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DBW, I think keep an open mind on what's on the table or off the table post merger deal. Much has changed and whilst I agree Nick has mentioned that JV deal not preferred, the reality is... SOLG and Nick have said many things and then done the opposite. So I wouldn't dismiss it.

I think we are at the beginning of seeing those in the shadows moving into the open space now. We've had Mitsui mentioned and their interest 'outed'. We had 'Valuestone' a couple of years ago suggesting Chinese interest but today we have that interest confirmed by the mother ship and not through Valuestone... suggesting that they are happy to be showing their interest now. Mmm!

We've had Boliden, Franco and Osisko mentioned or involved for royalty deals.

After many years of cat and mouse, we now have names entering the ring. Some may be interested in JV's or bidding for part or whole of company and some might not be interested in that at all... they just want a slice of cheap equity ahead of a predicted sale.

For me, the timelines leading up to the AGM are of key interest as that's going to determine how tight the voting is. My question is a simple one... what happens if TSX regulatory requirements delay merger till early 2023?? That means BHP et al go into the AGM with same if not more influence than they had last year as they haven't been diluted yet.

What's the minimum notification date for CGP to get the EGM announced and done?? 14 days? Or 21 days?

I'm still at a loss how SOLG can issue 155m shares to one entity unless they are loaned or connected with the CGP shares?

As per usual with SOLG... more questions than answers come with every RNS they issue.

Agreed - I can't see how SOLG can issue 155m shares without breaking pre-emption rights.

Deal is expected to close on Dec 9th so that's before the AGM and any approvals on resolutions.

A puzzle indeed.

"ToS...the CGP 157.1 million shares will be redeemed post merger...leaving only 23 million dilution..."

I think you'll find that Maxit are taking 2.1m as fees. But just a hunch. You'd think they would take the cash but I guess if you take the shares it's double bubble on a low ball scenario.

All speculation on my part but noses are in the trough and that's a good sign as it means a value enhancing transaction is not far away.

Ortherncopper,

I did elude to noses in trough and feather of nests prior to a sale a while ago. It's par for the course. But very stinky for CGP and SOLG right now. They could have placed the 180m with Chinese in full but instead, it does look like someone wanted to bank 25m cheap shares.

You have to remember that there are quite a few money men involved with this one, from Sangha to Maxit to Irwin and co.

The insider knowledge on this is astonishing and surprised the regulators haven't stepped in.

It's ugly stuff but I guess the markets for you... London banks have been washing Russian money through the system for years and that's a a FACT! So not whiter than white out there so guess we all have to lump it.

I'm just glad that we are nearing the end game and this saga soon to be over. If you strip out all the human beings, nobs, money men and so on... it's not a complicated story... it's a discovery of a tier 1 copper gold deposit which is world class and will resolve part of the global copper shortage crisis that awaits us in a few years time according to Goldman Sachs and co.

It's the bees buzzing around the pot that is messy and laughable. The asset shines and Mother Nature has delivered us an answer to our needs. Now... we just need greed, man and ego's to align so it can be extracted.

Humans... got to love them or hate them!

It's a poorly written RNS and unclear. It's still non dilutive (apart from 25m shares) if they cancel the 6.7% shares post merger. My guess is they are keeping their option open until after the AGM resolutions pass or fail etc. If they get award to issue another 1.6bln as per motions, then I suspect they will cancel the 6.7% shares which would effectively make today's placing non dilutive.

It's unclear at this stage whether CGP will have 20% voting power at AGM as merger not completed. Based on that, it's going to be a bit like last years AGM as the ownership structure has moved but not swung that dramatically. BHP and NCM will not be diluted down to 10% levels if the merger is not complete by Dec 22nd.

Looks to me like the TSX regulators are taking their time and that's a headache for SOLG and CGP.

Yes my bad. No dilution apart from the 25m shares which is nothing at all. But placing price still pants.

CGP can sell their SOLG shares if they want to, but to make the merger more simple, it's being done through SOLG as loan until merger completes. It's just accounting process.

So that's the CGP shares tidied up and a warning signal to BHP and co... you are up against 'potentially' the largest commodities entity in the world. You have absolutely no chance of beating them should you go toe to toe and ultimately it comes down to price.

They have 6.3% now at 17p so that makes the other 93.7% a bit cheaper for them.

Reminds me of Noront... and Wyloo's early stake.

sire_frugalman, correct forgot the 155m (wasn't 157m??) shares were held by CGP so there is no NEW share issue or dilution apart from the 25m shares which they seem to have from elsewhere to make up the 180m.

I guess Maxit pocket the other 2.1m shares as their fee lol! But they have gone someone where???

I think Mitsui comes next once they get all those resolutions through at the AGM. Then they can reward all us shareholders with another 200m share dilution and a placing at 12p.

Seriously... if this is how 'good' Maxit are then it doe snot bode well. Yes, 6% is minor dilution and the royalty took the brunt of it. But 17p placing price for a 6% stake is shameful. 19p would have been just about palatable - 20p ok and 21p par for the course based on previous levels. 26p much more ideal.

