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29. Events after the reporting period
On 3 August 2022, the Company paid £343,308 as part of the final consideration for the
purchase of Tyacks. The final payment of £482,155 is still due to be paid These amounts
have been accounted for as a deferred consideration creditor in the accounts.
"On 18 July 2022, the Company entered into a Convertible Loan Note Instrument with Koenig Vermoegensvermaltungsgesellschaft MBH (“Koenig”), a company incorporated and registered in Germany, for £2 million at an interest rate of 8% per annum. The conversion price being agreed as £0.06 per Ordinary share, save that where the price per ordinary share falls below £0.06, the conversion price shall be 90% of the 10 day VWAP price of an ordinary share. 266m warrants were also issued to Koenig, at an exercise price of £0.0085 and are exercisable for 2 years from the date of grant."
https://caracalgold.com/wp-content/uploads/2022/11/REPORT-AND-FINANCIAL-STATEMENTS-November-2022.pdf
I'm guessing this may have been taken out to cover the £2m owed to Orca, as both companies share the same MD.
An updated status of both CLN's(never RNS'd - Grrrr!) and their closure, would make me a shareholder again. Can't invest in companies with CLN's, especially ones that don't tell you they've taken them out at the time!
GLA
Imlom,
Snap was in MARL for quite a few and was my first post here on 17 April 2017! Now those where grades and widths which I'll never see again! Two systems merging to create an astonishing deposit.
Had to be an underground mine though and not Open Pit because of the Topology and not forgetting the not talked about graveyard over the deposit!
Weird why Sandstorm renamed it to Hod Maden.
This years resolutions 9 & 10 are identical word for word with resolutions 7 & 8 last year.
To only allot £1.65m of shares get's my vote, especially with them securing $13.5m financing without issuing a single share. Just imagine what that dilution would have been!
Hopefully some of the cash they've secured goes to pay historic monies owed.
In addition to that filing, today the Group also filed their accounts to Jun 22 on Companies House, although they did it on Global Filings 2 days ago.
Not a bad today today to drawdown on finance at a secured Pog of $1815 for the duration of the prepayment, which is $165 above the scoping study number.
That's the way other previous OCIM deals have been done, with them probably forward selling the Gold at a higher price, thus making their margin. Futures market : https://ibb.co/9nwbXmF
On that thought, the conservative HL recovery number used of 46%, which they stated they're getting 10% higher, will no doubt be even higher once they add the planned crushing circuit as part of the expansion.
Haha Trek, I read both of those RNS' as well :-)
"potential" parallel gold system, but they're only doing field mapping atm, which is the first phase of exploration. Soil samples should also be taken with a pinch of salt; the Geos will always select the shiniest samples.
Suggins,
Forward selling gold also means that OCIM and Philoro can access the Futures market and sell that gold at a premium to today's price. It's currently $1865 for Dec 23.
See my screen grab of live prices : https://ibb.co/hmjXPqd
They may well sell those ounces per month over the period ahead of the deal, so acting like a bank making the margin between savers and people wanting loans.
That's how I reckon they make there money, not much of a discount to spot on the day the funds are drawn down, which although not mentioned yet is the way OCIM do it from what I've read of previous deals. It also provides a hedge for GCAT as Gold is sold at that fixed price over time, in case Gold falls.
It's there
"Well done to the Caracal team #fullyfunded#gcat#OCIM#Philoro. Vim Rutha results and Kilimapesa project economics this week
8:39 AM · Dec 12, 2022"
https://mobile.twitter.com/MccraeRobbie/status/1602221551067316226
Robbie recently talked about getting the Lab accredited for independent verification, however I think the main purpose of the lab will be for grade control drilling during production to ensure their supplying the correct grade as per mine schedule. Plus obviously used for QA/QC to prep exploration for external lab verification.
But would be great to do the independent external verification onsite, to save both time and money. That would be another tick in the box for the preparation of setting the building blocks for the future.
Looks like Bebeto's forgotten about the sustaining capital that is being spent on plant upgrades and the plant downtime while Plant 1 and Plant 2 were decoupled, in order to enable the expansion to 2k pm
Then making up his own numbers and stating them as facts. What a waste of a Saturday!