Member Info for Highside

You have my problem this morning shed :-) i think you mean £320k -)

Sorry, my earlier post should have been, i was looking back to see how much they paid for toral was its £400k or ?

I was looking back to see how much they paid for moonlight ? was it £450m or £650m ?

I came across this which made me laugh, almost the exact phrasing as we got this week

Since the beginning of 2016, parallel to the previously announced review and strategic refocusing of the group's assets and corporate structure, the Company has been progressing a number of new potential avenues, both independently and in conjunction with our existing partners and various third parties, to generate value for our flagship Moonlight project.

within the year that flagship was sold off for a nominal amount.

You cant say i didn't try and tell you Bricks both as Bobby Beal and Highside. Over the 10 years i have been following this there has been a pattern. I have not believed myself on occasions so i dont blame others for not believing me but for me its just damage limitation now.

Thanks for that Mr T

However other mining companies might have other projects on their books but right now surely LR has a priority for our cash and his attention and its not on a undecided project in an undecided country.
Raising money for a new project when your current project and SP is at an all time financial low ( in the life of EUZ) needs a better explanation than that, quite frankly what he has said is an insult to our intelligence.
I get there might be reasons he cant tell us what's really going on so say " i cant tell you what's really going on" and dont try a fob people off with this nonsense.

You dont raise at 5p when the SP was near 15p earlier in the year for a project that...you dont know what it is ,where it is and is simply a pipe dream when you cant even properly finance the project you have.

Hi Bricks

When in doubt do nothing i say. Let the dust settle, lets see the results and lets see if any new investor declares.
LR might realise he has opened several cans of worms and use the accounts statement to try and clear up a few points.
i think he probably knows where he is going, he just needs to fill in the blanks for the rest of us.

Best
HS

Out of interest we just hit 600k buys and 600k sells. dead even.

Yu could be right shed, at 12.48 there was a 141,176 code ....and its a Thursday ! :-)

Thats the problem now grappa
I seriously thought about buying a chunk today at 5p , sh*t or bust :-) surely its bottomed out at the price others were keen to get at with the placing?

Trouble is thats what i have thought at every placing and every drop in the past and yet i was wrong every time now its at an all time low....again.
It will need a sustained rise to tempt most now, not a huge rise but if it could just hold its price it would be a start.

tsbs
The value of your investment halved ? well yes maybe over the last 3 days but its down 91% over the last 3 years on an SP of 60p since the inception of Toral.
However you dress it up EUZ effectively went bust just before the consolidation, without clever manipulation of the SP it would never have been able to dilute and raise £2m a year or so ago. this time its got away with it again with a 42% discount and a book fill placing. Sorry but given the quality of the asset ( we are told) the buck has to stop somewhere and as nice as i am sure LR is...........he is failing miserably and soon there will not be a magic money tree (placing investors) left to prop this up anymore. It needs new impetuses

Shed has his teeth into something IMHO, Keep at it, it does seem odd MC was not available to comment . Maybe with the progress of the project and drilling near complete he has outlived his usefulness given his salary and the shortage of cash ?

AUCS

RNS like yesterdays are always dropped out of the Blue. They couldn't really say they were doing a placing or even hint at it in advance because it would collapse the SP . As someone else said, rights issues are very costly and EUZ needs to raise as much as it can as cheaply as it can.

One other point crisp

"To me from the RNS, the Toral is in a place to be sold"

Does this sound like toral is in a position to be sold

The net proceeds of the Fundraising will be utilised by the Company to pursue its refocused strategy of seeking potential additional projects/transaction opportunities that could add shareholder value, to further progress and de-risk the Company's wholly owned Toral Pb, Zn & Ag Project and for the Group's general working capital purposes.

Further more if Toral was even on the cards to be sold they would have serious questions to answer about the 42% discount and the timing of the placing.

Crisp
i think the point is people here are very much aware that the £1.5m is not going to go far. however i suggest that was all they could raise for various reasons not least the limit on new issue shares. The question this throws up is if £1.5m will not go far, why are they looking for something else to buy when they haven't got funds to see this through another year.
Yes some drilling is complete but more drilling is planned as i understand it ? and day to day cost are rising with increased staff and warehousing ? The idea that we could have £1m spare to look for another project is laughable IMHO.
What LR has done is throw in to the mix the possibility that Toral is dead in the water and we need to find something else ASAP . That might not be his intention but because he hasn't said otherwise, thats the conclusion people will reach.

Good post T
The bit "a list of possibly areas for spending." about sums it up.

Normally i would agree with the idea of a Q&A on Zoom but i honestly dont think they have any answers to the inevitable questions.

Crisp
" I want like yourself to find out the true point of the placement."
I told you before they burn about £2m a year at present. they ran out of money. Raising money in todays market for companies like this is near impossible especially £1.5m with a valuation of £2.5m. They detailed exactly what the money is for ?.

You are both probably right, speculation has lead to this weeks disappointment. Had we just gone by the facts then the placing would have been expected and the EU would have had a small look in with a small loan to help a uni project.
Lets leave it and see what happens with the results in a few weeks if nothing else happens in the mean time.

Shed
That was my hope/thinking behind my "happy hat" post . Could a new BOD member with skin in the game and experience in the second stage here( after the ground work) be on the cards.

If you were in Total despair you would probably be looking at an investment that had shrunk so far it wouldn't be worth taking away in a heart beat :-)
The despair comes not because you might not get your 5p back up to 10p and double your money as it stands, it comes because its never going to go to 65p and get all your money back ...lol

Right putting my happy hat on LR has mentioned a couple of times the value of the new investors knowledge of the markets.
almost an admission he needs help with this which is a good thing at last
Ages ago i said on here i would be happier if potential large investors either put a man on the BOD or took an active interest at least. I think now there is a possibility that the guys that took up the placing may have experience and have a say in direction. Its not quite the same as the BOD having skin in the game but investors with "skin" on the BOD might be as good.

It is hard to separate EUZ from Toral, Another project or two , even if they are just assets on ice would make that separation. Preliminary work may be possible reasonably cheaply and they would at least be ready to go as soon as funding became available from the sale of Toral or a JV. The alternative for EUZ would be a company with nothing but a bag full of cash if toral came good with no ongoing plan.
I'm clutching at straws and really we shouldn't have too but without effective communication between the company and its owners there are endless scenarios and the bottom line is we dont know, never really have and probably never will.
The real worry for me is time frame. Most LTH are way too far down to get out and really the recent news has only blurred the chances of getting money back and for those who are older or retired its now a real possibility this could run and run i fear.