The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Based on the late price action , wonder if we are getting some more Tap facility bonds in the morning.
Financing Initiatives
The Company is also actively negotiating and intends to issue additional 2025 Bonds and warrants pursuant to a second tranche of the Winter Bond Financing (announced 3 January 2023), which is expected to close in February 2023 to support its near-term capital requirements for the Company and its affiliate, COPL America.
COPL should now also have the updated December 2022 RESERVE report for the Wyoming Assets,
( expected to be available in late February 2023 and, will be published in late March 2023 )
Presumably produced by Ryder Scott as well.
Stas20 the previous Ryder Scott report is available
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00021327
Document : Feb 1st 2023 17:10:14 ET Offering material - English PDF 6808 K
RYDER SCOTT report starts on Page 118
Stas20 ? yes or no
Good to hear Palmer944 , you had me thinking you were losing faith.
Just think its all having to be played out within the constraints of the JV negotiations & NDA.
Kinda think the prospectus shocker was a tidying up exercise required by FCA or JV legals.
Don't see it as binary / Red or Black.
If its not JV with Exxon , it will be a JV with someone else.
Palmer944 you previously suggested Deutsche Rohstoff or EOG resources .
A tight financial squeeze - Yes , but solvable and apparently all in hand.
Hence no immediate concern about the current SP.
( No placing , that's just FUD )
ref Prospectus page 93
Tiburn "SP crashed at the exact time as ending current senior lender facility which requires 5% of mcap to be paid at the time."
Tiburn I'm trying to get my head around this one , are you saying that the prospect of the now giving 6% in common shares is better than the previous condition - redeem such warrants for an amount of cash equal to the greater of approximately 5% of the Company’s market capitalization or 5% of the NAV.
And you think the old senior lending facility is going to be retired soon with new RBL ?
Prospectus page 93
"Under the Lender Warrant Agreement, the Lender was granted 5 Lender Warrants representing 5% of the common shares of COPL America for $0.01 per common share. On maturity or 60 days after repayment of the loan facility, the Lender would be entitled to redeem such warrants for an amount of cash equal to the greater of approximately 5% of the Company’s market capitalization or 5% of the net asset value of COPL America at
such time. Pursuant to the terms of the Waivers, the Group issued to the Lender new Lender Warrants that in aggregate are exercisable for 6% of the common shares of COPL America in cancellation of the existing Lender Warrants. "
Shows how rough the senior lending facility is.
Guess its better than paying out cash but its alot of shares.
available at
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00021327
Document : Feb 1st 2023 17:10:14 ET Offering material - English PDF 6808 K
RYDER SCOTT report starts on Page 118