Member Info for Kewben71

Question earlier this week on how long for Bergen to wash through their allocated shares.

Well they have been awarded over 4% of the company for this latest conversion.
Admission of the shares on 8th Feb 2019
Company have agreed not to short... so would anyone else expect a TR1 confirming holdings?

From the original RNS

The second Convertible Security will have the nominal value of US$1,575,000 and is expected to be issued within approximately a week of the date on which the Company obtains authority from its shareholders to allot Shares and to grant rights to subscribe for or convert securities into shares up to a maximum nominal amount of not less than £1,000,000, and to allot equity securities for cash other than in accordance with statutory pre-emption rights up to a maximum nominal amount of not less than £1,000,00

So I guess we are at approximately a week since approval....

What thought?? Will the company ask to draw the second tranch... knowing that potential dilution could be circa 500mm-900mm shares.... that for £1.25mm of cash?

How the old mother Hubbard did they get £0.0012 as a conversion price.

Sweet Mary lover of Joseph whose calculator was firing random figures. Someone please explain that on to me?

Can Bergen choose any 5 day period at any time post draw?

Red Mercury has received an undertaking from Zimbabwe Government for a licence to mine on the Heritage Concession

The recent speculation inthe Zimbabwe press regarding Russian andChinese companies being promised licences tomine diamonds in Zimbabwe and Vast not being given a licence is of no relevance...

AgreementbetweenVastandRedMercuryrelatingtoexclusiveaccesstothe15km2HeritageConcessionintheMarangeDiamondFields
? TherecentspeculationintheZimbabwepressregardingRussianandChinesecompaniesbeingpromisedlicencestominediamondsinZimbabweandVastnot being given a licence is of no relevance. Red Mercury, being a company owned by Marange-Zimunya Community Share Ownership Trust, has received an undertaking from the Government of Zimbabwe for a licence to mine on the Heritage Concession, (although no mining licence is yet in place) and Vast obtained its interest through its agreement with Red Mercury
? JVtobeguidedbythediamondpolicyandrelevantindigenisationlawsofZimbabwewithaviewtoVastdeveloping,miningandmarketingdiamondsproduced from the concession on a profit share basis with Vast receiving up to 75% of profits (Subject to Indigenisation laws)
? Unminedconcessionwhichbyvirtueofitsgeographicalpositioningisanticipatedtocontaineconomicallyviablediamondiferousalluvialsaswellpossiblyas conglomerate ore resources. By their nature it is not feasible to create resource estimates for alluvial deposits
? MOUsignedwithBotswanaDiamondsplc(AIM:BOD)withtheintentionof:
? Developing diamond resources within the Heritage Concession through an SPV – initial shareholdings will be Botswana Diamonds 13.33% and Vast 86.67%
? Botswana will provide free of charge assistance in interpretation of geological and other information concerning the Heritage site including the marketing of diamonds
? Vast will contribute up to $1 million on loan account as the first funding to the SPV – if any funds are required in addition to $1 million, Botswana and Vast have the right to contribute pro rata to their shareholdings and if either party
does not want to take up its full allocation the other party has the right to take up the allocation

Carrefour.... less than £25k spent on BOD shares today.
Less than £500k spent on VAST shares today

I don’t think we can read too much in to this....

Daz, Bergen’s holdings... what do you think they are?
The 68mm shares initially awarded?
The 164mm shares they received in Jan for the 1/3rd of the initial drawdown?
The sale of future shares yet rove allotted under the remaining 2/3rds of the initial drawdown?

I would think the 68 are long gone...
If the 164mm are still held then they will want to sell above £0.0024 I assume... did think these would have already washed through.

What I can’t get my head around... (and frankly it does worry me a bit!) is why Bergen didn’t exercise the remaining £800k last week when they could have taken a price of £0.00135. If today holds at £0.0021 and again for another day on 100mm volume the difference in share allocation is circa £125mm!!
FAHP... puts in to context your missed couple of hundred quid!

Interest to see what the placing is going to be though... will VAST approach Bergen to see if they can draw the 2nd tranche? Hope not... but the have paid a lot for fees so if confident of offtake might utilise...?

As someone said earlier... plenty of PI have no clue yet...
that said... my money is in and I am hopefully for a successful invastment

Not sure I agree about unserviceable debt.
I do note your about turn following your decision to sell your shareholding. As you remain on the B.B. presume you are keen to get n entry price?? Presumably at which point The company will not be in imminent threat of insolvency!!

Whatever you end up doing , good luck. ... not sure your efforts to @deramp@ will have any effect of the SP.

I managed to sell 500k at average today... it’s a start.... 14.5 mm to go!

Good Luck FHP. Hope you manage to recoup some of your losses with a Trading strategy...

Daily?

That is a very pleasant rise!

Some suggestions are Pump and dump
Or suggestions that Offtake a lot closer
Or even that the licence request by Red Mercury havin sone favourable response

Whatever any placing isn’t going to be at £0.001. Certainly one is coming we all know that.
Bergen T1 Bly have £800k on their clns. Perhaps they are waiting for the top end ( in the 50’s!)

