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Come on let's get this over 20p
:)
Q, I've asked you before, but can you please give us just one example of a situation where a company has issued an RNS proclaiming a failed fund raise?
Quady if I were you I would try and look objectively at why the SP has dropped 50%+ over recent months, it is a fairly conspicuous mess if you compare to other shares out there.
Woody can I question your point 4.
We never had an RNS about any failed raise, that was one of my points.
https://www.reuters.com/markets/commodities/turquoise-hill-minority-shareholder-not-interested-rio-tintos-33-bln-offer-2022-09-01/
Above shows some minority shareholders digging in but yesterday Rio entered into an DAA so looks like it's going through at $43 a share.
That's a steal for RIO although worth noting they did open with a low ball offer and then upped it to $43 soon after it was declined.
Oz Minerals and BHP news should be out soon. Last offer was poor by BHP so will be interesting to see what they come up with next and how Oz Minerals go about defending it.
M&A alive and kicking out there although you wouldn't know reading some of the negativity on SOLG of late. Some folk just can't see the bigger picture even when it is staring them in the face.
DBW thanks, I think you point re Mather/Irwin is one reason why a lot of PI's are hanging on in there, aside from the fact that a lot are underwater and have no easy other option.
Bozi, I think the delay is due to the fact that we're currently around the table with our main shareholders trying to reach some form of agreement.
Pretty well summed up Woody
So why are Nick/CGP (usually so vociferous) so seemingly unfazed?
Red, the current financial position needs to be put into context:
1. We have had no updates for long (a year?)?
2. We have had string of resignations or dismissals with no explanation from the company.
3. We appear to have 2-3 months of funds left with a £5-6m per month drain with no apparent product or reported benefit.
4. A terrible RNS about the failed attempted funds raise, with no follow up.
5. Absolutely no information on where future funds are to be sourced/raised.
6. The company or poor Fawzi ignoring requests for an explanation on the above.
It is appalling way to run a company.
Its September 7...November is 8 weeks away...
Thats why I say do a modest raise NOW. Take the heat off, with PFS2 and Porvenir to come...
RK1 - risible is rather strong IMO.
I don't think a modest raise is impossible now, but i do worry about doing it in November if markets soften further between now and then. I'd rather it was done 3 months ago when the share price was 32p.
I want the best result for myself and by extension all of us, but I'm not sure that we can be so blasè. We know how the dynamic lies with pre-emption rights and the sooner we get something done the better.
Industrial metals sector DOWN 1.8% today...SOLG UP 4.7% from today's low...and on better volume than yesterday...
Red .... I'm not sure BHP will be the first to move ....Nick's got at least 25% (that we know of) he can call on and who are seemingly aligned ..... What would the Chinese to pay to become the single biggest shareholder overnight ..... just another one of the thousands of theories that we'll have to feed on until the company chooses to put us in the picture
To say SOLG is in a 'perilous' position is utterly risible...
We still have $20m and, with Norges bank piling up shares at c30p only weeks ago, do you honestly think a modest cash raise is impossible...?
This is a £400m company with much more than just a $3.8 billion asset...
The only 'peril' is the risk of a takeover...
Bring it on...now...!
Theres no point my trying to ramp the shares holding a mere 0.05% of the shares (i.e. 1/2000)
If you've followed me for six years or so you will underatnd that I am very positive by nature, although from time to time a state hard unpalatable facts to be realistic.
What I never post is doom and gloom...
So when I posted about the IDA consequences for funding Cascabel, it was mainly to point out the need for a gud raise sooner rather than later. I exhorted Ayten to do a rights issue much higher than this but it looks like she was overruled by the Board as it never happend...which is why we are talking about the need for a cash raise now.
But while we probably need $100m to run until the end of 2023, all we need now is enough to get through to calmer waters and thats more like $10/20m...
But in any case, as you will recall, I don't see SOLG getting past the end of December as an independent entity and the AGM is now only 12 weeks wawy...
And even if the person who suggested a 30p opening offer was right, it would get buried in counterbids...just look at Noront Resources...23 = 55 = 75 = 110...up 378% in less than a month...
Addicknt - i haven't actually mentioned insolvency today. I'm just uncomfortable with the dwindling cash position.
If we assume you're right, then lets get to it. Why delay? If economic conditions worsen then we risk those funders removing their interest?
RK1 - do you refute the point about us never being in such a perilous position, or would you rather me just not say it because you're holding 1.2m shares?
You know what the cash balance is, how long we can stretch it and you have your own views about what happened in the finance dept earlier this summer.
I really don't want conversation to be about me at all, but i refute a point Quady made earlier today and it seems to prompt a bit of a pile on with folks questioning my position and strategy.
I'm just trying to speak plainly. I want SOLG to supercharge the PFS, highlight the economic robustness of the next cab off the rank and demonstrate they can secure capital to complete feasibility for Cascabel and test their hypothesis that Helipuerto is an extension of Warintza.
If you're talking about me Tesla, our recentr buildback from 300k to 1.2m leaves us with an average cost of under 22p...
Whatmeworry...?
What I don't understand is what on earth makes the Board scared of BHP...?
Surely it could only be an attempted takeover....? If so yippee...p*ss them off...now!
If you weren’t ramping and trading, it makes zero difference…..
But you are so balls deep you don’t have much choice……
That is why you post multiple times every day trying to pump up the price…..
I don’t think I have ever seen a more disingenuous poster on these boards……
Bozi, much of your argument is well-reasoned and is a good overview of the situation, and I most certainly agree that all sensible opinion needs to be aired However, I'm not so sure about the more apocalyptic suggestions.
We know the company had arranged finance, either in total or partially, and were then forced to pull it following shareholder objections. Assuming those funding sources remain interested, if our backs are against the wall, the board would be forced to ignore the objectors and take what's on offer. And although this would undoubtedly cause ructions and may not be pretty, at least the company would remain solvent.
Happy days are a coming ;))
Keep on loading folks !!!
Try this Bozi...
"(not) everything is hunky dory (but) we're well on the road to riches...
And our 1.2m shares say its only a matter of time..
As Mr Dow said:
"When everybody is buying like there is no tomorrow that is the time to sell and when people are jumping off the rooves, that is the time to buy..."
Markets are driven by fear...al the time...how many people panciked and sold good companies when we had the COVID 'bottom' and SOLG hit 1op only to be hitting 42p a mere 7 months later...
FOMO is what drove the Nasdaq and S&P to unsustainable levels even as it was crystal clear that inflation and a recession were on the way...
FOLO is what drives people to dump shares in desperation having failed to sell higher up and being worried about losing the lot.
The PFS shows that after 7 years the annual NET CASHFLOW will hit $1.4 BILLION...
Now who wouldn't want a slice of that at a time when China are quietly trying to corner the market in copper and gold...?
SM...what does this statement do other than risk trashing the share price...?
"SolGold has never seen times as perilous as they are now."
I don't always agree with Bozi's views, both here and elsewhere, but when he posts I pay more attention to the content.....than most others!