Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSolGold Share News (SOLG)

Share Price Information for SolGold (SOLG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 10.60
Bid: 10.28
Ask: 10.40
Change: 0.00 (0.00%)
Spread: 0.12 (1.167%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 10.60
SOLG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

SolGold rejects BHP share deal and Cascabel earn-in, analysts expect new offer

Mon, 10th Oct 2016 08:41

(ShareCast News) - SolGold has rejected an offer from BHP Billiton to buy 10% of the compay for $30m (£24.2m) as well as a $275m earn-in payment for most of the AIM-listed company's share in its Cascabel project in Ecuador.BHP's proposal, which would replace the previously announced $33m financing agreed with Maxit Capital and Newcrest Mining, would include a BHP director being added to the board and require a 60-day period for it to complete due diligence if the deal is accepted.SolGold's Australia-based board, including chief executive Nick Mather who owns more than 11% of the shares, said it felt the deal was "not the best interests of SolGold and its shareholders and it is not a superior proposal" in comparison to the Maxit and Newcrest deal, partly as the BHP proposal is "highly conditional, non-binding and subject to due diligence".It added: "Most importantly, the board considers that when all of the elements of the BHP proposal are taken into account, the BHP proposal implies an attributable price paid to SolGold and in respect of the Cascabel Project that is at a significant discount to the current trading price of SolGold and the $33m financing with Maxit and Newcrest."Mather added that the Maxit-Newcrest option was preferred as it left SolGold in control of Cascabel."There is considerable upside in the additional 13 targets as well as the existing and growing Alpala deposit. We have developed the exploration models and strategies to an advanced level, we are well funded and we are intent on delivering and retaining that upside substantially, for all SolGold shareholders."Analysts at SP Angel said the interest of a second major mining company in the Cascabel project drew attention to the quality of the project and underlined the potential of the wider licence area."The BHP proposal would give SolGold less money albeit at a better price. However, the conditions attached to the BHP offer are such that BHP could effectively take control of the project for spending $275m, though this is a huge financial commitment," they said. "We await BHP Billiton's response to this initial rebuttal with interest and reckon there is a good chance BHP might return with an improved proposal."Shares in SolGold were up more than 16% to 19.31p by later afternoon on Monday.
More News
19 Mar 2024 18:41

EARNINGS AND TRADING: UK Oil in Broadford blow; SolGold optimistic

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
12 Mar 2024 14:06

SolGold notes pre-feasibility study technical report for Cascabel

(Alliance News) - SolGold PLC on Tuesday noted a pre-feasibility study technical report for the Cascabel project in Ecuador.

Read more
6 Mar 2024 18:07

TRADING UPDATES: Audioboom extends partnerships; Ecora eyes growth

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more
4 Mar 2024 14:13

EARNINGS AND TRADING: Macau NAV falls; SolGold inks Cascabel deal

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more
16 Feb 2024 10:20

SolGold rises amid completion of Cascabel pre-feasibility study

(Alliance News) - SolGold PLC on Friday said it has successfully completed a new pre-feasibility study at its Cascabel project, noting a significantly reduced initial capital cost.

Read more
15 Feb 2024 12:41

IN BRIEF: SolGold shares plunge as interim loss widens on higher costs

SolGold PLC - Ecuador-focused copper and gold exploration company - Says pretax loss widens to USD21.9 million in the six months to December 30 from USD17.6 million the year before. This was partly due to finance costs rising to USD8.1 million from USD5.5 million the year prior. Sol Gold did not generate any revenue for the half-year, unchanged from a year ago.

Read more
22 Jan 2024 13:33

IN BRIEF: SolGold says Cascabel pre-feasibility study nears completion

SolGold PLC - Ecuador-focused copper and gold exploration company - Says phased approach pre-feasibility study for its 100% owned Cascabel project located in northern Ecuador is nearing completion. Says it expects the phased approach to demonstrate a lower risk path for Cascabel, with several project optimisations expected compared to the 2022 Cascabel PFS, including lower capital costs. Also reports that its Ecuadorian exploration team has been active this month, making progress at the Blanca-Nieves project, which hosts the newly discovered La Florida target. Says exploration activities are expected to continue over the course of 2024, focusing on advancing new target areas and prospects for new discoveries. Blanca-Nieves is located 10 kilometres north of the Cascabel project.

