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"It’s actually rather worse than this. It’s extremely unlikely that Vast will get a placing away to raise sufficient money to pay the lenders what they owe them at the end of this month."
VAST do not have to do a placing to pay the lenders at the end of the month.
For gods sake read the RNS again.
In order to show good faith towards repayment of the Creditors and to provide a possible solution to the Company in the unlikely event of enforcement of security in favour of the Creditors, the Company has agreed with the Creditors to request Shareholders for such additional authority to issue shares as will, at a margin to the current share price, enable the Company to raise up to US$9.4 million so that the Creditors can be repaid in full. The Company therefore is requesting Shareholders to approve the grant of authority to issue shares which, if issued, would raise sufficient to repay the Creditors should it be necessary to repay the Creditors by this method.
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. With the near term prospect of receipt of the historic parcel and the benefit of current discussions with the owner of the Swiss investment company, and also with the expected rise of the Company's share price in the light of these developments, it is not expected that a material proportion of the requested authorities will be required in practice, or if required not at prices similar to the current share price
E mail below received from VAST only last week:
On behalf of the board, I can assure you that progress continues to be made towards achieving a satisfactory outcome to our historic position. The Vast team are working very closely with the authorities, together with the Company’s various legal advisors, to ensure everything moves forward whilst observing the strict confidentiality clauses which guide the process. These confidentiality clauses prohibit the Company and its management from commenting on the process outside of those updates which are explicitly sanctioned by the relevant authorities to ensure that negotiations continue unobstructed. These sanctioned updates, including all commentary surrounding the status and the expected time horizons involved, would be issued to the market via RNS without delay in accordance with the Company’s various disclosure responsibilities regarding price sensitive developments.
VAST don't need to raise $10.4 million. Read the sodden RNS
For gods sake read the RNS again.
In order to show good faith towards repayment of the Creditors and to provide a possible solution to the Company in the unlikely event of enforcement of security in favour of the Creditors, the Company has agreed with the Creditors to request Shareholders for such additional authority to issue shares as will, at a margin to the current share price, enable the Company to raise up to US$9.4 million so that the Creditors can be repaid in full. The Company therefore is requesting Shareholders to approve the grant of authority to issue shares which, if issued, would raise sufficient to repay the Creditors should it be necessary to repay the Creditors by this method.
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. With the near term prospect of receipt of the historic parcel and the benefit of current discussions with the owner of the Swiss investment company, and also with the expected rise of the Company's share price in the light of these developments, it is not expected that a material proportion of the requested authorities will be required in practice, or if required not at prices similar to the current share price
." I'm.not even sure Vast will either be able to realise $10 million in equity or, then, do the right thing and pay off the creditors!!"
For gods sake read the RNS again.
In order to show good faith towards repayment of the Creditors and to provide a possible solution to the Company in the unlikely event of enforcement of security in favour of the Creditors, the Company has agreed with the Creditors to request Shareholders for such additional authority to issue shares as will, at a margin to the current share price, enable the Company to raise up to US$9.4 million so that the Creditors can be repaid in full. The Company therefore is requesting Shareholders to approve the grant of authority to issue shares which, if issued, would raise sufficient to repay the Creditors should it be necessary to repay the Creditors by this method.
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. With the near term prospect of receipt of the historic parcel and the benefit of current discussions with the owner of the Swiss investment company, and also with the expected rise of the Company's share price in the light of these developments, it is not expected that a material proportion of the requested authorities will be required in practice, or if required not at prices similar to the current share price
Https://twitter.com/TimR52863
Tim has had a good message from VAST today
Subject to the completion of the first sale under the Platinum Group Metals Agreement the owner of the Swiss investment Company owning the high grade PGM concentrate has indicated a firm interest in providing major restructuring finance to the Company, partly through debt and partly through equity to be issued at a higher price than the current share price.
"I can’t see how Vast will raise the full $10.4mm. they’re seeking"
Did you read the RNS Professor ?
In order to show good faith towards repayment of the Creditors and to provide a possible solution to the Company in the unlikely event of enforcement of security in favour of the Creditors, the Company has agreed with the Creditors to request Shareholders for such additional authority to issue shares as will, at a margin to the current share price, enable the Company to raise up to US$9.4 million so that the Creditors can be repaid in full.
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. With the near term prospect of receipt of the historic parcel and the benefit of current discussions with the owner of the Swiss investment company, and also with the expected rise of the Company's share price in the light of these developments, it is not expected that a material proportion of the requested authorities will be required in practice, or if required not at prices similar to the current share price
Https://www.malcysblog.com/2024/02/oil-price-dec-ithaca-tower-and-finally/
Tower Resources Chairman & CEO, Jeremy Asher, commented:
“We are pleased to have completed this Subscription and to have repaid the remaining balance of the advance from EECP. We are pursuing multiple asset-level financing discussions, as previously disclosed, and this fundraising will allow us to focus on these over the coming months. We remain confident of spudding the NJOM-3 well in Cameroon this summer.”
I love Tower and Jeremy for the very fact that over so many years in the recent past as they head towards drilling in Cameroon, the pattern is the same, borrow (often from Jeremy) raise, repay, borrow, raise repay. On this occasion with the guvnor ‘confident’ about spudding Thali and even mentioning Namibia and South Africa in the statement, to be frank I can’t wait although the change might do me in!
"I suspect we see this up 200-300% by ned of Q1 if farm in deals are secured for financing"
0.06p would still only give a market cap of £10 million with 16 billion shares in issue.
Pre drill and with finance in place we have to looking at £25 million+
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. With the near term prospect of receipt of the historic parcel and the benefit of current discussions with the owner of the Swiss investment company, and also with the expected rise of the Company's share price in the light of these developments, it is not expected that a material proportion of the requested authorities will be required in practice, or if required not at prices similar to the current share price
Subject to the completion of the first sale under the Platinum Group Metals Agreement the owner of the Swiss investment Company owning the high grade PGM concentrate has indicated a firm interest in providing major restructuring finance to the Company, partly through debt and partly through equity to be issued at a higher price than the current share price.
Https://etimes.co.zw/bod-hopes-zim-diamond-sector-will-soon-open-up/
"Not necessarily, to make the raise attractive given the farm out funding will not be in place prior to the raise itself TRP will likely offer a discounted placing."
There will only be possible raise AFTER 2 x asset funding partners are revealed. By then the shares will be a lot higher.
" which will leave a $3M gap that TRP will need to make up via an equity raise, and likely at a discount - upto 60% going by previous raises."
of course this $3 funding gap could be eliminated if TRP gave slightly more of the Cameroon licence away
"which will leave a $3M gap that TRP will need to make up via an equity raise, and likely at a discount - upto 60% going by previous raises."
When the 2 x asset based funding news arrive one would expect a serious share price surge as all uncertainty will be cleared on the dril. At that point I believe any placing would be at 0.15p/0.2p
"Talks of bank financing for the drill are laughable. No bank is going to lend money for a risky appraisal drill."
Do keep up. BGFI bank have already sanctioned the bank loan but they really wanted a farm out deal to go with it. Instead TRP are looking at investment into TRP Cameroon asset which is not a proper farm out deal. As far as a "risky app well". It is a proven discovery and has an 80% chance of being commercial.
https://www.towerresources.co.uk/wp-content/uploads/2023/04/2023-04-24_CAM_Thali_TechnicalUpdate_Rev7b2.pdf