Member Info for ICB888

I am expecting Ed to be banging the drum about this LEAP news on Proactive before too long. It’s a big step forward to continue building value and get ever closer to the liquidity event.

Ed McDermott, CEO of SEED, commented : "We are extremely pleased to see the UK license finally awarded to one of our long-term investments, Leap. We feel this key milestone was critical before any liquidity event for Leap's shareholders. The board of Seed and I want to congratulate the team at Leap for their hard work and patience to get to this point. I will continue to work tirelessly alongside Yariv and the board to see through a public listing".

Yariv Lissauer CEO of Leap commented: "We are delighted and honoured to have been granted the UKGC supply license. The UK is a very important territory for Leap as it is one of the prime gaming markets in the world. The UK is a key benchmark and a trendsetter for most of the gaming jurisdictions globally and serves as a hotbed of innovation. Moreover, the UK is also within the footprint of many of our live and contracting partners, and we look forward to roll-out our content there shortly".
Excellent News. Leap’s value keeps increasing and this is a major landmark which the market should take note of.

19 May 2022

Result of Oversubscribed Placing and Subscription

Chariot (AIM: CHAR), the African focused transitional energy company, is pleased to announce that further to the Company's announcement released at 4.38 p.m. on 18 May 2022 (the "Launch Announcement"), the accelerated bookbuild has closed and the Company has conditionally raised gross proceeds of US$25.5 million (GBP20.4 million) through the successful Placing of, and Subscription for 113,333,334 New Ordinary Shares, in each case at the Issue Price of 18 pence per Ordinary Share.

In addition to the Placing and Subscription, and as set out in the Launch Announcement, the Company proposes to raise up to a further US$4 million (GBP3.2 million) by the issue of New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price on the basis of 1 Open Offer Share for every 47 Existing Ordinary Shares held on the Record Date. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility. Details of the Open Offer and the action to be taken by Qualifying Shareholders to subscribe for Ordinary Shares under the Open Offer will be set out in the Circular, which will be sent to Shareholders on 23 May 2022.

I took my entitlements in the last to open offers at 5.5p and 7p and took extra at those prices. Needless to say I am very pleased with my gains although when the placings were announced I was none to pleased due to the discount to the previous do’s.
With the benefit of hindsight I think the 7p placing just as drilling was starting was a great benefit to shareholders. It curtailed a serious rise in the sp while the drill was underway and the inevitable profit taking prior to completion of the drill. Instead it encouraged shareholders to buy more shares at 7p and look how well that turned out when the drill results were announced. The difference this time is it’s a certain winner because the board essentially know how good the CPR is going to be and how much the sp is likely to rise. Raising the money now will allow the coming rise to run its course without investors thinking another fund raise is coming at the higher price. Also the CEO can invest another £500000 at 18p something he couldn’t do in the market because he has inside information about how good the CPR will be.
This looks like a win win situation for all parties and gives the Board maximum flexibility to go it alone or negotiate a high price takeover.

My comment about news on a deal with Big Tech by the end of Q2 was based on their statement a year ago about an IPO in Q2 2022. I have presumed that they have pursued the Big Tech possible deal as a better option but would want to stick to a similar timeline for financial reasons. Just my thoughts but clearly a lot of other factors may be causing delay since they set the Q2 target.

We know that Mark has been talking to people about finance for some time and we don’t know how long the current 3 he mentioned have been in the data room. They can always reach an agreement in principle subject to any outstanding information being confirmed before the funds are advanced.
I expect from what Mark has said that we will have significant news around the end of this quarter or early July, but obviously you may have a different view.

Just a reminder of what was said in the Dynasty update RNS on 7th April 2022 :
“ With regards to a potential listing, we remain open to all options but are not currently tied to any one specific direction or timeline. We are continuing ongoing discussions that would potentially provide a different outcome to an IPO. Our board and hardworking team will continue to act on the best interests of our shareholders."

Derek Lew, Chairman of Blue Star Capital said that: "I am thrilled to see the ongoing progress being made by Matt and his talented team at Dynasty. The securing of these agreements demonstrate the team are executing their strategy and reinforce our belief of the growth opportunities that lie ahead for Dynasty. From a Blue Star perspective, I am also particularly pleased that they have numerous options open in terms of how they continue to scale the business globally."

The most obvious reason for no IPO being announced in Q2 is that the talks with the Big Technology company are progressing well and there won’t be an IPO. We were told about those talks some months ago so hopefully we should have formal news on a sale to Big Tech or a large shareholding acquired before the end of Q2.

DDD
Thank you for sharing your trading information and your thoughts. There is not much interest in selling at this level and I think the recent rise to 37p was difficult to get going due to lack of liquidity. But once it got going it produced a rise over over 20% in a week. That rise was in anticipation of news so actual news will move it very quickly and much higher. Remember the rise from 40p to over 60p at the start of the pandemic and we are now much closer to production and/or a sale.
It has long been my impression that Mark always intended to sell and the BFS and the finance discussions would be the perfect catalyst to make that happen. I am not expecting to wait very long for the next rise and I think your 50p is very much a minimum. Exciting times.

