Richy- your post from yesterday evening is spot on, except that I think we will have 75% earn in completed by the end of this year- 1st stage is done to 50% imminently, only needs another £2.5m expenditure on exploration to get the next 25%. We should be funded for that with the warrant conversions.
I hope they have gone with diarised appointments with whoever is responsible for the final sign off of the permit. This time around there should be no excuse for extending the visit nor not returning without a permit.
"The Placing Shares will be issued with warrants attached on the basis of one warrant for every two Placing Shares, each warrant entitling the holder to subscribe for one new Ordinary Share at a price of 2 pence at any time in the 24 months following Admission and provided that if the volume weighted average price of the Ordinary Shares is equal to or exceeds 3 pence in any period of five trading days the warrants must be exercised within 20 Business Days of the Company making an announcement of such target being met." 20 days should have extra money (approx. £2m) in the company's kitty.
Yes agree , it would be good to get the warrants converted and the company to have the cash to speed up exploration activity. Also they can be converted and sold only once, therefore limiting further sells at these low prices.
Carribean- my guess is that these 300k sells are probably forward selling of the 2p warrants- if the price holds over 3p for the next 5 days or more, then all of them be required to be converted , then there will be no brakes until 4.5p.