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Now Jangada’s intentions have been made public they we will dump the rest at whatever price close to 5p they can get, so we will have some resistance at this level until they are cleared out, we could do with some of the promised “imminent “ news to help get JAN finally binned off

Down to 4% from 10%, clearly they have other priorities, sooner they are fully clear the better

Has to be Jangada raising cash for their new gold mine investment, they had around 33m shares, which I think over the last month thy must be close to being out of. Surely we should have a TR-1 soon which I’ll explain the action

Does anyone actually care what this bunch of charlatans does anymore, this is clearly the death throws of a failed company and Dumbo positioning his exit

Not really any material updates in this morning’s update apart from the fact that we are still progressing

It’s interesting though that the UK government rather than fixing the potholes in the roads across the UK have been fixing the roads that support Orom Cross!

"To go sub 4p is crazy."

Unfortunately the shareprice pressure is totally the fault of management, raising at 3/4p with so many cheap warrants, what did they expect? Clearly someone wants their cash out and is looking to ride the cheap warrants, Just like Mike warned us of about a year ago ! (but promised that wouldn't happen with BRES)

Whilst i still remain confident of a nice return, that confidence has taken one hell of a hit in the last three months, they seem to be floundering just at the wrong time, they should be building the shareprice ahead of any financing deal which will inevitably involve more equity, not suppressing the shareprice at these low levels.

With these small cap companies, “imminently” famously has zero correlation as to when news will actually arrive

From that response, it would appear that Sasha unfortunately has misread the room with regards the warrants, it’s clear from the last couple of months that someone is offloading in large volumes, and with all the expected news up coming, it is either a distressed seller or someone who holds cheap warrants and just wants their cash out and ride the warrants.

If the news we expect does arrive then the upward pressure should be enough to move the SP considerably but with this seller holding us down we wait and see what comes out of it.

The big issue is they are issuing warrants at a lower and lower level, millions of 8p warrants have expired in the last 12 months and we are set to be left with millions of 4p or 5p warrants instead for the next 24-36 months.

Mike wonders why the shareprice doesn’t reflect true value, well you don’t need to look much further than the list of outstanding warrants to understand why.

It’s clear that someone is selling large chunks over the last month or so, and it’s likely to be someone sat on a big pile of cheap warrants.

Well the idiot chairman here is also a director of Thames Water, he has overseen criminal incompetence here and there, it’s a toss up which of EQT or Thames water goes under first.

Anyone investing here must understand the nature of the CEO, and a large wedge of that £60M has go into his pocket or the pockets of his mates, John Gunn has also enriched himself at the detriment of EQT shareholders

I have to agree they seem to have lost control of issuing warrants , Famously Mike remonstrated companies that issue equity with cheap warrants on an interview a couple of years ago and since then they have done nothing but do just that.

They do seem to be floundering with keeping control of these warrants,

“Just goes to show how little this pos is thought of, moves up just over 9% and no one gives a monkeys”

When most are down 99%, a 9% rise on the remaining 1% is unlikely to stir much excitement!

There are numerous reasons they may have chosen to sell assets alongside a smaller placing, their share price is low, they may not have been able to raise enough for their requirements, they may have chosen to minimise the dilution of shareholders

Or they may not be the seller and it’s someone else selling, we just don’t know at the moment

Could our seller be Jangada, they have just done a raise that has burned their shareprice by nearly 40% perhaps they need the cash desperately to fund their gold project purchase,

Maybe we will see a TR-1 soon so we know who it is.

The problem being BRES just can't break free of the seller who is willing to offload at 4p or even just under, that is a major drag on the shareprice at present.

Hopefully they are close to being done and we can see the deserved rise into the JORC update and DFS completion.

The problem being institutional investors don’t buy on the open market, they take a stake via a strategic investment or placing, and normally want a discount, Mike has said he wouldn’t offer a discount or warrants, but that turned out to be wishful thinking. We need PI excitement to push the SP forward and BRES doesn’t seem to be able to generate any excitement at the moment whether via the KPMG wide boy or cautious Mike

Unfortunately we still have the overhang of the Ill timed raise and bargain warrants in April to burn through, clearly struggling to shake off that drag at the moment, but some real news rather than this type of already known, should hopefully move us on .

Bres must be the most frustrating but also most potentially lucrative stock in my portfolio, everything looks like it’s moving in the right direction, apart from the Shareprice!

“I think we established that there are no 0.5p warrants”

The DFC performance warrants are 0.5p , will be issued on completion of the DFS as a reward for for securing the DFC grant. They are set out in the prospectus

If you are sat on the BOD and receiving millions of 0.5p warrants after the DFS completes then a 6p per share offer looks fantastic, if you have backed them for years, paid more than 6p for some of your holdings then £20m doesn’t look that sparkling an offer!!

An S&P500 tracker would have returned more over the last 5 years

This is strange, there are no warrants issued below 4.5p apart from the DFC performance warrants issued as rewards for securing the DFC grant these were issued at 0.5p and were 2,000,000 for Pearson, Quinn and Wearing. 4,000,00 for Ralston and 700,000 for Passmore

So the number of shares points to this but the 3p doesn’t make sense

I have asked Sasha for an explanation