“Our first hearing in the High Court is currently scheduled for the 11 January 2019, however this may be delayed if changes occur within the office of the Attorney General following the election.” The new government will cause yet another delay imo and that will mean no investment and a placing will be needed imo far too risky buying now when it was 1.3p last week and an rns saying court case delayed will most likely be announced before 11th Jan in which case it will most likely fall back to 1.3p with a placing required
They haven’t paid anything though that’s the point it’s a term sheet conditional on the government granting the license, no license then no money, next rns will most likely be court case delayed until mind 2019 imo
Some ppl just love getting spiked in illiquid shares! Nothing new in the rns today yet ppl paying 30% more than yesterday lol. They have been rejected 3 times already over the years the latest rejection been in August and they haven’t even bothered responding to the latest appeal, they say pat no longer own the license! Placing imminent or it’s lights out here
Only 350k cash left 3 months ago!28 Dec 2018 09:03
Not looking good, a placing will be required if the court case is delayed imo “A hearing date is set for 11 January 2019, but the GoR is yet to file its response to MMI's Writ Petition and we anticipate delays from the impact of staffing changes following the recent elections in Rajasthan and general bureaucratic tardiness.”
Unfortunately after doing further research it looks like we have been well and truly spiked. The final results will most likely show that they have hardly any cash left and the going concern statement will very likely depend on the court case been won as does the new investment. The odds of winning the court case look bleak given the government have rejected the license application 3 times already the latest been a rejection in August stating PAT had been rejected for a number of reasons including the rights belonged to someone else! Looks like this will need a placing very soon Because if they lose the court case it’s game over, decided to sell up today before the final results as can see this going back to 1p, good luck all still holding
Hmm it is all starting to look a bit suspicious here, final results due in next few days be interesting to see how much cash they have left if any and the going concern statement. They mentioned they expect the court case could be delayed... sounds to me like they may already be making excuses already after 3 rejected license attempts over the years, anyway written this off now if it goes back to 1.3p I may average down but a placing is looking very likely as is a court case delay rns
The GoR has rejected the PL Application for the following spurious reasons:
1.Â Â It considers the Reconnaissance Permit (RP) it granted to MMI to be Null and Void because the application was filed in the name of Metal Mining India Limited and following a change of name the RP was granted to Metal Mining India Private Limited.Â Hence different companies - therefore the RP grant was invalid.
2.Â Â Â The change of name constituted a transfer of the asset and there was no provision of transfer of an RP under Mineral Concession Rules, 1960 (MCR 1960).
3.Â Â Â When the RP application was filed a 38.793 sq.km area was reserved for the Geological Survey of India (GSI) and 17.84 sq.km was overlapping with a Hindustan Zinc Limited (HZL) granted PL.
4.Â Â Â On the date of filing the RP was restricted for grant because there was a restriction in place for grant in Tribal Areas pursuant to a Government Order dated 05.09.2000.
5.Â Â Â The area was reserved in favour of GSI from 27.09.2009 where GSI carried out work till 2015 and defined a resource. GSI has expressed intensions to carry out G-2 level exploration in the area hence this area cannot be granted for PL.
If you do some research though it’s clear that the next news will most likely be negative and that’s the final results due before year end. They will be running on fumes and I can’t help but think yesterday’s news was to get a placing away. The government rejected the license 3 times there is a chance they will reject the financing application too as according to the government PAT dont own the license
Final results are due before end of the month and it looks like they are running on fumes so a small placing may be required imo especially after today’s news. This is now basically a 2019 play on them getting the license either by winning the court case or the government finally granting it. I note they have been rejected 3 times already by the government for a license over the past few years so I Guess it’s down to the courts to decide. If they win then they unlock today’s funding agreement, if they don’t then there’s no exploration and no funding guess it’s quite a simple court case license gamble really. Patience required now as these things tend to drag on but happy to stick these in the bottom draw for 6 months and hope they win the court case and unlock today’s funding arrangement. Hopefully the court case is not delayed as they alude to in today’s rns
Investors really need to hold for the court case in 2019, company expects it to be delayed so I would say a 3-6 month hold for the court case result, if positive then pat gets the investment announced today, it’s been rejected multiple times so hopefully the new government will finally accept the license application, final results will be released this month so we will know how much cash they have then, about £200k is my guess
If they get the license later in 2019 then the investment is made, so yes the investment is at a premium price because it’s dependent on the license been granted. If it’s not granted this will be back where it started today at 1.3p if it does get granted in 2019 then it’s fireworks it’s as simple as that justvhave to see how it pans out. They have been in court for years trying to get this license so hopefully this time they win the case, fingers crossed happy to hold into 2019 see how it plays out
Agree hopefully they finally get the license granted and win the court case then this new funding can be unlocked! They have been trying for many years to get the license fighting in court for years so hopefully this new potential investment is the key to getting the license granted! Obviously the investment is dependent on getting the license so fingers crossed they win the court case and it’s not delayed
It’s down this much because the government refused their license application that’s why there is a court case! If we win the court case we get the investment announced today so yes big risk but big potential rewards,
This will do 300-400% today, Indian investor buys stake valued at 16p a share, quality bod, quality shareholder base tiny free float, African gold assets with excellent grades, look at the mcap!! This will be the biggy over Xmas period imo it’s stunning news it really is
Quite simply the best rns I have read on aim this year, investor buys a stake at over 7 times the current share price!! Massive news absolutely massive no ramp needed here this will hit minimum 8p massive bagger on the way
You guys do realise the Jorc is tiny don’t you? 1.2m of ore at 2% is pitiful, MKA has 30 times the resource to put it into context. How can they afford to mine the new area at 2%? Can’t do that with shovels well overvalued this company a £4/5m mcap is more realistic imo