Member Info for ART123

The management needs to get a move on now the share is finally back after the RTO. The RTO took a year longer than planned and it doesn't look like they have made a lot of progress during the waiting period. Also, the first RNS under the new ticker was short and lacked detail about the immediate plans for progressing this company and product which has not helped.

I see from looking back at the communication at the time of and during suspension that Greek legislation has a two-stage licensing process: the first being an installation licence and the second an operational licence. The facility installation licence was granted on 24 October 2019, which permits it to construct and establish a cannabis processing and production facility. As far as I can see Hellenic still does not have the operational licence. I assume that this is a formality as otherwise the RTO would not have completed and now it should be a priority to get this granted.

Also the Proposed RTO RNS from 2cnd August 2021 says:

"The final installation phases of cultivation equipment are currently taking place at the facility and Hellenic expects to cultivate and sell its first products in Q1 2022."

It doesn't look like that target has been met, especially if they still do not have an operational licence so this also needs to be the priority.

All in all, it looks as if nothing much was done during the RTO period so let's hope now they have the required cash and everything has gone through they get a bloody move on.

There are always going to be highlights and hotspots in any drill hole that hits gold and copper. However it is the overall average grades that count.

Despite Hole WRSDD0008 including 1m at 6.4g/t Au and 0.69% Cu the overall grades for the Hole were 14m at 1.0g/t Au and 0.2% Cu. At a depth of 273 metres that is nothing to get excited about and definitely not commercial.

GGP's first hole included 7.5m at 32.83g/t gold and 1.20% copper and 38m at 20.17g/t gold and 0.82% copper though overall the total combined intercept was 275m at 4.77g/t gold and 0.61% copper.

Can you see the difference?

True. The pumping posters here keep billing this as another GGP but so far it definitely is not.

GGP's first drill hole gave results of 275m at 4.77g/t gold and 0.61% copper (275m at 5.75g/t gold equivalent*). This was what attracted the farm-in by Newcrest.

Posters are just assuming that the same is going to happen here. It may - but only if the drill results are of a similar grade and length.

25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006 indeed. Absolute rubbish.

And what are you waiting for in March? - more of the same?

25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006

These results are not the tiniest bit commercial grades.

14m at 1.0g/t Au and 0.2% Cu from 266m in WRSDD0008
25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006
3m at 0.18g/t Au and 0.82% Cu from 166m in WRSDD0006
1m at 6.48g/t Au and 15 ppm Cu from 246m in WRSDD0009
10m at 0.48g/t Au and 0.03% Cu from 117m in WRSDD0011

These drill results are very poor - especially considering that drilling started on 17th June 2022. Are these the first and best of the drill holes since drilling commenced? No wonder the share price is flat or even falling. Very poor and a silly RNS that highlighted tiny high-grade zones over hundreds of metres of drilling.

They don't have to call an AGM.

They can call a GM - General Meeting - to increase the allotment authority OR they can proceed with a placing and then call a GM to approve the increase to the allotment and then issue the placing shares. The second way is quite common practice. It is called a Proposed Placing and is conditional on the shareholders approval to grant authority to the Directors to allot new ordinary shares. They will use up any existing share allotment when this is announced.

No, the drilling contractor was not given part payment in shares for the 2021 drilling.

The deal was that HE1 appointed Mitchell Drilling Limited as the drilling contractor for the Company's maiden three-well exploration programme. The first 2 drills were paid wholly by HE1. Then there was also an Option for Mitchell Drilling to take payment for the 3rd hole as equity, demonstrating commitment and confidence in the project and a further Option to expand the exploration programme with a 4th hole, which would also be payable as equity to Mitchell Drilling.
However as we all know only the first 2 drills were completed.

The details of this were in the Appointment of Drilling Contractor RNS dated 22cnd March 2021.

I was not a holder of U.K. Spac PLC before the RTO but on looking into this further I see that U.K. Spac was holding £2.5M in cash, which would probably explain the smaller than expected raise with the IPO. The figures are all in the following link:

https://www.investegate.co.uk/u.k.-spac-plc--spc-/rns/proposed-rto-and-suspension-of-trading/202108020700061380H/

So it would look as if the existing cash plus the new raise will be sufficient funding for now.

Interestingly, and just to make further nonsense of the share price drop since readmission, as someone posted earlier, the IPO listing was planned to be at a higher share price with a m/cap valuation of more than £50M (whereas it was actually around £37.5M). Hellenic was valued at £45.2M but the eventual purchase price was just over £31M. The share price at admission was also expected to be at 0.472p but was instead set at 0.30p. All of these figures point to even less of a reason for the fall since readmission.

Why would they want to do a placing? They have just listed and did an IPO raise. Being Main Market listed they would have to do another full prospectus and that is the last thing they would want to do again. If they needed more funds they would have raised more at the time of the listing, which it turns out was already the best price going.

Besides the way this market works these days, if they were planning a fundraise the share price would undoubtedly be about 0.50p or 0,60p by now.

No posts and not much interest, except from the persistent sellers. I can't really see who would be selling. From what posters have said the LTH's from pre-suspension were in here between 0.20p and 0.30p so they have no reason to sell and the RTO and IPO placing were both transacted at 0.30p. Very odd.

This is the first of its kind on the LSE but similar companies listed on the German Stock Market appear to be doing very well. One exceeded its IPO price by over 300% and another, which is still private, has raised over EURO100M. HELD raised a mere £1M at IPO.

Still it s early days.

https://www.investegate.co.uk/official-list/rns/suspension---argo-blockchain-plc/202212090745001951J/

There are still a few sellers around - but then some were selling at 0.15p quite happily yesterday and on Monday.

These sellers will look pretty silly if this only reaches the IPO/placing price of 0.30p.

Now this is more tradeable and the share price is starting to move up it might be a good time to repeat the link by Northseatiger1 from a couple of days ago. It was enough to get me to buy in at the time.

https://businesscann.com/cantourages-e80m-listing-sees-its-share-price-skyrocket-300/

Hellenic, who are a little way behind Cantourage but essentially the same and also intend to sell into the German market, have completed their RTO at a price of 0.30p for a then m/cap of £37.5M and raised gross proceeds of £1.125 million (also at 0.30p).

0.30p seems to be the first target for now.

34% up on IG. 0.24p to buy and 0.22p to sell. The start of liftoff?

Upwards movement here at last.

It's not so much the rampy RNS as the numerous rampy podcasts that are about to follow - the ones that infer far more than they actually say.

I see that the latest hole T1-3 is some 60 kms to the south-west of T1-14, so maybe they might get lucky.

Well it looks to me like the first three holes blanked out otherwise we would have had an announcement similar to the one today much earlier. And T1-14 was billed as the best prospect so far prior to drilling.

I see that the latest hole T1-3 is some 60

It doesn't "Appear to be looking good for a major discovery" as they would have discovered massive nickel sulphides in every hole so far, not just in the latest and 4th drill hole.

And weren't they quick to shout out the good news after nearly 3 months of drilling during which the market has barely heard a word from the drill site.

So they have got a XRF scanner onsite and available for use but it pretty much looks like it was not needed for the first 3 holes - T1-6 (650 metres), T1-6B (300 metres) and T1-14 (520 metres).

Now, in Hole T1-3, they have 'identified visible nickel sulphides at 327m and also within the interval from 348-354m' and weren't they quick to inform the market. Hole T1-3 is continuing to the current planned target depth of approximately 450m.

Unfortunately, so far that doesn't sound much of a result and may be little more than was originally found in Hole T1-6, though no doubt PJ will soon be doing a whole series of podcasts during which he can explain the size and significance of what they may have found.