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I noticed hardly anyone made a fuss over this when it was posted on Tuesday:
"....I signed a lock up. The merger moves us closer to a sale. Then we can all take our dough and reinvest in new opportunities of which there are many. ..." 11 Oct 2022, 23:24.
If a major insider can post like this, then all bets are off regarding production (thank God). It has renewed my hope that this 'fiasco' can be put out of its misery - hopefully sooner rather than later.
I'm assuming interested parties will want the PFS addendum these next few weeks to add to their dd and may possibly not bid until the DFS in 2023 even.
All - a lot better than waiting for the estimated production date of the Tandayama open pit feeder mine for Alpala in 2026!
The damp depressing fog over Solg is lifting - finally.
DC estimates current share value of Cascabel should be circa 80p+.
Add a premium and we're looking at: £1 approx.
Surely now Quades - you have to commit to a sale rather than any hope of production?
Z
Zoros, not everyone ignored it, but you are right to re-emphasise it - it's of huge significance.
44% of the equity holders in CGP have entered into such an agreement, and bear in mind Irwin is not even a director, so was under no obligation to do so. We know all of these people have been agitating for a sale for a long time and for them to commit not to sell to anyone else clearly means they like what has been put on the table. You simply don't give away your freedom to sell in the open market unless what's being proposed meets your expectations.
When you combine this with DC's comments about other corporate events not being linked to the merger, or rather that something may be announced prior to the completion, you get a good understanding of what's going on.
As you say, Irwin wouldn't in a million years give away his rights if the story he was being told was "this is another step on the road to production". In fact, if that were the case, he's be all over Twitter arguing against the merger, and so would Sangha.
This has been the most interesting week we've had for years.
Zoros we covered this. It was said by CGP not Solgold.
Sure I have said a sale of ENSA is possible now.
But its got to be a full value offer and that's the problem.
Otherwise we continue to production.
Q, surely a sale has now moved from being a "possible" to being a "probable"?
I do however, agree that there are still many options, but it's the Irwin/Sangha thing which seals it for me.
Addicknt as I said yesterday.
A hostile takeover is now almost impossible, because the book became more diverse.
An agreed takeover is highly unlikely, as the major protagonists will not sell out cheap
However something happening with ENSA is more likely now we have 100% of it.
Add to that that streamers are looking around.
So either a JV or a packaging up of ENSA as a separate entity became more likely. But I don't see a sale of Solgold is on the cards.
I listened carefully to Darryl.
Lets see what the review throws up.
I think we get the funds to DFS. As you know I never doubted that.
But then we have funding options and that's when a bid may arrive for ENSA, Cascabel, Alpala.
In which ever way it's defined.
However we mustn't forget if the review puts all the money on the table, why on earth would we sell.
We would be mad.
Let's all relax wait for the updated PFS for Alpala, the PEA for Porvenir, the funding to get us to DFS and the strategic review.
Well said Quady, 100% agree with this post.
Our path just got a lot clearer with many more options.
smick, how does your position square with the actions and observations of Irwin and Sangha? Or do you think they're not relevant?
Solgold doesn't need a partner to develop Cascabel. Solgold needs to monetise the company or monetise Cascabel and then pour its efforts into further proving up of current discoveries and other exploration efforts...this partner bollocccks means more dilution, more complications and an even longer pathway to shareholder returns
Quady - why would we consolidate 100% ownership of Cascabel by bringing Cornerstone into the fold only to then JV it?
Makes zero sense. It's tantamount to giving CGP a nice payday at our expense and no other reason.
For me, a JV is less likely than it ever was, and it was never likely anyway!
Quady at this time of year shouldn't you be with Lucy in the old pumpkin patch waiting for the Great Pumpkin to arrive with his Diverse Book for all the good boys and girls?
Good morning Bozi.
I don't think CGP had much choice, it was running out of time.
They could see that we were going to get the funds to take us to DFS.
