Member Info for goingunderground

Good suggestion Kevin. Thank you. No odious people talking rubbish. That's much better. You're a star

Nothing going on.....no gobs on sticks talking rubbish. Notable by their absence

Au contraire

There will be a reason. He doesn't just get up one day in 7 years and think, I'm gonna blow a load of dosh, (after a consolidation is announced) Remember its increased the value of all of his shares. Maybe there is something going on behind the scenes that is conditional. I'm sure he's hoping this price holds. His equity took a leap on the back of £150k spend in his pension fund. Lifes a game ;-) The reason will unfold, you can be sure its not for the love of the PI's

Troajan - "the last conversion notice from atlas,7 weeks ago for 100k...is a very small amount.
or about 4/5 tons. we cant be far off,not even needing,that credit facility"

You know how CLN work ? WRES have had the £100k, actually they've had £1m. When Atlas convert WRES don't get a bean of that, they've already had it when they did the drawdown. Atlas convert their debt into equity on their timescales, nothing to do with WRES.
Atlas scored a blinder on their conversion yesterday. WRES HAD TO PAY ATLAS CASH TO TAKE THEIR SHARES.
Strike rate effectively of 0.0798p per share.
I hope this is clear enough to you.

Honestly.
1. "Blackrock needed to approve any conversion done by Atlas" NO. Blackrock will need to approve drawdowns, NOT conversions. The conversion is done on Atlas terms anytime they like.
2. "If we get a 100 tons a month" - W and Sn ? Metal or concentrate ?
3 " if we start using Regua ore " Regua ore was not included in the FID. It should be doing 225t/month W Concentrate from LP alone (last average for 2020 Q4 was less than 35t/month W Concentrate

Too much glibness.

Getinthere , your maths is shocking unless you are trying to mislead

“ It cost MM £795,000 for 1,500,000 shares x 53p details below:-”

I think you mean £79500 @0.53p

A little naive Troajan. He draws £240k + Expenses pa. This is his first purchase on the open market since Oct 2014.
You really think there is not a placing coming ? You will be proved wrong.
Do you think he cares about PI's ? His past record would call you out on that.

Not yet Nom. Lets see what the price is on Friday. Then lets see how many shares are dumped before COB on 31st prior to consolidation

To answer your question though. I think his biggest contribution is the avoidance of further drawdowns from Atlas. (so far)

Toungueston

https://secure.i.telegraph.co.uk/multimedia/archive/03269/handover_note_3269313b.jpg

I'm saying what I said. He was not around when Atlas came on board.
Having just quickly taken a look at the RNS since his arrival. I do not see anything particularly bad. Yes, they have being paying their bills in equity, but that would be preferable to further death spiral advances from Atlas.

Placing after consolidation looks to be pretty standard, If the have 600t/quarter production hopefully they will leave the placing until after the production results are announced. If they have the expected (By me) 100t/quarter, well then expect the placing before results.

Seawolf. If you meant how many shares have they converted and still hold ? I have no idea. Not sure anyone but them will.

Tounguesten, you cannot blame the CFO. He is hamstrung. The Atlas facility was in place before him

Seawolf. They have another £500k worth of CLN's. £3m still available for WRES to Drawdown if they were desperate enough
Franny, thank you for caring. No. Just for this type of reason (and the fact that production is not sufficient to pay the bills)

Frankly, on those terms I'm amazed Atlas did not convert all outstanding CLNs. They still have £500k to go yet. Atlas must be expecting even easier pickings to come

So that's an effective strike price of 0.0798
(100m shares @ £79800)

As the conversion price was below the nominal value of a W ordinary share of 0.1p per share ("Ordinary Share"), the Company has agreed with Atlas that it issue 100,000,000 Ordinary Shares at a conversion price of 0.1p per Ordinary Share. In addition, W will pay £20,200 to Atlas as compensation for Atlas being unable to convert at price lower than the nominal value of an Ordinary Share.

It is, I agree