Member Info for Blubay

The second conversion was on 29 Aug for 411m shares @ 0.42p. Since then we've seen up to 1.8bn shares traded at more than double the normal daily average volume. If we guesstimate organic trade at say 70m shares/day then we have roughly 1.2bn shares additionally traded. It's certainly possible that they've churned up to half the debt at this point (e.g. a conversion of 700m shares this week could bring us up to at least £5m of the £10m debt cleared, by monetising shares sold from 0.42p down to 0.31p in just two weeks). It could be more or less of course. Just a guess.

The CLN holders are monetising debt by locking in gains, not selling at a loss. They have sold hundreds of millions of shares above today's price, beyond the number of shares already converted so far. For example, if they have sold shares last week they are easily covering profit at today's conversion price. Just as an example. If they converted £1m tomorrow at 0.308p they get c. 325k shares. Selling today at 0.3p looks like a loss of £25k. At 0.31p it looks like a £7.5k marginal profit. But if they sold them last week at 0.4p then the conversion monetises a profit of £300k. Similarly, if every shares sold today for 0.3p was monetised by conversion next week at 0.25p they would make 20% profit, and so on.

"So if the M/c drops again the investors could own more than 50% of the shares "

The investors don't own the shares, they are selling them, that's why the price declines.

Braveheart - "What is the next conversion SP IF they chose tomorrow at 7am!"

10-day VWAP c.0.42p, available conversion price c.0.31p (or slightly below)

It’s an artificial temporary situation. It doesn’t matter to the CLN holders what the mcap is. They’ll just convert and sell as long as they’re making a profit.

Of course the board understand the implications. They have one of the most experienced insiders in risk capital markets that a small cap could have. They know what they’re doing. They’re a pre-revenue explorer in an expensive business without any alternatives. If the CPR had been more generous or Galactica had not been delayed things might be different.

I think there probably would be a liquidity pool around 0.25p, as that was the previous low raise price and the CLN holders will be keen to tap that if so.

It's ridiculous to be ramping all these trades as if they were somehow organic buyers in the market, either completely naive or misleading

"impressive flow rates for the modest reservoir pressure (a known geologic conundrum where high grade helium exists in low pressure reservoirs)."

As in Rukwa, for different reasons (lifting water with pumps), this is part of the technical challenge. The open wells have each tested positively in turn and with some evidence of increasing porosity/pressure over time. The next challenge is whether they can open up all the wells simultaneously and maintain a similar steady outflow pressure from the field over several kilometers of pipework back to the processing plant. The CO2 processing in particular will depend on consistent flow, but looks like that'll be phase two anyway.

Very possibly, once the market uncertainty is removed and there is a concrete operational roadmap.

The basis of the CLN agreement was published in advance and subject to a meeting and vote of shareholders. The retail offer was also executed before the CLN conversions and could have been sold at a profit by anyone who participated.

More than 2.5 billion shares traded in the past month? That is not ‘illiquid”

No one is ‘shafting the lth’. There’s a free market in which news disclosure is regulated and everyone is free to sell or buy whenever they like. The terms of the CLN agreement were disclosed well in advance and voted on by shareholders, before the price was badly affected. Being shafted is usually an informed choice. .

Quest - there’s no point using AI summaries if they’re factually incorrect or incomplete. The shares have been increased from about 6.2m to about 7m so far. How many more shares is entirely dependent on the price at which conversions are called, and whether they all are. It might get to 10m or it might not.

Lots of positives to come once the debt has been converted to shares and they have been sold. Once BNL have held their shareholder meeting on 19 September we should get a roadmap for completing phase one of the Galactica project to production. Then there will be news of starting the appraisal phase of the Rukwa project. Hopefully both of those well underway by Christmas with some initial results in time for the December AGM perhaps?

In case you get caught out by what?

Yes, obviously, because it was predictable. What's the problem?

Are you forgetting which account you're posting from? You've been deramping this share like crazy. As you know, I'm positive about the company's survival and long term prospects. Obviously the share price takes a major dive short term due to the CLN, which was entirely predictable. Why is it a problem to be bullish on the company and bearish on the share price? They are not the same thing at all.

The company is not failing. The share price is falling but the company is fine.

Lorna isn't doomed though is she, because (a) she doesn't hold many shares and (b) she's the CEO of a company that's now fully funded to pursue it's near term operational goals and has medium term working capital. The loan advance might be brutal in the short term for anyone holding onto shares but it does place the company in a strong position going forward, so I'd have thought she's achieved the corporate objective.