Member Info for Ivybush

My take on balance, is positive.

CLN and bridging loan to convert to equity shows confidence.

Pretty heavy dilution and future 10% as warrants but at least working capital secured.

Dr Bradbury [CEO] has experience and history of mining turn round.
Here's hoping he is successful at RMM.

My guess is that funding discussions are going favourably hence sp increase.
Future copper outlook positive with ev's development.

Mix of placing [after consolidation as agreed at AGM] and loan [maybe cln?] imv.

Do not personally see company going private.

@MLQ Thanks for clear satellite images, especially of Zamin Port.

I did not realise there are also about 200 further wagons here to be rehabilitated.

Great prospect for us, lets hope we can agree with bank consortium creditors soon.

Plenty of meat on our bone---especially for Maddog!

In a post on 7th June 2020 I stated:
"My fear,however, is that the bank consortium who currently hold a charge over the Amapa mine
assets, will use every legal weapon to protect their interests. To lose their case will mean a write
off of millions of dollars. Not sure what appeals, if any, are available but I am sure they would
explore all avenues."

At last we have funds in hand to hold out whilst negotiations/appeals are continuing.
Clearly local political will for mine to recommence production, so I remain positive.

@Observer842 I guess only the BOD [hopefully] know the full CLN conversion details.

It would be good if we could repay anytime but only have conversion rights at certain dates.

I doubt that. When the loan was taken we did not hold any aces, so could not choose terms,
but I would like to some conversion now and us repay the balance. Bit like the celebration
when you paid off your mortgage, a good feeling!

On latest RNS, Loan Note outstanding £1.7m Placing £1.25m
Leaves shortfall of say £500k

Does anyone else feel that the loan consortium may have indicated a wish to convert
a good chunk of debt to equity. Although, of course, further dilution now, we will have
plenty more to come, in any event, if Amapa gets developed as expected.

Despite the immediate drop in sp, if a large conversion at 12p was made I would see this
as a mark of confidence and a continuation of positive sentiment. Was this why the full
amount to repay CLN was not raised?

@Cause17 your post 10.09 sums up the present situation exactly imo.

After every placing there are short term holders willing to sell, and that is where we are.

However, I have [and Bannor will concur!] always felt that the CLN has been an albatross
round our neck. Freedom from this is well worth a short term hiccup is sp imv.

Will certainly add more if sp goes below 12p. Remain positive for future.

I am more positive than "hopeful resignation".
Alan Green has been a fan of kdnc for a long time.

Regular posters here will know that I have been advocating for enough cash in the bank,
as we have no regular income, to see us through the Amapa negotiations.
Now we have sufficient for our immediate future needs I expect to see an upward move
in sp once the weak holders in placing are taken out.

The CLN repayment is definitely a must imv.

Thanks @observer 842 your post of 12.18 is exactly the one I was referring to.

My capability of reproducing such items is, sadly, very limited.

@Observer 842 A little bit of detective work for you!
If you Google coronavirusAmapa you will find a regular update, relating to the State.
For Monday 17th Aug news there was an item on Public Agencies services resumption.
State Agencies such as Economic Development/Rural Development etc.

These management bodies return on 24th August.
The State of Amapa has to provide documents to CDSA the port operator.
Could this explain the delay? otherwise I would have expected shipment by now.

Now that kdnc has cash reserves [with no future CLN payments] to pay Directors salary
entitlements to date, will any of the BOD be participating in the placing?
Would be a telling sign.

@Obs Afraid I am of the "old school" and would consider that action rather underhand.
Unfortunately for me, perhaps, I would wish my dealings to be completely open
and not be given preferences.

Nevertheless on this occasion I was able to add considerably to my holding at prices
below the placing, so not at all upset.
However, I consider a public offering should have been made in this instance.

@Observer842 re 09.48 post.

It was me who asked the question at last AGM. Trouble is nothing has happened.
As you are aware I lost confidence in BOD until cap raise was made to cover expenses.
Would have been nice to partake in that event. I certainly would have!

Yes I know these particular warrants were as a result of CLN renegotiation.

My point is shareholders should be given some equal opportunity occasionally.
Maybe as this is AIM we stand little chance. AGM question?

As the shares in the exercised warrant will not be admitted until 20th August, I guess the shares
sold were part of a larger holding [or borrowed] from the same source. Thus perfectly legal.

On a cap raise new warrants should be available for all holders to participate.
I know it takes longer and more costly but this has never been tried by kdnc.
Why let pals of W H Ireland have all the cream?

Agreed charts now looking very positive--broken well out of 6 yr decline.

Topped up with more this am @ 12.50p should have done so earlier and not hesitated.

Whilst not directly applicable to Port Watching, I posted the following on 7th June.

"My fear is that the bank consortium who currently hold a charge over the Amapa mine assets,
will use every legal weapon to protect their interests. To lose their case will mean a write off of
millions of dollars. Not sure what, if any, appeals are available but I am sure they will explore
all avenues"

Seems that the courts are giving them leeway and time to coordinate an agreed response.
Meanwhile the jrp remains intact.
Still see the eventual outcome as positive for kdnc, in the meantime we have cash to continue
to operate throughout this delay. Would appreciate an update from BOD though.

@Mrc Yes I am back reinvested here.

My gripe was lack of working capital to withstand any delay in Amapa ore shipments, bearing in mind
this was originally going to commence Dec 2019. Shortly after that time past I was advocating a cap
raise [instead of assets sales] to see through this delay.
Eventually --after I had sold-- an equity cap raise was made. i then began to reinvest and have added
regularly. Hope to regain my losses eventually, now happier. Cash in bank now for running costs
gives BOD room to negotiate without fire sales of assets.

It would be a sign of confidence to the market that we are proceeding as promised.
Alternative is only further procrastination--and we have had enough of that over the years.
Let us see the BOD leading for once.

@Bannor Agreed. Get the ore shipment commenced asap and then take our 20%.

Now we have cash in bank for immediate future months running costs we have plenty of time to
finalise secured creditors negotiations. If creditors are being unreasonable the courts will surely
side with jrp conditions and allow progress to commencement of rehabilitation, paid for out of
ore shipment proceeds.