Member Info for bluegrass

The SP has risen a lot over the last month so a bit of consolidation at this level is positive. Take the opportunity to add some more at this level if you can.

Garfeng will own 30% of BCN. They are not going to be satisfied with the terms of a finance deal put together by a junior explorer. Also they will not want their equity diluted by further dilution. The deal with Garfeng changes everything for BCN including mine development costs, timescale, expansion and finance.

Would be very surprised if we didn't renegotiate funding on more favourable terms now that Garfeng are on board. The project is effectively derisked.

I am not addressing this to Dougal direct because there is probably no point. I really do not understand his position or motives. He has clearly misread this share and missed getting in at a lower price. So this is purely sour grapes or he is making a forlorn attempt to knock peoples confidence by using the same arguments he tried before the Garfeng deal was concluded. He thought he had missed the boat when the price was at 40p and now he thinks he's missed the boat when the price is 50p. The truth of the matter this share is still way under valued and 50p is cheap. He could still get in now at 50p and still make substantial returns. The SP hit £1.50 when BCN was a pure exploration play and I wouldn't be surprised if we were hitting new highs next week.

So Dougal why don't put your hand in your pocket and just buy some shares. This share will never be less than the current value ever again. Now is you opportunity. You are not too late. Or if you are not interested just go away, since you are no longer irritating but just causing amusement.

Regarding Dougal's point that financing is still a problem. This is now far from the truth. In fact there are probably opportunities for BCN to obtain improved terms on the remaining finance since the project has been substantially derisked.

I am holding tight on this and would expect an immediate jump in SP if deal is completed.

I tried to play it cleverly the other day with SOLG. I had more funds to invest but waited till the news on the referendum came out. The price shot up so quickly that it was impossible to buy on the way up and the price is now trickling down anyway.

I suppose because an RNS is a formal mechanism to release new price sensitive information and not there to provide information for chat forums and hold peoples hands. I don't see any need to release information today. As far as I am aware the due diligence was supposed to be completed by today. So it seems more likely that there will be something to report next week. In the meantime I would only expect an RNS if anything fundamentally changes or there is an undue delay.

If the constitutional court do allow a referendum, what way are the people expected to vote?
Is this a bit like Brexit where some politicians think the people are a bit stupid and can't be trusted with a vote on such an important issue.

What is the consensus on which way the ruling will go. If there was a referendum is it anything to worry about?

Not sure how a drop of 5% can be sold as a positive. The finish did not seam that strong and am not sure the retrace has finished yet. Not that I think that is anything to worry about.

Price is starting to push higher again. I think it would be a mistake to think this was the peak of this latest rise.

The rise now seems different from recent spikes on no information. My view is that this will now continue to rise steadily. The MM's would not be taking shares off peoples hands at 39p in the quantities they are if they were not expecting to sell them for more. I think they are accumulating a few shares for the next push up or I hope so anyway.

Don't see how that follows when only a tiny amount of shares traded today. Think most people are sitting and waiting to see how things pan out.

Why do you think DD will be a problem? I expect Garfeng will want to wrap this up as quickly as possible because during this period BCN will be open to counter offers. You seem to be on a bit of a serial deramp this morning.

If they own 25%of Sonara they will have to pay 25% of the costs. It seams quite simple.

I think it is very easy to get fixated on the value this deal put on BCN at this point in time and not on the value going forward.

This deal enables the project to progress and takes a huge burden off the financing of Sonara.

Sonara is very expandable and there is enough value for everyone.

Have been contemplating this and have now bought some more shares this morning.

I agree with BBN's post at 10.56

On the face of it Ganfeng have bought a 29.99% stake at a bargain price. However having Garfeng involved has a number of advantages. It virtually guarantees that this mine will now get built. Garfeng will be able to get an improved mine finance deal and will be able to make improvements to the mine construction costs. Granted Garfeng have taken quite a large stake but we have not been taken out and there now is huge potential for the value SP to rise. The price Garfeng paid for the shares at this stage is probably not the most important issue. Now they have a substantial stake it is also in their interests to make a success of the project.

Regarding the direct investment in Sonara (again on the face of it at a bargain price), this is also good news because it potentially halves the cost of construction to BCN and saves on further potential dilution to the share price. This is a price well worth paying to release the value of Sonara. Additionally I think Garfeng will quickly look to expand the project releasing further value.

BCN also retains the full value of Zinnwald.

Really interesting article but in the short term it does make me worry about the oversupply issue whilst we are looking for funding.

Price has pushed up slightly despite very low volume. Most likely the price will probably drift around in range till we get some proper news. If we get a spike now on no news price will only come back down again. This may suit traders but I am happy to wait.

Bid should really be at 27p. Tried dummy sell and was quoted 27.15p. Therefore I suspect all the trades indicated as buys at 27.15p are probably sells.

Trend seems to be upwards with a series of higher lows. Hopefully this is a good sign for tomorrow and may put people off selling into the rise since the opportunity to buy back in at a lower price seems to be diminishing.