Long may it continue.
FOMO... that was a new on on me... like it

We shall see dodge.... the idea of averaging down was to get average below Bergen exercise price.... much larger exposure but thought could get out.. feels uncomfortable but we shall see

A perfect offtake RNS and diamond RNS would change the tune!

The other point that bugs me.... Bergen bridge sub 20 came to pass.... wonder about the top end!!

Have to say feeling a bit happier going into the weekend

I was 10k down.. trebled my holding at 15.5 and felt sick when the price dropped and I was being offered £.0012 (16.5k loss and hadn’t told my partner!)

Only (!) 7.5k down now but break even at £0.0023.... IF will climb to those heady heights I will be looking to sell 50% (7.5mm) so I can sleep at night sure I fantasise about the sp returning to £0.006 and working out what to do with all the money!! But what price a good night sleep...
Stress comes in different shapes

Have a good weekend
Kew

Daz,
I agree with you on a placing... I suggest we have been already told the 800 m headroom was needed for such... depending on how much cash is required and at what price I he placing can be got away will determine how many of the 800m shares are issued.

What are you talking about triggerring 1 bn shares for Bergen..that is either mischief, stupidity or lack of understanding....

Bergen have a partial conversion note with £800k left.. if they converted today at .0014 they would have just over 500m shares.. about 8% of the company... where do you get 1bnshares from??

Of course vast could ask to draw the 2 nd trance of $1.5mm and then have a month to repay ( via offtake?) .... at that point potentially more shares could be given to Bergen under the2nd cln... but that’s a way off yet and dependant on getting the cash!

Torch... the board hold a shareholding
AP put some cash in himself recently ... and I am syre you are aware of his personal stake in the co assets...
I am sure he is keen to builds reputation he is proud of, and wants to turn the current setback around...

All matter of things can cause stress.. not sure I agreed with your synopsis

Daz,which offtaker are you referring to?
When you talk about B.P. starting, could you be a little more specific? Starting what exactly?
Also you say people are choosing to believe it will come round this time.... what will??

Love to try and discuss but need a bit more ...

21st Dec company received $1.5mm T1B
21st Dec company held cash at $1.37mm

T2B May or may not be available. $1.5mm. Suggestion seems to be that conversion price could be sub £0.001 and therefor T2B rejected

Alternatives... placing utilising the 800m headroom... if Bergen suggest they are not going to allow T2B then company will surely look to the 1bn shares as “normal” placing
Even @ £0.001 that’s a further £1.8mm

Other considerations.... Bergen T1 still has £800k to convert...currently looking like £0.0013 or 620mm shares....

Expect therefore 2.4bn shares ...... cash held circa £2mm

What needs to be paid?
$900 to SSGI... to release the charge... call it £700k...

£1.3mm left... so now time to take a look at the Corp presentation
Cash flow for B.P. for next 7 months is -$3.5mm
Assuming nothing else required as cost ! A gap of £1.9mm

Hmmn... off take agreement... forgetting need to clear Mercuria.. only looking at B.P. forecasts... that may help...alternative I suppose is to use a spare 2bn shares that aren’t needed for diamond security ( assume Zimbabwe and Red Mercury hits delay) could be used to fill the gap..... almost exactly

That would leave 11bn shares in issue... BP funded through to expected positive cash flow...

Assume placing away at £0.001.... mcap at £11mm
Opportunity still for off take... either clear Mercuria or stand alone

It’s a plan... sure... lots of what ifs and maybes
Plenty of other assets to consider...

But. New offtake may or may not clear Mercuria....
Still a lump to pay SSGI... but B.P. cash flow forecasts to do this....

Today gives options... just now looking at whether I am going to further double down.... certainly looks like option to get in lower is likely... but accelerated offtake or RM JV news changes that.... I am holding current and not going to risk missing out.. understand why some have though

GL
Kew

Fortunately I am not under time pressure. It is an account I use to trade a bit. Can’t quite believe VAST now makes up 32% of my portfolio.
Crazy

Dodge.. would be useful

I am in a hole. I hold circa 15 mm shares in my isa and currently down £16k.
I seemed to have got carried away and am now sat regretting my decisions.

I cannot bring myself to crystallise my loss and continue to hope the business will meet its objectives and therefore return on my investment

Disappointed with recent events and concerned with the II methods and Lon providers rights under the charges/liens
Plus reliance on Zimbabwe to provide future opportunity.

Thank you to the B.B. for contribution. Some is clearly mischievous and down right daft. But the posters who add insight and opinion ( good and bad for SP projections) is welcome.

Hoping and holding.
Kew

I tripled down today.... I do have some powder dry also....
Average down to £0.00226 but I now have 14,322,275 shares.
Gulp.

Need a cheery podcast!!
Blood is very definitely on the streets....

T2B.... absolute necessity.... problem will be associated placing will scupper price and therefor can’t see Bergen wanting to put it away.

All down to a) Zim gvnt confirming RM licence!!!! Fingers crossed hey! And a new off take on less than 5h1t terms coming together in 3 weeks ( or 6 or 10!)

Dodge. Agree