Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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867k m/c
"Perhaps UKOG could explain how shares supposedly admitted to trading next week look as though they were sold on Monday".
Seems that selling of these shares take place before actual conversion. I think they are not allowed to short and even suggest they do not short. But it makes you wonder how they companies make money in a death spiral. And conversion takes place at lower and lower prices. How do they make profit actually on these loans. They get shares at a cheaper and cheaper price. Interesting that.
Penguin. Very good highlight of what is happening next. For all shareholders and others to see the inevitable outcome. It needs to issue a further 1.9 billion shares? For this it will received £420,000?
Take away Mr Sandersons wages of £330,000 the company will have about £90,000 left as working capital. Trouble isnt this amount short even to keep a listing? Something must give. Keep the listing and give no wages to the boss or the company collapses? Enters administration. YA global should convert before in enters administrators and other creditors get ahead of them. Expect more share of 1.9 billion to be issued fast and a agm for more authority to issue more shares.
Ask Sanderson/Ocelot
After consolidation there were 3,253,992,610 shares, and there was authority to issue 1,626,700,000 shares. Since then there have been 3 conversions, 13 March 206,965,282 @ 0.054p, 19 April 200,000,000 @ 0.405, and today's 152,796,721shares at a price, based on the £46,603, of 0.0305.
Those 3 conversions amount to 559,762,003 leaving authority to issue 1,066,937,997 more shares.
UKOG give a figure of £420,000 remaining of the £2,000,000 loan. Pretty obvious that unless the SP rises the remaining authority is insufficient to pay off the loan, and there's 4.5% of each conversion added to the debt so eventually that adds £90,000 to the £420,000 - so ultimately over half a million to pay in shares - at the current mid price that's about 1.9 billion shares.
Finally a tranche of today's announced conversion appear to have been sold on Monday - 32,796,721 shares (the last 7 digits the same) at a price of 0.026p.
Perhaps UKOG could explain how shares supposedly admitted to trading next week look as though they were sold on Monday?
The current marcap is £1m, if only another 65% of shares are issued and they manage to get the current SP (very unlikely) that would only raise £650k. Operating cash flow is minus £245k per month, so that would keep them afloat for less that 3 months. That is assuming they are not spending any money of investments like HH, Loxley or Portland.
The next fund-raiser needs to be several million, existing shareholders will be diluted to nearly nothing.
Pboo - aha - Karaoke then!
Love to know the connection with SS - dig deep enough and there will be one. Frankly sounds like a corporate vehicle to justify costs that end up where I wonder!
Pure conjecture on my part I hasten to add.
The number of shares in issue has been increased by 35% already this year. By year end I expect that to be at least 100%. Some of the posters on here should be ashamed for constantly polishing this turd.
To Certain animals in this Jungle
Its a 'Badge of Honour' to rip off
the share holders that support them
I think you are right. This and others that he infests all do the same. Offer everything, take everything, be paid large sums of money for what always turns into failures. It is legalised theft.
LSE is a cesspit full of it so it is no wonder it will go to the wall eventually
And to once think this was going to be the Gatwick gusher. was sold a trip there from lenigas.
No tweet from them this morning trumpeting the latest RNS - no, they reserve tweets (or X posts!) for the 'good' stuff.
Spot on Gwilliams! He is a gimp.
Ocelot "for all the purveyors of doom and gloom, this sounds very much like business as usual" - you mean the people who have been proven correct time and time against against your pathetic ramping which has been proven wrong every single time. You are an ashamed ramper and after the complete and utter failure of the company to get anything right, ever break even let alone make a profit - you are still here pumping this sham of a company. So who are you ? I'm going for Sanderson
What will be the next conversion price? Lower and lower it goes. 10x 152,000,000 this time. Must be 1.5 Billion shares to issue to clear the loan? The company will need further authorities to issue more shares when the loan is paid off surely? What then? Can see shareholders voting for more share issues. This is close to the end. No wonder YA Global convert. They see the writing on the wall and need to take their profits and close out. They do not want to deal with Administrators so best get out now while they are in profit.
Advantageous price to convert. These companies seem to benefit a lot from a depressed price and seem to invest in a lot of companies that then seem to enter a death spiral. So the next conversion will be for about 1.5 Billion shares is that right?
At this rate they won't even clear the first 2m tranche within a year. Wonder what the SP will be then?
🤣
Outstanding balance of the convertible loan down to £0.42m.
"Why the hell did shareholders vote and give authority to issue more shares? "
Sanderson has the shareholders over a barrel. If authorisation to endless share issues is not given then you will lose all your investment; the company can only exist by continuous share creations.
Its brilliant, for Sanderson and co; Has an endless license to print money on the faint hope that his next get rich scheme actually comes to anything.
Be it Billions of barrels in the Kimmeridge that only he was clever enough to find; if that fails, maybe a huge gas field no-one else has thought to develop; or how about missed pay's in Türkiye, or the next shiny thing Hydrogen storage or how about geothermal? Its endless ...... until everyone wakes up and finds they have lost 99.9% of their money and finally smells the coffee.
Ocelot,
'this sounds very much like business as usual.'
Spot on, a BS RNS - and likely eventually to come to nought, even if Loxley is farmed out.
Ilovesushi,
you're right that the resolution to authorise more share would have been passed without the 3 billion EBT shares, the problem was disapplying preemption rights that previously the company insisted was required had to pass with 75% of the votes - without the EBT shares voting in favour that resolution wouldn't have passed.
Https://www.bbc.com/news/articles/ck5k997yxnko
Hydrogen produced here will be stored in caverns on the wilton site
Why the hell did shareholders vote and give authority to issue more shares? They have now voted to dilute themselves to death. The company needs cash to pay Sandersons huge wages, maybe not for Loxley. FUNDRAISE COMING. Come on own up which Turkey voted to give the company authority to issues more shares?
Is he taking 30% of the Market Cap a year?
Would one of those 'UK listed energy companies' be PPP?