There is always some reading between the lines but we are pretty clear what’s going on from the last RNS and some interviews where Mark gives us some details he can’t put in an RNS such as the possibility with a major player of a big copper opportunity. The copper opportunity is covered by an NDA. The major player may well be Rio who also are behind Calibre, so gold and copper could become a combined deal.
We know the BFS is virtually complete and that a number of financing discussions are on going in the data room. We know the BFS is probably Q3 but as the finance companies are in the data room looking at all the BFS information it is not the case that nothing is happening until Q3. It’s happening now and it seems to me that the people for whom the BFS is produced actually have the information they need. It’s only 6 weeks till Q3.
You saying the sp keeps falling but that’s not really true as since mid March the sp is on a clear rising trend with peaks of 33p, 35, and last week 37p the highest close in 6 months. If the traders want to play with 3p up and down so be it but I hope they miss out on the big rise. What we could do without is the agenda driven negativity of the traders which gets very tedious. Fortunately most people can see straight through it and take little notice as the rising trend demonstrates.

I just revisited Marks interview a month ago at the World Gold forum. He mentioned that some big mining companies were discussing earn in’s to the project. A very big company who’s primary interest at the moment is copper has signed an NDA and is considering an earn in with say a 60/40 split in Condors favour relating to 20-30 million tons of copper. The big company takes all the financial risk regarding the project. A little latter he mentions that Rio are currently focusing on copper in Nicaragua. Rio seems a strong possibility.
Other big companies may discuss earn in’s on gold which is becoming popular with some of the commodities focused Royalty companies.
Mark is currently en route to Nicaragua so let’s see if he can bring us some big news before he leaves.

Mark is talking to the Financing Companies inside the data room who essentially have access to the material that will be in the BFS when it is “formally” released to use Marks words. Essentially the people for whom the BFS is prepared have access to 99% of what they need and have had for some times. It seems to me that there is little real delay in the process of BFS followed by Financing and they will probably occur almost simultaneously fairly soon. The usual suspects are peddling the usual deramping traders placing below 30p. However as the BFS and financing are very close now why would Mark do a placing before the substantial rise in the share price that will occur at that point in time. Mark wants to minimise dilution so it makes sense to raise the equity part of the final financing after the debt financing has been put in place.

It seems to me that the issue of the BFS and a deal on Construction Finance are very close now and just weeks away. I don’t think there will be any interim fundraise. Mark wishes to minimise dilution and will not want to issue any equity until the sp is much higher following the BFS and Financing announcement. That would seem the logical approach in the best interests of the company and it’s shareholders.

The BFS is prepared to show to Finance Companies so the fact that they are already talking to them means we are not really losing any time by not publishing the BFS.
“ Project finance discussions are underway with potential providers of project finance who have access to Condor's data room under confidentiality agreements.”
Mark goes on to say:
“ The Feasibility Study on La India open pit is almost complete, the formal announcement will probably take us into Q3. It will put the Company in a position to pursue various project financing alternatives, some of which have already been initiated.”
He talks about the formal announcement I think because in effect it has already in 99% final form been made available to the finance companies. He also says it will “probably “ take us into Q3. So it could still happen in the next six weeks.
It seems to me that people are having an issue with the delay in issuing the BFS when in reality it isn’t delayed because the people who need it have essentially got it probably when it was originally supposed to happen by 31st March.
As the financing talks are underway I don’t believe in reality that there is a delay. It doesn’t matter what the shareholders think of the BFS, it’s what the Financiers think about it.

In the Times Business section earlier this week Jim Mellon received $150 million when a Biotech Company he held shares in was bought out. Perhaps Jim will finance it with his spare cash!

The financing discussions with various parties are underway while the BFS is being finalised. The BFS will probably slip into Q3 but let’s remember that’s only 6 weeks away. So it seems likely the BFS and the financing will happen at the same time. Looking good and not issuing the BFS formally is not delaying anything as the financing teams are in the data room looking at all the BFS data.

The third UT of the day at 2pm again at 37p and this time 125000 taking today’s volume to 580000. Someone remains very keen to buy at 37p. If Mark is able to slip something encouraging into the AGM we may yet see 40p this week.
It would be very unusual to make a major announcement at an AGM and it would need an RNS but perhaps an update on timing.

I appreciate that most people are aware of this but I think it is worth making the point that Satoshipay/Dtransfer/Pendulum’s use of blockchain is in no way affected by the volatility of Crypto currencies. In fact they are setting up a stablecoin precisely because the volatility of Crypto’s such as Bitcoin make them totally unsuitable for foreign currency exchange using blockchain. Satoshipay gave up using Bitcoin many years ago. The upside for BLU remains very strong and there is no cause for panic on days when global markets are red.

Closed back at 37p on volume of 301000. Holding the gain made this month.

Mark did talk about mining copper with a major in a recent interview, so there is a conversation going on there which could potentially help with funding for the gold mining as well as getting the now very sought after copper mined. Hopefully news is close as we are seeing this increasing sp and volume.