Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Always had a soft spot for uru , it was my first ever aim share. Bought in on the spike at 3.2 p ( £ 3200 ) in today’s money and watched it fall day after day before I sold at a huge loss , it’s on my watch list but I think uru will go the same way as anr and mrs sadly.
make that around £1.6 million. For a company on a market cap of just £1 million that would be a herculean task. In the car-crash of an economy in which we now find ourselves, it is doubly so. And of course there is that fine Mr John Zorbas – whose presence also graced Management Resource Solutions (ooh, er MRS) and on which he lost a stack of URU shareholders’ cash.
IF the cash is raised at all here, I suggest the discount will be eye-watering. Alternatively, it will be a one-way trip to the corporate knackers yard. Either way, this is a total bargepole – SELL!
AIM-listed URU Metals (URU) has announced an update on its mining right application as announced on 11 December 2019. Except it was first announced not in December just gone but at least as far back as May last year. Still, never let the truth get in the way of a good story with which to ramp the shares. We are told that...
The Final Scoping Report ("FSR") has been accepted and the approval to proceed with the Environmental Impact Assessment ("EIA") phase has been granted.
Well that’s all good, except….
The specialist studies related to the EIA phase were planned to commence at the end of March 2020, but due to the Covid-19 lockdown in South Africa the studies had to be postponed. The EIA phase will commence as soon as the lockdown in South Africa is lifted, which at this stage is expected to be the 30 April 2020. The focus of the EIA phase will be to expand on the impacts and mitigation measures identified in the scoping phase, and is expected to cost GBP250,000.
The company has decided to prepare an extension request for the EIA phase to be submitted to the Department of Mineral Resources and Energy as soon as the lockdown in South Africa is lifted. The extension request will be based on the delays caused by Covid-19.
So the EIA is already going to be delayed – let’s hope the authorities offer a kind ear to the extension request. But the big problem above is where is the £250,000 to pay for the EIA going to come from? Referring to my article at Christmas (see HERE), I am reminded that this outfit has been technically insolvent since its half year at the end of September, which I reported on upon publication: net current assets were MINUS $1.02 million after the company posted a loss for the period of $230,000 and the balance sheet sports $2.67 million of intangibles out of assets of $2.74 million. Just how bad are things now?
And to underline this nonsense, at the end of September cash was already down to just $78,000. There is no prospect of paying for this EIA fairystory – unless, of course, the company gets a bailout placing away via the spivviest bucket shops going. That, I suggest, is the real reason for the apparently good news RNS. And at the current mark of 120p, the market cap is just one million. I would suggest that the company needs:
- $1 million to see off the net current assets deficit as at September
- Another $0.23 million (at least) to cover H2 losses
- A further $0.46 million to cover ongoing losses over the next twelve months so as to persuade the auditor to give the company a clean bill of health in the going concern department when the full year numbers are done
- And of course £250,000 to pay for the EIA.
I make that around £1.6 million. For a company on a market cap of just £1 million that would be a herculean task. In the car-crash of an economy in which we now find ourselves, it is doubly so. And of course there is that fine Mr John Zorbas – whose pres
Set a buy order this morning for 175 at half 7 and then went for a run thinking it probably wouldn’t trigger , finish run to see that rns ouch , wish I hadn’t bothered. Darn you petrofac , releasing an rns at 07:37 after I had checked them all at 07:30.
Don’t waste your money, this is a lifestyle company. Trust me I learned the hard way.
Jam tomorrow then another placing
Don’t care about there poor shareholders that paid 0.28 yesterday, don’t trust them
Does that mean the warrants can be cashed by the last fundraise participants
Wow just logged in , when I last checked this morning it was 740. Getting close to my average of 1020 , was resigned to losing the lot on Friday at 700. Now I’m feeling confident now
The shorters know a bid is coming and are driving out the weak pi’s to collect as many shares as possible, the same happened with footasylum where they shorted down to 22p before the 80p takeover.
On January 6 Bahamas Petroleum (BPC) announced that it was raising £2 million at 2p from a Bahamas based fund. On January 30th it issued a ramptastic roadmap to drilling RNS and the shares rocketed. What more did oily spiv Jerry Keen and his colleagues at broker Shore Cap need to whir into action.
Shore cap’s target was to raise £10 million at 2.75p. Given tat the shares are now trading at c3.75p surely the oily one could manage that? It seems not. The placing was officially pulled last night.
Perhaps, in light of that, Bahamas might care to update us all on its financing options and requirements going forward?
Go on shorters do it
On the 1200 bookbuild it dropped to 1206 then bounced off it
Fantastic hopefully the price drops to 1250 so I can get back in. Personally can’t see it as there’s too many people waiting to buy.
Think I’ll wait for 165 , the down trend is too steep to bounce off 170. Probably hit 160 again before heading to 200 again , but I’m not greedy so 165 will do me
Hopefully
Buy in fast approaching
Getting closer to my buy in , should get it tomorrow
I’m holding out for 170 , should come this week
My Sipp average is 147. A few weeks ago I Sold half my shares at 60 p and was going to wait for 55 to buy back cheaper , got bored waiting so bought some nmc at 1550 then it dropped to 1200 the next day. Took me a few weeks waiting to get 1550 again just to get even again and missed the drop to 46 p. Bought the shares back on Friday for 53.5. Moral of the story is if your going to trade then stay in cash and be patient