The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Now this is material!
In accordance with IFRS 3 and IFRS10, the value of the indirect acquisition of the non–controlling interest (ENSA) (CGP's 15%) is accounted for as an equity transaction.
As a result of this, the net cost to us of CGP is only $19.458 million (as opposed to the gross SOLG share issuance valued at $86.246m (based on 13.64p on 15 February).
"The proposed Acquisition will also result in the Group owning a 12.5 per cent. interest in the Bramaderos
JV with Sunstone Metals, which is carried to production. In addition, Cornerstone also has interests in Cana
Brava, Bella Maria and ENAMI-CESA SEA in Ecuador, and Miocene in Chile which will be owned by the
Group following completion of the Acquisition which are in very early stages of exploration and drilling is
yet to commence on a majority of these projects."
"Following completion of the proposed Acquisition, it is expected that ENSA will be a wholly owned
subsidiary of the Company"
All good for end of the month tidy up and I would expect them to comet punching strong with new presentation due for PDAC first week of March.
Lets see when and where they plan to start drilling (rio or chill or both) and lets got motoring please.
Nailed that one at 12.31pm
Predictable or what!
Good to see Nm still has his 90m
Good to see Caldwell has stepped up the ante and keeping this time to the 27th date deadline.
When the 27th comes and is announced will it make any difference to the price.
If todays reaction to the news is anything to go by then probably not.
Comments thoughts on this from anyone?
Interesting Red
They had 97m on 15th Dec
Solgold company website still showing Blackrock with 3.92%...
The table of shareholdings is pre the listing number of 3 billion...
Where are Blackrock...?
BHP Group Limited 310,965,736 12.56%
Newcrest International Pty Ltd 309,309,996 12.49%
DGR Global Ltd 204,151,800 8.25%
Cornerstone Capital Resources 157,141,000 6.35%
Jiangxi Copper (Hong Kong) Investment Company Limited 155,000,000 6.26%
Tenstar Trading Limited 107,877,393 4.36%
Nicholas Mather (1) 90,326,710 3.65%
Norges Bank 81,675,000 3.30%
Funny that.....
What are the key risks that are specific to the securities?
The key risks specific to the securities are as follows:
1. Certain significant shareholders of the Company may be able to exercise material influence over the Company’s business and/or their interests may differ from those of other Shareholders;
In this paragraph of the RNS
"On Admission, the total issued share capital of the Company will comprise 3,002,005,861 ordinary shares of 1p each with voting rights. SolGold does not currently hold any shares in treasury and, therefore, the above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company."
Its in the RNS which I have posted below...
"In addition, under the BHP Subscription Agreement, BHP is also contractually entitled to restrict the number of Ordinary Shares the Company may issue in a rolling 12 month period. Accordingly, if such restrictions are enforced by the relevant counterparty ahead of the closing of the Acquisition, the Company may be restricted in its current and future ability to issue Ordinary Shares and raise funding, including in relation to the Acquisition. Any such actions by Shareholders will have a material adverse impact on the Group’s business, results of operations, financial condition or prospects."
My understanding is that BHP could have blocked this through imposing limits on the number of Ordinary Shares we issue?
SP was recovering...(13.74 up from 13.24 bottom), but has now been marked down to 13.38/13.48...
Lets see...
"SolGold does not currently hold any shares in treasury..."
Does that mean we will get a stake sale RNS for CGP's SOLG shares, or...
Will they be admitted to Treasury by Monday 27 February when dealings commence...?
Watch this space
Ah Jan '24. Forgive me. We are cashed up for the year.
"The Group’s ability to fund its exploration and drilling activities, generate revenue from the Cascabel project and
effectively implement its business strategy over time depends in part on its ability to raise additional funds.
The Board expects to recommend its future funding strategy in H1 2023 in connection with the Company’s
ongoing strategic review. While the Company is confident that the strategic review can unlock near-term financing options, there is no assurance that the Company would be successful in raising the required capital
pursuant to this strategy on commercially reasonable terms, or at all."
Further to the announcement on 7 October 2022, SolGold (LSE & TSX: SOLG) announces that its prospectus (the "Prospectus") has been approved by the Financial Conduct Authority ("FCA") and has been published by the Company today. The Prospectus is available for viewing on the Company's website at https://www.solgold.com.au/investors-center.
The Prospectus relates to the admission of 525,954,360 of the Company's shares to the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). This is in connection to the previously announced plan of arrangement (the "Arrangement") pursuant to which SolGold will acquire all of the issued and outstanding shares of Cornerstone Capital Resources Inc. (TSXV:CGP; OTC:CTNXF; FWB:GWN1) ("Cornerstone"), other than Cornerstone shares already held by SolGold.
It is expected that Admission will become effective and that dealings in the Company's shares on the main market will commence at 8.00 a.m. (London time) on 27 February 2023. The Company is not raising any funds in connection with Admission.
On Admission, the total issued share capital of the Company will comprise 3,002,005,861 ordinary shares of 1p each with voting rights. SolGold does not currently hold any shares in treasury and, therefore, the above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Interesting para on page 10 (as per PDF) or 7 (as per the doc page numbers) under "RISKS RELATED TO THE GROUP’S BUSINESS AND INDUSTRY". We apparently have a working capital shortfall of $4m at end of Jan.
"Therefore, at the end of January 2024, the Company will face an immediate shortfall of working capital. In
order to meet this working capital shortfall, and to fund the exploration and drilling activities of the Group
thereafter, the Company has commenced a strategic review to evaluate a wide range of financing and
strategic options to secure additional funding, including, but not limited to, selling a direct or indirect stake
in the Cascabel project, selling other assets of the Company, selling Ordinary Shares currently owned by
Cornerstone (being approximately $26 million based on the closing price of the Ordinary Shares as at the
Latest Practicable Date) or any other transaction, which may, or may not, dilute existing shareholders"
The RNS is on the London Stock Exchange website but hasn't reached here yet...
Duh!
Fantastic DBW
First bid next...don't miss the boat...
three billion shares !
https://wp-solgold-2021.s3.eu-west-2.amazonaws.com/media/2023/02/Prospectus-2023-02.pdf
Prospectus out
I really thought we had dealt with all this automatic trade nonsense.
It's nothing to do with market rigging.
In the USA over 50% of all trades are A trades.
It's not much less here.
If you don't believe me go look at any share and you will see A trades.
We are looking at woeful daily volume.
We cannot even get ten million a day.