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Hmmm. What are the implications?
I'm guessing these amendments will alter the base lines used in MRE3?

Dave, I think your first calculation is about right, although it's unclear whether the current works being undertaken are part of the overall expenditure or are in addition to it. In any event, in six months time the 40m will have diminished significantly. And Tivman is correct, current cash is represented, in part, by the RK draw down.
Clearly, in order to avoid dilution, PS will be seeking to raise the balance at the operating company level, but it wouldn't be unreasonable to think debt providers may wish for a lower level of leverage and therefore insist upon an equity raise by the plc. As to pricing, it is to be hoped 25p is the lowest benchmark.
By the way, someone asked about the Oman facility. That has now lapsed, although I guess it could be resurrected, and it would strange if they declined to re-offer the facility.
What this conversation demonstrates is that a fair degree of confusion still exists, although I suspect PS doesn't see it this way.
My guess is that there will be a gap of circa 130m, depending upon what Hanwa decide to do.

Yes, by it's neck. The Coroner has been informed.

Thank you, Mik, you have confirmed my suspicion that your defensiveness with regard to analysts is because you are one. Keep up the valuable work.

MikG, yes, you're right, I have no understanding of financial markets...apart from having spent a considerable part of my career acting as a corporate finance advisor in the City. I rather suspect I did my first public offering whilst you were still at school.
I also suspect you're sitting on a considerable loss at the moment, which would explain your angry little outbursts. But don't worry, I'm sure it'll come good. In the meantime, as is demonstrated by the price currently being shown, the value is 25p...regardless of what you may wish for.

Tivman, what I was trying to say that during their negotiations they mutually agreed that 25p was the right price.
PS believes the company is worth more (and so do I, just not yet) and I have no doubt whatsoever that Ganfeng think they got a bloody good deal...they did. But the fact remains that 25p WAS the value placed upon the business by the two parties with more information than anyone else.
This being the case, the market has reacted accordingly.
I fully understand the frustration. As I said earlier, I'm an investor in SOLG, which is quite simply one of the most exciting prospects in the mining world. It already has one Tier 1 prospect in it's portfolio and more will follow. But the market currently only values it about 350m; a fraction of it's eventual worth. However, it has, just like BCN and SXX, many hurdles to climb before value outs and as such, I understand the current value and don't spend my time wailing about how it should be more. Hopefully, it will happen; but just like here, not yet.

Tivman, the most basic and accurate means of assessing current value is "willing buyer, willing seller", and on that basis the price is 25p. Ganfeng negotiated with the company and the company was prepared to let them have the entry price of 25p. It doesn't matter what some analyst says, the proof of the pudding is there in plain sight.
Value will come and it will be considerably in excess than the current sp, but there are still significant hurdles to overcome. That explains why the market prices the company at the current value.

MikG, QED.
I rather suspect I've been in and around this share for an awful lot longer than you. I have witnessed the ups and downs...the broken promises, missed deadlines and general inability of management to be crystal clear. In other words, a very typical AIM scenario. Throughout the past five years I've been consistent...I rate this project and believe it has a great future, but I'm also fully aware of the difficulties involved in getting it going. And although I'm not currently a shareholder (although I'm not sure that makes any difference whatsoever...discussion is what these boards are for), once the details of the full funding in place, which looks like being six months away, I will likely re-invest. This explains why I keep a close eye on the company.
As for this being a reiteration of the funding gap, the point I was making is that many people have failed to understand what's being said by the company, and I've seen some pretty daft comments about how little is required.
I know you think the company is undervalued at the moment and you have consistently said the market is wrong. I disagree with you, and so do Ganfeng and the company. Value will out, but not yet.
You seem to believe I should simply go away and shut up until I've reinvested. Well, sorry, but that won't be happening.

adv, thank you, that's very kind.
I'm afraid it's a feature of these boards that, when confronted with facts they don't like, some people tend to go into attack mode, which I always find very odd, given it's essential to be objective when investing.
I have a reasonably large shareholding in SOLG and am hugely positive about it. However, whenever in the past I've raised some very legitimate concerns (which have now been answered), the ruckus it caused was immense.
The greatest problem we face as investors is trying to interpret what management are telling us. Invariably, they attempt to obfuscate (SOU is a prime example) and mislead...and they get away with it. We must probe and prod until we get to the truth.
On this occasion, the company has given the truth and has clarified some of the misunderstanding that has beset private investors. This announcement is to be welcomed.

I was not expressing an opinion...just stating the facts. And yes, headroom is necessary and it' sensible to seek approval now rather than to wait to have it approved via special motion at an EGM.
There has been a huge amount of debate on here about how much funding is still required; this announcement clears-up the discussion, which is to be welcomed as it puts the speculation to bed.

by the way, it clearly sets out the total funding required, and it is not insignificant, as some people have suggested.

just announced for the 12th Dec...election day.
The motion allowing the issue of additional shares is worth reading. Dilution will accompany the fund raise and shareholders are to be given the opportunity to subscribe for £8m...the same as in the abortive placing.

well said, Everest.
There are more BBMs on this page than any other I've come across.

jerry, a man portable rig is otherwise known as a shovel.

all very encouraging stuff and I will be adding to my holding once the details of the funding have been announced.

pretty impressive grades emerging from Blanca.

Which one? Hopefully, mine.

If my theory is correct, it may also provide the answer as to why Ms Legge has gone. Although we'll never know the reason why she was appointed to the board.
Actually, how about a bit of idle speculation? Both she and the company had been having conversations about the IR role for some months and both concluded the role was not a full-time one. She was highly regarded and well-liked by the company and they would be sad to see her go. Therefore, it was agreed to appoint her to the board in order to allow her to put on her cv that she'd been a main board director of a plc.
NM doesn't strike me as being a soft-hearted individual, but who knows?

I don't normally fall for corporate puffery, but I thought this was a pretty good video.
By the way, I'm now wholly convinced that the lack of news flow is as a result of a deliberate policy to keep to the legal minimum. I'm not sure why they've gone down this path, but they obviously feel it makes sense. Possibly it's because they think announcements have more impact if they are few and far between and contain real substance. They may have a point.

Stockdale, your first point is correct.
But why would someone who has just received his new shares, via the warrant exercise, sell them now? If they believe what they are being told by the company, they'd be mad to do so.