Member Info for Jerryspaniel

Desert, I think so, but as BTD pointed out, I have already made that assumption.

RK, if the few instos that are here thought there was a fund raising imminent, they would be sellers of their stock, looking to pick it back up in the placing. Happens all the time, as I expect you know.

Betterthedevil, fortunately its not a football team but a gold, copper and nickel mine.

Bamps, I am pretty sure he has said that there is 20m oz in the EB alone....

Fort/CD. You said these were options. They arent, they are inducement shares, so they are gifted shares.

I think that far too many posters are looking at NC as if they had unlimited funds and Telfer as their only asset. So they cant understand why NC wouldn’t have bought the 5%. SB has much more to think about as does their board. The 5% deal was a lot less important to them than many other problems in SBs in tray. So I can see from the boards pov that they might well think, ‘we have already have 70% of this, so if it turns out great then we have a good stake. If it doesn’t we have saved $60m and we are showing prudence, after spending loads on BruceJack and FDN’.
But of course as GGP holders we are delighted.

DBW, old Quadswallop thinks that what Sandeep Biswas said two years ago still holds true, cos it suits his agenda. I am not sure I would believe what he said five minutes ago.
Also on the fund raise issue, it’s either a success or a failure. Any ‘successful’ fund raise that is left with the underwriters is fully understood as a failure. A fund raise that is attempted but pulled, because it will fail, is also known as a failure.
It didn’t succeed, so it failed.
Quadswallop thinks that if investors say ‘we will not support your attempt at fund raising’ , it didn’t fail. It did. Otherwise in Quadswallops view no fund raising would ever fail, as they are only an attempt at fund raising if they succeed. Absolute madness.

For those who have commented on whether NCM would be interested in copper, they have publicly stated that they are interested in more copper, but I doubt quite this much.
Since their initial investment in Solgold they have either invested in or bought:
Fruita del Norte
Red Chris
Havieron
BruceJack
Expansions at Cadia, Telfer and Lihir
So while the grass has been growing underneath Solgolds feet NC have been moving on.
With shareholder pressure for dividends and not further growth potential assets purchases, a sale of the Solgold stake is far more preferable to NC (imo) than further investment. Maybe they could swap it for some kind of NSR over Cascabel, but whether any buyer of their stake would countenance that I am not so sure.

From negligible to about 0.7p. Every little helps!

Flashy, I think Shaun has flagged things up pretty well and no surprises in my book.
FWIW this is what I am expecting between now and the end of January:
Debt finance sorted
New board of directors
NC to produce BFS
ASX listing with probably no money raised
Plus the usual drill results, possibly some corp deals for Tassie (out) and new land (in), plus maybe a new PFS/MRE before the BFS. All IMO of course!

BAndit, I accept that borelli has more options and shares than others. Just wouldn’t have described it as large compared to where we were with GH and CB. Happy to clarify my point.

Bandit, what makes you think a borelli has a large holding?
He doesn’t.

Scag. Thats not a trade, its barely a donation.
Is it worth your time and effort posting?

Yes it would Matty. Guess who was the CFO when Bill was CEO?......

I think they would be physically listed but as no shares would be placed they almost certainly wouldnt trade (as in buy and sell) on the ASX. But of course shares could be placed there in the future as there is a quote. ATM its a technical thing -if it happens.

Great that Shaun was able to explain the stock exchange rules re further funding and why PIs got excluded. I didnt know that and I doubt anyone else here did either.
I also like the idea of the compliance listing on ASX. I was a little concerned that it might lead to a further round of equity but if you pick up the clues from Shaun, he is hinting that it wont be a funding round, that was yesterday.
Also, hardly anyone has commented on beefing up the board. I expect one or two to leave the board before or at the next AGM and we should get some heavy hitters from WA to more than replace them. If anyone knows anything about Australian mining, you will have heard of Bill Beamont. Wouldn't it be fantastic if Shaun could get him on our board? Big money will certainly follow people like him.

Rubbish

As it was a non binding offer, it may have been conditional on getting funding.
The offer of 85m was a master stroke. A trap that nc didn’t fall for but could still be used in Shauns narrative…

In a nutshell thats it. A great day for Shaun, GGP and the investors.
This should get us comfortably to FS and then we can draw down the soon to be agreed debt package, which will see us to first ore. Given the gift that NC gave us last Friday the placing was needed to strengthen the cash position and the discount was really quite modest. Bringing in a new major investor is a brilliant move and they should help with any debt funding too. For those who dont like it, what would you suggest? Run the cash down to zero and have a rescue rights issue? For those that dont like the management buying in at 8.20, what price should they buy in? After all the same people didnt like them buying at 14.5p either.
Sadly the rights process which would allow PIs to come in would take ages and be quite destabilising for a share that is seeing shorts increase daily. It will be a shame if the shorts are given a way out but thats up to the bookrunners not to give them a way out at the placing.
Shaun said that Fridays news was great for the medium and long term. This is the short term which he couldnt address and this now creates greater certainty that those who dream of a much much higher price may actually see it.
We are now much more independent from NC and Shaun is in charge of our destiny and I cant think of a better man to be in that position. Excellent news it certainly is.

Spot on Catbert. Exactly my thinking too.