Member Info for BigBear2

Am I reading this right we will need another placing before April?

Based on the Company’s current cash flow forecasts, the Company anticipates that its existing working capital (excluding any proceeds of the Placing) will be depleted at the end of September 2018, and that at such time, it will need to raise additional capital in order to continue its operations. The Company anticipates that it will be required to raise an additional $5.3 million (including the net proceeds of approximately USD 3,373,000 from the Placing) of capital in order to have sufficient working capital for the period of 12 months from the date of this Prospectus. The Company anticipates the shortfall in working capital will be covered by a further equity raise to be completed in or prior to April 2019, as necessary.

To see what the MMS correct this to today as this was under 1p prior to this announcement .
All boils down to if they think the fact a major was interested warrants a residual uptick or whether the view is the fa t they bailed means the asset after rigourous scrutiny is not up to par...
Let's see.

There was no evidence of sustained fwd selling here as I think what happened is the dispute ruined Arts plan of a ramped placing price, so it looks like we are going to have a substantial overhang here to clear....something to bear in mind.

That being said I agree having 2 bill shares is no big deal to a multi bag as been said look at 88e and UKOG.
What matters is the dispute in the near term,,,,

Great Post Jiving.
I think most reasonable posters would agree the dispute may well have an impact on the timelines for the service agreement.
The prospectus for the placing should be released end of next week I would think and the shares admitted to the main market (remember this is not AIM) the following week.
After that I would hope Art would update the market on the progress made on the dispute and any effect on timelines..

My point is the scale of the asset is significant enough to attract interest from a major player such as glencore... This is a sleeping giant and news of a jv or something on the port will see an instant rerate here... The board reshuffle indicates to me something major going on behind the scenes...

R dunk decent well thought out posts, I think many folk are just somewhat unsettled by the ever increasing amount of hoops we are being forced to jump through one thing everyone is agreed on is the sooner the dispute is resolved the better...

ESSAR ENERGY AND OIL BIDCO SUCCESSFULLY CONCLUDE SALE OF ESSAR OIL LIMITED TO ROSNEFT AND TRAFIGURA-UCP CONSORTIUM FOR US$12.9 BILLION

Aug 21st, 2017

Aplos rosneft

True but correct me if I am Wrong are they not bankrolled by repsol, so the game may have changed so to speak...

Rife nice summary there but I have to ask you do you think Essar for a minute would entertain shore cans proposal to buy them out, if so why put a spanner in the works .
I believe the only thing that matters now is how far they are willing to push shorecan to get what they want...and we can on,y speculate what that is.
I hope I am just being overly suspicious but to me their 11th hr intervention just don't smell right...
We also don't know if the field service agreement hinges on them dropping the dispute....?

Harry art has pulled his placing ramp trick a few times and clearly this time it was not going to work again...with the possible law suit placees were always going to demand a hefty discount to reflect the risk and to essentially bankroll COPL for 12 months....any talk of a2p placing was pie in the sky stuff, as I posted many times he could not let COPL run out of dough best case scenario here is first oil by around April next year I would say so he had to ensure we we not skint,,,

Err my point if u would get your head out your butt is these guys have dealt with Glencore before...
So a future JV is something that could well be being discussed...

At close looks like the usual forward selling going on..

We all saw the effect a rumour of a Glencore JV had here a few weeks back.
JC has mentioned they have been approached by a major player for 'early exposure' to the iron asset...

Here a reminder of the last JV with Glencore....who are no chumps....

Bellzone Mining plc
(“Bellzone” or the “Company”)
Forecariah Offtake Agreement with Glencore
Highlights:
• Offtake agreement signed with Glencore for life of mine 58% Fe product
• Provisional payment mechanism based on a percentage of the prevailing the Platts IODEX Fe CFR China benchmark pricing system at time of loading
• Best price incentive structure based on an upside sharing of the difference between the initial Platts base price, adjusted for market swings, and actual price achieved
• Minimum price cap fixed as a percentage against prevailing Platts IODEX Fe CFR China benchmark pricing system
• US$15m early payment facility available after 5 exported ship loads

Bellzone Mining plc (AIM:BZM) is pleased to announce the signing of a life of mine offtake agreement (the “Agreement”) with Glencore International AG (“Glencore”), for the Company’s 50% share of the Fe production from the Forecariah joint venture (“FJV”) project in Guinea.
The terms of the Agreement are based on the 58% Fe Yomboyeli product specification. The pricing mechanism contains an incentivised component to achieve best price. The incentive component is based on percentage sharing by Glencore and Bellzone of the difference between the actual price achieved and the provisional payment made to the Company on ship loading, adjusted for Fe pricing changes of the Platts IDOEX Fe CFR China benchmark, and any internal penalties or bonus provisions for grade, lump/fines content or deleterious material content as per the agreed product specification.
A minimum price cap for the product has been set as a fixed percentage of the prevailing Platts IODEX Fe CFR China benchmark pricing system.
The Agreement provides for Bellzone to be provisionally paid for any shipment on loading with the balance being adjusted against actual sale price. Glencore will take product on an FOB (free on board) basis at the FJV’s Konta loading facility.
In conjunction with the offtake contract, a prepayment drawdown facility of US$15m has been made available to Bellzone by Glencore (the “Facility”). The Facility is available to Bellzone once the Company has shipped a minimum of 750,000 wet metric tonnes or five vessels.
China International Fund Limited, Bellzone’s FJV partner has contractual tag-along rights should they elect to use the Glencore offtake agreement to export their 50% entitlement of the FJV’s Fe production.

because COPL appealed and won, It's on one of Arts latest podcasts.

Boot going in and holders fed up of taking a stiff one from Art and bailing.

Let's just pray he delivers that service agreement and gets the disagreement sorted or we are going to get pummeled

I have to say had some balls appearing on multiple media outlets giving it the large then delivering this...
But seasoned COPL investors know when Art comes out of hibernation it means only one thing - the begging bowl is out. The usual plot is to ramp the sp and then get a placing away at a higher price, only this time with the dispute that was not possible so understand lay placees wanted a hefty discount with a possible law suit with Essar pending.
IMHO it's clear Art will never cut costs and will continue to dilute . If/when we get near production I would imagine he will do something like a 10:1 consolidation.
It's still game on but the prize gets progressively smaller with each placing...

Bertathe placement price was dissapointing to say the least as is arts insistence of keeping all staff on full remuneration, I really can't understand why they can't lean down and employ many staff on contract on,y basis when needed.
That being said we are funded for a year so at least that is done.
My main concern at present is if Essar choose to get COPL involved in a protracted law suit...

I am not upset about the placing IMHO it had to happen...
What does irritate me is the blatent Ramps again by art pre placing news.
Clearly any placees would have wanted clarity on any pending lawsuits so IMHO art was forced to put this in the public domain b4 the placing came out. What it has done again is shaft PIs who bought the hype and give placees an all time low buy in price.
Let's now see if they can brush off any pending lawsuit as they have cash in the coffers....

Not surprised at all tbh we needed working capital wha is dissapounting is thr price. I did warn holders it was coming but was shouted down.