsession?
You are correct Quady, no fundraise took place.
Because it failed.
Morning Quady
The terms of any potential fundraise aren't going to be widely available as they were only offered to a select number of target investors.
If you drop an email to ir@berrystreetcapital.com I'm sure they'd be bale to give you more information.
Fort, it is fairly minor but it's there as you say, to get us through the winter and to a position where the company can budget 2023 spend at both Cascabel and the regionals. We have the investor protection agreement to think about as well and I'd like to think there will need to be talks with Lasso to get some of the spending/investment requirements amended to take account of both the lost time arising from Covid and also the true worth of SolGolds social and environmental investment into community projects.
The market has let the price drift down because it doesn't agree with me. It feels that something more significant is going to be required and that cash would rather wait on the sidelines until it has clarity.
You could also argue, at the time of writing at least, that the market requires this clarity over the perceived benefit of the catalysts you mention.
Personally I think both the Porvenir PEA and the Cascabel PFS addendum will both be value accretive for SolGold and the fundamental investment case will be enhanced. Whether that will translate to a higher share price I wouldn't be so sure, purely because I think we're nearing a market that will basically ignore good news and hammer anything remotely negative.
On the subject of regional JVs, I think we have to examine the context. I believe there's more nuance than simply saying "a deal with (for example) Barrick for 10 tenements will warm the share price". I think we'd see a little spike but I'd expect traders to sell it off like they did the initial PFS.
The crucial elements to any regional JV deal include:
1. Which tenement or group of tenements is it?
2. What are the deal terms - does this represent good value for SolGold?
3.How does the JV interact with the rest of the story including Cascabel, the corporate wrangling, etc?
I agree that the certainly has been a lot of posturing from SOLG on this. What we have is in fairly high demand after all, particularly given the ongoing restrictions with the Ecuadorean mining cadastre. It wouldn't have been too difficult for the company to do a few tie ups, particularly for those areas that don't fall under the priority regionals but have displayed some first pass exploration promise. The inference here given we've supposedly been engaged on this for the best part of 18 months is that we're simply poles apart with interested parties and whilst conversations may well have taken place, deals cannot be reached right now.
As far as I'm concerned there's an interesting story with Helipuerto. Have Solaris received any JV interest for Warintza and is there any interest in joining forces with SolGold and packaging up even more land and letting a major in on the action? I'm sure SolGold would be happy with a 20% stake in the larger project with the 80% split evenly between Solaris and a Barrick type.
All right seanhunter, what was the failed fund raise. If we failed on a fund raise put to the market. You will be able to find the terms purposed and post the link here.
Good luck. No on will do this because no fund raise even got as far as the proposal stage.
Therefore no fund raise took place.
But I will admit I am wrong. Just post the details of the failed fund raise. I am not even asking for how the fund raise was put to the market, just the proposal.
That should be easy if indeed a fund raise was even attempted.
"we have not had a failed fund raise. Just look at the volume.also people selling all sorts of stocks because of cost of living crisis. Plus copper price has fallen."
Those points are totally unrelated to the failed fundraise. And you forgot the pandemic. You forgot Harry and Meghan. You forgot the drought.
Quady a failed fund raise is no shame, no worse that hitting a small duster. The failed fund raise is not the end of SOLG, it is a tiny bump in the road, a misstep. We will recover.
Do we have to wait till you go through all 5 stages of grief? You are clearly in the first stage - denial - about it. It happned, but it is no big deal, and we have already paid the price with about 4p lopped off the share price. Let's move on.
CD, you raise 3 interesting points on potential catalysts of our SP. Personally, as it did with the PFS, I think the market will shrug its shoulders at 1 & 2 if we publish both of these pieces of news before raising funds. 3 is a different kettle of fish, particularly if we announce a JV with someone like a Barrick.
I'd also note that BHP will be in no rush to bid for SOLG before those two updates are published. If they do so beforehand with a lowball offer they will be playing into SOLG's hands, who would hopefully say the offer doesn't represent fair value, and then publish the Porvenir and PFS news to support their case. I.e. if you were willing to pay 50p a week ago, you should be paying at least 80p now we've derisked Provenir and improved Cascabel (numbers just examples).
We need cash in the coffers ASAP as Bozi suggested in his (great) last post.