They were getting close to handing us some serious money.
This way with Solgold owning 100% of ENSA it means that we can raise funds more easily.
Also it finally means that any party wanting to purchase Alpala also got easier as you only have one party to approach.
That's us.
Add, I get your point and understand the wishes of the cgp clan.
But it doesn't change the fact that no bid has surfaced.
So we continue to make solg attractive and corner our major shareholder to see what their interest is.
Pfs2
Porvenir pea
Short term funding
Dfs
Funding for mine build.
An offer could come at anytime in the process which imo is far easier now.
Exciting times gla
Quady, cgp situation just needed time to resolve and like you say they were cornered too.
My only suprise was the great deal they got.
Anyhow we move on and it looks good for both parties.
Agree smickster does look good for both parties
Agree an offer will come we will not be taking it to production we are an explorer not a miner
smick, indeed, but a process has now started, or rather it's been going on for a while, and I'm pretty damned sure the CGP deal is all part and parcel of making us look more attractive for a bidder. As you say, it's an expensive deal for us, and I can't see us wanting to do it without there being a juicy reward on the table.
Agreed Smickster, people on here fail to understand why no bid has arrived, when over the years they have said things like I wouldn't want to be out over the weekend.
A bid is imminent.
This will be over in a week and many more.
I have constantly explained why this is, and received abuse for being constantly correct from the likes of Covgaz, Jezzoo, Andywest and other uninformed posters.
I recently asked Jezzoo what would be sold when he said it would be sold.
He didn't have a clue what he was talking about as he didn't know what it was. He just copied other posters that disagreed with me.
We are seeing a change, but now we need to take a step back and assess how this change is developing.
Going to be an interesting few months ahead for us, in which hopefully things will become clearer.
CGP share holders maybe get now more shares in SolGold than originally offered them by NM few years back but the value of SOLG shares at that time was much higher. ...as such they don't gain much, if any.....by the same talking the same applies to us here.....having said that, this potential merger is a good move for both holders....OMHO.
GLA SOLGers.
It makes no sense trying to go to production here. This is not going to enhance value especially in the medium term. Any money paid after the DFS will not be very different to money paid now or in 3 months given all of the information is already known. Take an example. let's assume our value is 2.3bn and if we raise 300m today and spend that money we will only get 2.6bn in that time or something along the line of that figure. Maybe a bit more because the project is de-risked a bit further. But from an IRR perspective that 300m is not going to be a great investment for shareholders. Rather fund the business to get it sold.
The value J for those holding out for production is that the business will be churning out over that £2.3bn… every year!!!!
J.Maria let's see what the strategic review throws up.
Suppose we could engage engineering expertise to construct Alpala.
We need the money.
Let's say that it was so convincing that we could loan from financial institutions, raise our share through streaming and later on when production has started issue bonds. That's no dilution.
Why on earth would we give Alpala away cheap.
We wouldn't.
Let's remember since 2015 Solgold has stated it's transfering from being an exploration company to a producer.
We need to listen to the company.
Quady instead of critising others take a look at yourself we going to production you been saying this for last couple of years it's wearing thin now we on the cusp of a takeover ,shall I reiterate what NM has always said in his RNS posts : WE ARE AN EXPLORER WE WANT TO SEE VALUE FOR ALL OF OUR SHAREHOLDERS AND HOPE TO REWARD ALL SHAREHOLDERS IN THE FUTURE ,you need to have a look at NM history of ,proving up an asset and selling it on giving the best value to all shareholders
Quady you are clearly in denial and now on a planet of your own.
We won't be going into production now: end of.
Sorry Bubble you are being selective in your quotes.
NM said we are going to shift the company from exploration to production.
Also I have been constantly correct, and others have been constantly wrong.
That fact should at least make you pause for thought.
Christ on a bike ! Who cares whether Quady thinks this is going to production or not. Give it a rest, y'all.