Member Info for ElectricLion

CNR is the only time I've seen such a thing happen, yes. A company needing to raise funds when the SP is below par value is an unusual situation to begin with, but here we are. CNR placed at 15p, FWIW, but also with a bunch of warrants. It was painful, but not fatal. It would probably have been worse if the company had not been able to raise funds at all...

In addition, in the case that HZM does not opt for a sub-division of shares as CNR did, that is by no means some guarantee that any raise will actually be done at 20p. They will still need to find someone willing to pay 6 times the current SP. No mean feat.

Rover - this has been discussed, and although (understandably) no-one wants to face-up to the possibility of a raise down at these levels, it absolutely is feasible.

Ref: https://www.lse.co.uk/rns/CNR/proposed-open-offer-to-raise-up-to-16339m-a4tik9tfdwi7a3r.html

"The Open Offer is conditional upon Shareholder approval of the Sub-Division, which will be sought at the EGM to be held at 11 a.m. on 21 December 2022, a notice of which is set out at the end of the Circular. Under the Act, a company is prohibited from issuing new shares at a price less than the nominal value of its shares. The Company's Existing Ordinary Shares have a nominal value of £0.20. The middle market share price of each Existing Ordinary Share on the date prior to the date of this letter was £0.1925. In order to enable the Company to offer New Ordinary Shares at a discount to Qualifying Shareholders to fund the Company through its sales process, the Company proposes subdividing each Existing Ordinary Share into one New Ordinary Share of £0.001 and one Deferred Share of £0.199. The Company expects that the Deferred Shares will never have any real value. The Deferred Shares will have no rights to vote or to dividends. The rights of the Deferred Shares to participate on a winding-up of the Company are unlikely to be realised, as such rights will be subject to the prior payment to the holders of New Ordinary Shares of the nominal capital paid up or credited as paid up on the New Ordinary Shares together with the sum of £10,000,000 on each New Ordinary Share."

I'm not commenting much at the moment, because I tend not to say much when there's not much to say!

But just in response to the permits/construction ready/building the mine question - Nic is not Australia, or Canada, or the UK - that has worked against us in all the ways we are well aware of, and Seingred (repeatedly) reminds us of. But it can have advantages too. Specifically, it seems clear that the small-print of contracts and permits is really not critically important. For better or worse, personal relationships with the movers and shakers are more relevant. That has already allowed us some lee-way with regards to construction deadlines, and is unlikely to be a blocker for any particular takeover scenario, or purchaser's intentions, provided there is something for Ortega's administration one way or another.

Furthermore, I am unsure if the terms of the permits currently assigned to Condor necessarily pass, without alteration, to a purchaser. It may well be the case that many of those terms are either null-and-void, or at least need to be re-negotiated with the new owner.

More generally, I think one of the few things we can probably all agree on, is that the time is now. Regardless of the price struck, I have other places for the money, as we all must do, up to and including JM. We have been given virtually nothing to go on, and so we are left to twiddle our thumbs and argue amongst ourselves as to whether JM is playing 4D chess, or is simply trying to avoid losing every penny he's put in here. Either way, it's surely time to wind it up and move on.

It's all relative deedee. 100% of your portfolio in any share, never mind this one, is unwise to say the least. But 5% of a rich's person's portfolio could none-the-less be several million shares. Position-sizing is one of the easiest and most effective ways of managing risk in my book, but that side of things is not talked about much, not among PIs anyway - far sexier to plonk 100% of your portfolio on a single multi-bagging stock and retire early! A lot of folk get badly burned doing that though.

The view that only existing shareholders have a right to comment on boards such as this is clearly nonsense - the views of that demographic logically leans to the positive - after all, why would you continue to hold if you had a negative view on the stock? (Mostly a rhetorical question, although I think it does happen from time to time, perhaps due to psychological issues such as loss-aversion, but I digress...)

However, it is also the case that those with no interest in ever becoming a shareholder would, logically, have little reason to be spending their time and energy here. Seems to me that, invested or not, SB is still keeping a close eye on proceedings, perhaps with a view to buying back in due course, and as such, his views may not be entirely without bias themselves.

Regardless of all that, if Kefi's share of SA is only worth 7.5m, then, well, someone needs a new calculator. Not saying who (I am a holder myself after all!), but well, make up your own minds!

Snap! :-)

Can't tell if you're being sarcastic or not shiny, but yes, I think there are a number here with upwards of 20m shares. 4m shares is a lot for many PIs, and certainly not to be sniffed at or looked-down on, but it's not a significant trade on it's own.

Certainly doesn't imply anyone knows anything more than we all know. Just the usual chicken little's predicting dire consequences several times a day.

In possibly related news, there's a trade for just over 4m shares half-an-hour later than the 1.5 and 2.5m trades. They may all be part of a single transfer, with no net change overall. Either way, the trades are in the price now, which is showing a bit of strength, so there's reasons to be cheerful.

I'm sorry, but I don't see a raise happening at 20p if the SP is less than a fifth of that. That 20p target is purely psychological anchoring, as it's par value, but raising at that price won't be easy.

You really can't do that Mach_20. I mean, they may have a little wiggle room, but stock market rules are quite clear - price-sensitice news must be released ASAP, in order to treat all shareholders fairly and limit potential for insider trading.

IMHO, it's best to simply ignore obvious trolls. Just filter them.

Another idiot/snake (delete as appropriate) green-boxed. SMH.

I look forward to the day (not so very long now) where foolish statements like "THIS. IS. NEVER. GETTING. OFF. THE. GROUND." are put to bed once and for all. There are none so blind as those that choose not to see.

This site seems to be pretty slow at fetching RNSs at the moment.

I haven't listened to it, but I imagine there were simply both covered in the same podcast, that's all.

Hardly anything before 2.30, and then a flurry of buys. As you say, probably not a leak, but anything's possible. The rise does show that any overhang the MMs may have had has now been taken up, with further buys causing a good SP response.

Agree with Rashpurchase in general, however I think that a.) it is only a guide, not a prediction, and b.) may not work very well even as a guide in the barely-functional market for gold junors right now. Specifically, finding funds for development, without diluting to hell and back is very very challenging for almost every gold junior right now. Valuations are also low just about across the board. On the bright side, one day, things will turn positive, and when that happens, I reckon the entire sector could double in value, before you start talking about individual stocks.

For those who don't know, Ross Beaty is a billionaire mining entrepreneur and investor. Here's a recent interview regarding the future of the gold sector: https://www.youtube.com/watch?v=OT66D031p_g

Volume is not high, but it's one-way traffic at the moment. All buys, no sells from what I can see. Watching and waiting...

No reason whatsoever, except that some posters are exceedingly childish (no pun intended!).

Thanks cf.