Member Info for Ella10

Warrants?

Biiiy ,

I'm guessing it's really really mature...

Exactly my thoughts...

I'm guessing we'll get an RNS before 8am tomorrow.

Orowe,
The RNS doesn't state the exact when the 180 days starts apart from that it starts in January.

Hi Shorn,
It may be that all issues don't need to be fully resolved but as far as I'm aware the last info we had via RNS was the 10th March which said we were going to launch our own action to have it dismissed.
I realise this is an explore on AIM so is not risk free but the company is expected to abide by certain standards of comms.
People are stating the reason we haven't had any RNS info on the deal is because we ARCM is sworn to absolute silence - yet the same folk are quoting Nick from the IC where talk about having gone back to AA.
Rothschilds are on a no win no fee basis - what RNS is that in?

After Akhtar's comments about CASA over the weekend I reread some of the RNS. If a deal doesn't happen ARC don't appear announce it when the deal falls through but do so after the deadline has elapsed. There is no necessity to wait until the end of the EA to announce a deal. The update didn't mention AA. There was no RNS to state the changes in the licences were related to an AA deal - Nick said in the IC it was related to a commercial transaction - this could be anything including trying to solve the issue with Mushinge. I can't see AA doing a deal with a court case in progress. The directors just happened to get their options valued at the highest point in the SP. I don't see why options would be relinquished to accommodate a deal - In my view AA would have a % stake in the asset and would not be iverly concerned about the number of shares in ARC but be more concerned about everything being above board. I have reluctantly come to the conclusion that a deal won't happen - or at least not within sight of July. All SeisNav's work show very promising results for the licences, however, there is a lot of info missing from historic drill results. I obviously don't know what the real story is with the deal. There are at least 3 different versions of the Sturec Royalty that have been in an RNS. I have been in touch with the NOMAD about some of the discrepancies in comms and will be following that up. This is all just my view and a lesson that I should have researched more fully. Best of luck all.

Better than I expected.

Either the following is an error with the statement 'post period' or there has been an issue.
'At Manica in Mozambique, two further mining contractor agreements were concluded post period end to develop the Guy Fawkes and Boa Esperanza hard rock gold deposits'

Hope you had a good holiday. I'm not sure how much sand cover we have or how difficult that makes things. I found something last week that said 2-60m of cover in that area but I thought I had seen something previously that suggested something around 100m.

Hi JDau,
The ',' was supposed to be a '?'.
We were told early Q3 here:
https://www.lse.co.uk/rns/XTR/bushranger-copper-gold-project-drill-assay-results-2pq9u0mq5fk9wda.html.

I'm therefore assuming that it's practically guaranteed to be starting next week :-)

Phase 2 drilling starting Monday,

Thanks both,
Having looked again it I agree these warrants haven't necessarily been exercised. However, there appears to be a discrepancy of 26,784,523 shares in issue between the RNS 24th Mar and 7th May, I assume these are part of the warrant block listing. I can't see anything that shows any additional shares but not sure how to see an up to date list of shares in issue. I agree the Broker costs have to be accounted for in the operating costs of the company. I guess if the 27m shares that I am assuming were converted warrants were director warrants, and were not sold, then we would have had an update in director holdings?
I wonder if this is fatboy1nc's Mr 250k.

I would be grateful if someone was to check my calcs as a £10.75m spend in 8 months doesn't seem to align with £3.8m in the bank and fully funded to the end of 2022...

I just realised a MAJOR omission from my post below. I missed the fact that the 23rd Feb RNS included a block listing and that together with the option exercise is an additional £8.55m. This means our 8 month spend was approx £10.75m !!!???
Please feel free to check my calcs and correct any errors.

Akhtar,
Thanks for the info re CASA. IBjust had a quick look and you are quite correct the two RNS were 13 Nov 2019 and 23rd Jan 2020 with the original date being 10th Jan 2020.

I don't know if a deal will be done - a few weeks ago I would have said yes. Very little has been communicated to us via RNS and a deal being negotiated is not an excuse for no shareholder comms. The surrender of options is still a question mark for me - the directors got their options valued at the highest point - which seems a bit too much good luck... I am hopeful for a deal but not convinced. If there is no deal and shareholders haven't been told before now I will be looking for some serious answers. Management will have known for weeks/ months if there is no deal. I don't see any need for an extension even if the deal still need to be signed but that is just my view.

Longfell,
It may be to allow a deal to complete. The airborne survey doesn't cover Fwiji so it probably makes sense to drill it first if it is not dependant on the survey results. However, one does wonder why it is not subject to the survey - is the survey AA driven and perhaps they are not in such a panic to drill.

This is pure speculation but I suspect it's more placing shares moving house facilitated by the broker. The reason could be anything from requiring funds freed up to not liking the risk. News could drop anytime but there's no guarantee we've found copper in these early drills.

Hi F79,
No money has changed hands for the Botswana licences yet. Yeah presumably some of the spend was for drill and soil sample assays, possibly some for drilling, concept/scoping study work, general overheads (salaries, broker fees etc).
I'm not sure if Rothschilds will have been paid anything yet - we were told via the IC that it was a success based fee but I don't believe any of the RNS specifically state what they have been appointed for.

The following is likely to have errors in it so feel free to correct. My interest was piqued by the fact that our cash and cash equivalent postion was quoted in $ this year whereas last year it was quoted in £ and didn't appear to include a cash equivalent.

Cash on 30th Sep £1.25m
Placing 12th Jan and 24th Mar £3.8m gross
Option Exercises and block listing £940k ish
Total £5.99m

Cash position and cash equivalent end May $5.3m (£3.8m)

I haven't accounted for the convertible loan note and have assumed the Casa Loan was not counted in the cash equivalent but am not sure that this is the case. So a £2.2m spend between End of Sep and End of May?

Some payment for the surrender of director options may have occurred.