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Below is an extract from the 26/11/21 RNS prior to the last funding round. Look at the wording, it is more or less exactly the same as the one yesterday. Yesterday's RNS goes even further than this one though as it states that they expect the first funding within 2 weeks, which to me means that it is much further along and at the final stages.
'The Board has presented to certain High Net Worth Investors and Family Offices and received soft commitments for the raise that are now in negotiations to finalise terms (although there can be no assurance that these will be successfully finalised). It is the Board's plan to raise between US$10m and US$15m during the current round (the "Funding Round"), with the first tranche of at least US$5m planned to be closed by before the end of December. As set out in the Announcement, it is the Board's intention that the Funding Round will be closed at a premium to other transactions completed during 2021.'
I'm not reading into the 'there can be no assurances' part. They have to say this to cover themselves and would be stupid not to do so.
Likewise. I am already heavily invested but if this ever gets to 180p to buy then I will be throwing the kitchen sink at this.
Today's note derisks TNT heavily for me. Question marks around funding have all but gone as the funding round is almost complete at $250m valuation in line with previous announcements. I an expecting anywhere between £8-£12 once rubber stamped in the next 4 weeks.
The Company has achieved flow rates from well A4 of 4 mmscf/d (million standard cubic feet per day) at approximately 55 bar and well over 4.5 mmscf/d from well B2 at approximately 45 bar which, taken together, greatly exceed the 2017 combined shut-in rate of 5 mmscf/d from those wells as advised in the Company's presentation of December 2019 and in subsequent communications.
I agree that the delays here aren't because of bad news. We saw that the flow rates yesterday were more or less covering the hedge from 1 well alone.
The 2 new BOD members have long illustrious backgrounds and reputation and would not join a piddly £50m market cap company if it was in bad shape. Think about it.
4p to be breached by month end for me once stable flows reported. 5p+ possible depending on the volumes sold at spot rate.
Is it 4 wees to issue the offer though and then more weeks wasted afterwards to vote and get ducks in a row before payout?
There are so many stocks in the bargain basket right now it is very frustrating having a chunk of cash tied up here for zero reward..!
Ugh 9p is very underwhelming. I just want my capital back out of this now.
Does anyone know how long this will take from here? I'd rather they unsuspended today and let me sell up for 8.5p. Garbage offer with absolutely no premium
Zero premium on the 9p close price is quite annoying. I held on to my share knowing that they would be suspended as I was hoping for 12p-15p. But it seems I've locked up my capital for no reason.
I just hope this gets unsuspended ASAP now
A very interesting proposition now IMO. Sasanof will be drilled again however we do not have enough cash to fund our share. Further share issues won't help currently as even a 50% dilution will raise <£1m which isn't enough.
Chance of success should be higher than the first drill now that there is additional information to work from.
Leaves a few options:
- Push other projects. Dangle the carrot for a 2nd drill with higher CoS. Positive updates to improve Mcap
- Sell 10% share of Sansanof to a third party and recover a few £m
All in all I think we can only go one way from here. Even if we just flog our 10% share we should be left with more cash than the current Mcap.
Barely £5k in trades today, nothing to worry about. Big volume was yesterday and people are locked and loaded ready for the results.
At £2m market cap and small free float this will absolutely fly if the update is as positive as expected