As I said before Barrick were committed to sell the holding it was in their RNS to shareholders, Shanta did not have enough funds to buy what they saw as a cheap deal so they offered shares instead. Shanta said they cannot sell them for a month and to keep the SP up after that they hyped the SP and then offered to pi's at a discount, using 2 brokers they managed to let Barrick out with a huge profit for its shareholders. Great deals are created from awkward situations, I'd hate to play poker with Eric.
Eugene Antonov, COO of Trans-Siberian Gold commented:
"We are excited to report the high-grade drilling results from our ongoing drilling campaign “
Excited 1304.5g/t Au .........I’ve wet myself
I need whatever you are on
Acacia paid $10m for this asset and spent millions over 3 years on exploration but couldn't afford to go ahead as they got truly * in Tanzania after a TAX INVESTIGATION cost Barrick $190m
Barrick were forced to fully takeover Acacia and dumped their assets.
You can only see the rosey side instead of reading the facts.
I told you that Barrick had to sell their stake in SHG because that's was the deal with their shareholders and if you think the placing was oversubscribed and conveniently allowed Barrick to get out lightly then you haven't been following this farce that closely.
Still waiting for Barrick to up their stake? ...... never they have had enough of Tanzania
Barrick spent years in Kenya and gave up on the asset and were always going to monetise their holding here. Shanta got it cheap and may have to wipe their mouth as it is a difficult prospect ... 3 years time we will find out. Eric is Spreading very thinly now in the middle of a Tax inspection... he pulled it off though. I’m staying in
Colonel
As I said Barrick are obliged to monetise .... and they’re Out
· Net debt of US$5.1 m (Q2: net cash of US$2.1 m); follows US$7.8 m cash payment for the acquisition of the West Kenya Project in the Period;
What cash flow? They just spent 7m on Kenya , 1.2m on machinery., a million or so on VAT a half million to raise more funds .... Tanzania govt owes them 20+ million and they seem to have a lot of unsold gold... I hope.
Barrick are obliged to sell.... it was in their RNS
They promised to monetise the asset and may have... we will see.
What about this
The gold miner wants to raise US$20mln to develop Singida, with the IPO documents now lodged with the Tanzanian authorities.
· The Company has advanced a number of financing discussions, including an IPO on the Dar es Salaam Stock Exchange and local debt financing; and,
· Management has taken into account the strength of the Company's balance sheet together with other considerations and concluded that the best option is to finance the construction of Singida from operating cash flow.
unquote
What happened here? since this proud announcement just a month ago
Eric Zurrin, Chief Executive Officer, commented:
"Entering a net cash position in H1 was a major achievement for Shanta and followed sustained deleveraging over a number of years.
.... Eric lost his head and went on a spending spree.... Acacia worked for years on that Kenya asset and spent hundreds of millions and then sold it for next to nothing, you may find out why?
There's a Tax enquiry too...... the house is not in order anymore and Eric needs money.
seems like panic to me.
DYOR i'm staying in as I know everyone will buy into this .... only for a rise in the sp.
Gold revenue for the year to 31/12/20 looks on course for $73 million (12M 2019: $63.1 million)
Thats an extra $10million half of which was pure profit due to the higher selling price
that's an extra 5c a share in dividend at least. They will pay more in dividend as they want the SP up to 150
thats the aim dyor
Vein 25 has begun and it’s thrilling drilling ....can’t wait until Christmas when that Northern star stops, followed by wise men. It’s in the charts but it’s also in Vein 25
Q3
"Operational performance in Q3 2020 has been in line with Q2 2020 during which it produced 11,419 oz. of gold with an average feed grade of 7.57 g/t."
Average price of Gold for the period $1850? Q3 Revenue $21m
No wonder they are paying a record dividend they are embarrassed by the amount of cash they are raking in against an embarrassing low sp .... they need 1.50 for bonus shares and I think they will get it.
It could be about to come to life...
https://www.proactiveinvestors.co.uk/companies/news/914779/zanaga-iron-ore-has-one-of-the-most-significant-undeveloped-iron-ore-projects-on-the-market-914779.html
Furthermore, we have made solid explorational progress during the period, completing our 25,000 metre drilling programme at the Asacha licence area. We look forward to reporting the results of drilling at Vein 25 and the other highly prospective exploration targets at the Asacha Gold Mine. unquote
The Directors need to get the share price up to £1.50 to gain their rewards and the second half of the year results should set that target on its way and with Vein25 it should be achieved.