Read more
13 Dec 2023 15:47

UK shareholder meetings calendar - next 7 days

Thursday 14 December 
Aeorema Communications PLCAGM
CleanTech Lithium PLCGM re equity raise approval
Driver Group PLCFull Year Results
eEnergy Group PLCAGM
Ethernity Networks LtdGM re authority to allot shares on non-preemptive basis
Fintech Asia LtdAGM
Helium One Global LtdAGM
Marwyn Value Investors LtdAGM
Quarto Group IncGM re cancelling trading on London's Main Market
Sareum Holdings PLCAGM
Friday 15 December 
Abingdon Health PLCAGM
Aptamer Group PLCAGM
Bellway PLCAGM
CQS Natural Resources Growth & Income PLCAGM
DCI Advisors LtdAGM
Ethernity Networks LtdGM re subscription agreement
Frontier IP Group PLCAGM
Holders Technology PLCGM re AIM delisting, tender offer
Renalytix PLCAGM
Schroder Real Estate Investment Trust LtdEGM re proposed amendments to the investment policy
Tristel PLCAGM
Ultimate Products PLCAGM
Wentworth Resources PLCAGM
Monday 18 December 
Ascential PLCGM re proposed sale of digital commerce business
Braemar PLCAGM
Eqtec PLCEGM re capital reorganisation
Fandango HoldingsAGM
Grit Real Estate Income Group LtdAGM
LondonMetric Property PLCGM re revised directors' remuneration policy
Nightcap PLCAGM
Surface Transforms PLCGM re fundraising
TechFinancials IncAGM
Tuesday 19 December 
dotdigital Group PLCAGM
easyJet PLCGM re buy of 157 A320neo family aircraft
Netcall PLCAGM
Orosur Mining IncAGM
Technology Minerals PLCAGM
Zanaga Iron Ore Co LtdAGM
Wednesday 20 December 
AVI Global Trust PLCAGM
Lift Global Ventures PLCAGM
Northamber PLCAGM
RM Infrastructure Income PLCGM re managed wind-down
SolGold PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

Read more
8 Dec 2023 14:24

IN BRIEF: SolGold identifies "promising" copper target at Espejo

SolGold PLC - Ecuador-focused copper and gold exploration company - Identifies a "promising" new porphyry copper-gold-molybdenum target at Anomaly 4 at the Espejo project. Chief Executive Officer

Read more
5 Dec 2023 12:09

SolGold celebrates new gold discovery at Blanca Nieves project

(Alliance News) - SolGold PLC on Tuesday said recent exploration at its La Florida target has led to the discovery of visible gold.

Read more
1 Dec 2023 14:29

TRADING UPDATES: N4 launches investor hub; Capricorn production falls

(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Wednesday, Thursday and Friday and not separately reported by Alliance News:

Read more
17 Nov 2023 13:56

IN BRIEF: SolGold says "invaluable" chair to stand down at AGM

SolGold PLC - Ecuador-focused copper and gold exploration company - Chair Liam Twigger will not seek re-election at the forthcoming annual general meeting in December. Twigger became chair in August 2020 upon the resignation of predecessor Brian Moller. SolGold will commence its search for Twigger's replacement "immediately" and will provide updates "in due course". Company says Non-Executive Direcor James Clare will also step down at the AGM after five years in the role.

Read more
25 Oct 2023 11:54

IN BRIEF: SolGold says talks over Cascabel project continue

SolGold PLC - London-based copper and gold explorer in Ecuador - Says strategic review is advancing following merger with Cornerstone Capital Resources Inc in February, through which it consolidated an 100% interest in the Cascabel copper-gold project in Ecuador. Adds that discussions with "highly credible groups" interested in its assets are ongoing. Says work plans for 2024 have been funded and no additional financing is required in the near-term, after raising USD86 million through an investment by Osisko Gold Royalties Ltd in 2022. Chief Executive Officer Scott Caldwell says he is "disappointed" by the company's current stock price as SolGold is "currently in the strongest position it has ever been". Its shares are down 41% over the past month.

Read more
9 Oct 2023 17:22

IN BRIEF: SolGold chair and chief executive increase holdings

SolGold PLC - London-based copper and gold explorer in Ecuador - Chief Executive Scott Caldwell buys 790,000 shares at prices from CAD0.18 to CAD0.21 per share on Friday, worth CAD157,243. Caldwell now holds 19.4 million shares in SolGold, around 0.65% of its issued share capital.

Read more
29 Sep 2023 10:46

SolGold swings to loss; needs extra funding to continue long-term

(Alliance News) - SolGold PLC on Friday said it swung to a considerable loss in its latest financial year, mainly thanks to surging administrative expenses, and it said it will need additional funding to continue operations.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.