There is no indication what the money is for... whether it's for cascabel or for some regional exploration. But assuming it's for a bit of both, then Porvenir could be the play here with Valuestoen previously investing $5m in that via placing at 32p (yes 32p!!). We know that they want to open up possible extension play near warintza, so Chinese might be interested in the South more than the north imho.

Anyway... it's done but as far as Maxit are concerned... I'm not that impressed at all.

The AGM is not going to be a shoe-in unless they pull a rabbit out of the hat, as we've had delays to the two promised updates, share dilution via. a weak placing price and if that was under the old guard, then they would be out on the butts.

Not impressed at all.

Ortherncopper

Dismal post from you

The comment that the CGP stake of 6.7% could be sold before the merger was designed to answer the markets question on exploration funding.

Also noted this morning, Condor Gold has opted to go for a straight asset sale rather than try and take the asset to development.

Sign of the times. It's nigh impossible to get projects funded cost effectively right now due to interest rate rises and inflation.

Interesting that a 'spin out' seems to have been added into the mix. Don't recall seeing that before.

So basically everything that is not ENSA spun out into a new company....mmm.

Or some assets spun out...

I did elude to this a while ago... I think Mather might be taking on some of the grass root projects... just a hunch. The advanced stuff and priority targets likely to remain in folio as potential buyers of ENSA will wants those is my guess.

PFS2 was dead in water due to inflation basically making it pointless right now but move to DFS next year and inflation drops etc then you have a better story. Porvenir PEA disappointing though. No justifiable reason to hold that back imho.

I think you're being very polite 2Luke. Some would say 'ignorance' rather than scepticism!

Super majors don't buy 15% stakes as it reveals their hand and puts up the price of the 85% remaining stake which they still so desperately need to make it viable.

Any numpty would understand that. Some on here are getting desperate with their negative slurs. Embarrassing.

Anyway news out!

On a more optimistic tone... well done Ecuador on putting the Qatar lot back in their box. Good chance Ecuador can make the last 16 which would be great for the nation. England next up to face Iran... can't bear the idea of losing to them... but this ENG side seem capable of delivering if they fire on all cylinders. No point in knocking it about for 60 mins playing safe and possession... just chuck men forward in numbers and blast them away! It's the T-20 style of football that we seem to be missing these days. Enjoy! Should be more interesting than watching paint dry on the markets today.

Ortherncopper,

Rather than make a statement based on just an hour or 90mins of trading why don't you reflect on the average values traded over the last week or two. I think you'll find they are at their highest levels for sometime.

Too many pi's get sucked into watching stocks on a daily basis and need some kind of fix. It's sad as it's not about that at all.

Someone posted on the day that Darryl got sacked that the market wasn't impressed as the sp was about 3% down on value less than 2m traded. Two days later the stock was at 18p/19p and about 20% up from the previous levels.

Classic example of pi's not seeing the bigger picture.

If you were holding Noront Resources at 23 cents, a while ago you'd be reading the same old pis stuff..... no interest, poor volume... when will this dull as dishwater stock do something?? I'm bored... no interest here... this is a dog of a stock. I just want to get out... fed up with the stock but can't bear to take the loss...market thinks the assets are worth 23 cents ... no is doesn't... yes it does coz the sp is 23 cents ...ohhh! That's pi's for you... well not all but a lot of them. As you know, Noront sold off 110 cents a few weeks later. A lesson learned for all those pi's that watch stocks like they are fruit machines... get a life... it's not about a days trading... it not abut a months trading... it's about monetisation and when it lands... the market will adjust. Why? Because it's forced to.

And another 1.5m+ after hours.

Another 5.5m volume day.

Looks like our 1m block buyer has gone home early on a Friday... getting the deal printed during normal hours. How very proper of them.

seanhunter,

Who's Tesla1??

Just use the filter button. Very empowering. Most people do.

Well according to a few sources BHP have got Oz Minerals cheap. Most expected it to be bid into the 30's. Now some might say that even BHP might have been ready for the $30+ mark on Oz deal. So in theory, BHP might have some decent change left over that they were not expecting like $1bln to $2bln.!

Now I wonder whether BHP were waiting upon this Oz Minerals deal to see how it goes before deciding on making a SOLG bid??

There are a few ways you can look at this. It could be the starter to a bid on SOLG or it could be the end of any such plans. Eitherway, BHP got off light so are more cashed up than they expected imho.

Agree, bit disappointed by the Oz Minerals deal, especially management backing it when majority of analysts had expected nearer $30 to $40 level. BHP have done well there, $28 is a steal. It's good value for BHP shareholders and not great for Oz Minerals. Shame no other party came in to counter offer or get involved. I expected a better fight on that one.

Does that rule out a BHP bid on SOLG? Possibly.

Are there many other interested parties out there... I believe so!

Is Ecuador too big a leap for NCM... I think so, so am ruling them out.

Cut the CGT allowance from 12.3k to 6k from April 23 onwards. And down to just £3k allowance from April 2024.

That's going to annoy a decent amount of the pi investing community.