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Ex-you got it!

Just trying to figure out a total amount of shares that will be in issue, when(not if anymore) the offer comes in.

The Glen loan is the only variable left, as I see it?

Alternatively I suppose it could be settled from the proceeds of the sale(but that would seem MIGHTY generous of Glen to me, knowing the final price will be a BIG price!)

Gla..

Come back we all miss you!!

Meanwhile in an alternative universe MM keeps posting very good information.

Ps S2TT, good to see you back buddy.

Gla.

Eddsy-no tricks mate, I’m fully loaded, simply trying to understand

1- how the hell the price is 8.35p!

2-how our pie is going to get shared out.

Ex-Nothing 4 Nothing. More pie to Glencore, is in Glencores interest, especially if the pie becomes worth billions(which is a certainty IMO).

Reference: Zioc=pie.

Gla.

I believe(IMO) the price is being held down here(and I’m certain it is being held)until the outstanding issue of the loan(+interest)from glencore is resolved.

The price was recently conveniently suppressed until the board had “resolved” the outstanding wages issue, as it was getting away from them( if they had issued @ 18p without taking a haircut (68%), it would have been the same result as issuing @ 5.29p with the haircut…funny that!!

Anyhow I stand by my previous comment that it was still an unbelievably honest action not to have issued their full remuneration @ 5p odd(as they were well within their rights to have done so).

IMO glencore will want their holding bumped back up to the 48.26% that they agreed to when the share reorganisation took place, late last year. They will achieve this by having the loan+interest(£1.65m approx) settled through the issuance of new shares(29m approx (ROUGH calculation))

Therefore I expect the share price will be held at around 7p until this is concluded.

Definitely not a de-ramp, as I expect the share price to achieve “mad price!” Once “set free”after this piece of the jigsaw is put into place.

To set the record straight I am very grateful to glencore to have made this loan to us, as at the time we were desperately short of cash, and at sub 2p! I dread to think what level of dilution would have occurred if we went to the market seeking $1.8m!!!(although the pain would have been suffered equally(+1) by glencore, if this had played out!, (so I suppose it was in their interests)

All only my opinion, happy as always to hear alternative opinions(politely please).

Gla.

I’m remembering why I stopped posting(again),

Please can we try to be nice & get along?

We all want the same thing, Ex is definitely not a deramper, by any measurement!

We have had 2 exceptional RNS in a row, will the third one be a real treat?

Gla.

This is absolutely brilliant!! The directors have taken a massive haircut and issued a mere 27m new shares!this, I was terrified they would issues 100s of millions…this is excellent!

Unbelievably honest behaviour by our board..

Vet(another one well worthy of a drink, or two!)

I would be gutted to sell @ 18p, only for Zioc to reach its MINIMUM potential, but would not be gutted with 18p, as it is better than the current 5p being offered!

It’s all relative, that said I would bet my bottom dollar(which I almost already have here), that we get a price magnitudes higher than 18p, as I can’t see the board selling that as a win.

Gla.

Ex- you are one of the few posters I will definitely buy a drink for.

In regards to the question, I believe the loan will be paid back by the issuance of new shares, thus glencore will have effectively brought 40m @ 5p.

And would therefore not be diluted if 40m shares were issued to compensate the board,ect.

Nice workaround..

I would actually be ecstatic if this were the scenario that were to play out, as I believe the company to be valued at MINIMUM $700m thus 630m(assuming the shard shares get placed)+ 80m(glencore&board compensation)= 710m shares in circulation still comes to about 70p a share!!

You do however, as always, pose excellent alternative ideas/questions.

Shaun- I did not say I will be selling at 18p, only that anything over that would be a bonus to have not sold out at that level. I will hold to the imminent (IMO) conclusion here.

I do indeed currently hold 4.4m, of which 2.5m are free carry, the rest I have added since the drop down from 18p.

Gla.

Gla.

Ha all, expecting glencore get paid back the loan+interest £2m ish@ the fixed share price of 5p(maybe a little higher)40m new shares. Directors to get about the same 40m new shares= total 80m new shares.

Sure seems the price has been artificially put down here, and subsequently held here since.

This way Glencores holding doesn’t get diluted.

Just my two bob!

The end is fast approaching, I’ll take anything over the 18p recent high, so I don’t feel so stupid for not selling out when I had the chance.

Not de-ramping, it’s not in my interests to do so, as I hold 4.4m shares.

Would still love a quid a share for obvious reasons!!

Gla long time suffers.

AIMO

Anymore “tips” McA?

Thanks for sharing,

I for one value highly your input & research.

This retrace has indeed been brutal, and turned this board slightly toxic.

Please all try to remain civil.

Gla long term holders.

Kongo: Really good post & strongly recommend.

It’s all about mitigating the risk of doing business in the Congo. It’s outside of the Chinese sphere of influence, as it is also the Middle East’s. This is where Brazil(&Vale) become so important, being one of Congo's primary trading partners, and the close relationship between Den & Lula, and most importantly Brazil’s Vale being a powerful entity, with the expertise(and now the cash), to develop Zanaga.

With Vale being the “front man” it opens up the possibility of Middle East/Chinese money getting involved as a coalition strong enough to counter-weight the risk of “doing business in the Congo?

Zanaga also offers a chance for both Brazil & Vale to redeem their reputations in West Africa?

Gla.

Would need a few of my other investments to come good to challenge your “hoard”!

Guess I’ll have to stick on my poxy 4.5m….for now.

Gla.

Wouldn’t want to be out of this over the weekend!

A deal must surely be inbound?

Gla.

More buying in a day than the last month!

I’m gonna curse it, Bottoms In.

Gla.

Upto 4.5m golden tickets.

Realistically no one can deny ROC is awakening as a regional power, this is all directly/indirectly beneficial to Zioc.

6 mths max until we’re all celebrating.

IMO, GLA.

Hopefully coming qtr results show a turnaround..

Https://m.youtube.com/watch?v=n1-ovZeO1zA&pp=ygUPemFuYWdhIGlyb24gb3Jl

Thanks for sharing Vet, looking more & more likely a deal gets done this year…IMO

I never had much fortitude!

Added again..Nibj I’m gunning for ya.

Gla.

Good morning Andrew,

May I ask your observations on the “going concern” issue in the recently published annual results.

The shard facility with the option to issue up-to 18 million shares, since being announced has had a notable negative short term effect on the share price. My concern is that if the share price was to continue its current trajectory, and fall below 6p, then the issuance of 18 million shares would not raise enough capital to meet the obligations of the loan+interest due to Glencore by years end.

It is noted that you use an illustration price of 13.3p, where as of close of Friday we were trading at 7.69p.

Was the option of a “standard” fundraiser at a fixed discount to the 30 day average share price discussed?, What were the reasons this option were not taken?

It is also noted that the board has taken the decision to “launch a partnership with Chinese iron ore technical expert engineering firm ("Chinese EPC Partner") as part of a two stage optimsation process of the Zanaga 30Mtpa staged development project”. Is this action prudent, given the proposed undertaking will apply further strain on our finances.

Does this further heighten the risk of the company not being able to meet its obligations at year end?

Although little was mentioned in the annual report of the positive global backdrop, being the Saudis proposing large investment in future “green steel” initiatives , which would require high grade fe iron ore, of which we are blessed with. Also the proposed new port being built in the republic of Congo, to name but a few of the recent boons. I am holding off investing further until the above mentioned concerns have been mitigated.

Regards

Sent from my iPhone