Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
"A letter of intent (“LOI”) is often the first document in a proposed deal – a summary of a range of key terms or concepts for negotiation toward entering into a final, formal agreement. But what seems like a simple document can be much more than a mere list of possible terms to be discussed by the parties, and might just result in a final agreement in one side’s sole discretion. In some cases, an LOI can be an enforceable agreement to negotiate in good faith toward a final agreement based, at least in part, on its stated terms. Even those LOIs that specifically say they are non-binding may, in fact, be binding. For instance, an LOI could be enforceable in its own right if all material terms of a final agreement are set out in the LOI and the parties’ conduct suggests they treated the LOI as a final agreement. Rather than being a “safe haven” that can be terminated at will without liability, an LOI can present great risk and unintended consequences to the parties if not recognized and handled with care. Missteps in documentation and/or subsequent conduct of the parties along the way could result in blown deals and damages. Even an otherwise carefully and clearly drafted LOI may not be free from risk or unintended consequences."
HIVE ceo: As we get through this winter, the consolidation and the kind of cleansing that will happen, it will be very clear which businesses are professionally run and well financed and which ones aren’t”
"he will be running Russia till he dies". of natural causes.....no doubt.
Jayblu - this is even worse than the nasdaq listing. We all got fooked then as well...
FYI: Effective October 15, Perry Hothi is stepping down from his role as Chief Technology Officer at Argo and will serve as a transitional advisor to the Company. The technology function will be led by Jean Esquier, who currently serves as Vice President of Technology and Development.
In addition, the Company is excited to welcome Jason Zaluski to the team as Vice President of Mining. In this role. Jason will strengthen the Company's core team and focus on optimising operations of Argo's mining fleet. Jason brings tremendous experience in blockchain technology and Bitcoin mining, having previously worked at Hut 8 Mining as Vice President of Strategic Technologies.
wrt perry: I wonder if he has been booted due to the terrible performance at Helios? This might infer that Helios will never be able to deliver what was "promised". IMO, PW is much more culpable in this fiasco. Seems like the sites in Canada are being used quite conveniently as a screen ("old machines are trashing our hash rate"), when the real issues are in Texas....who tf knows.
"is his video out pls." - I sincerely hope that the great PW has other, more important.....pressing issues of concern at the moment.....
I believe the announcement was an LOI (letter of intent). I think the investor has 30 days to check if what Argo has told them about their finances is kosher. The investor cannot withdraw the LOI unless he discovers something "material"; I guess one could infer that the investor has taken into account a probable SP decline, BUT, IMO, this alone cannot be used as a basis for withdrawing the LOI. If Argo has cooked their books / misrepresented the condition of the company and the investor discovers this, then the LOI is toast. PW used what little credibility he & the BoD has left when he stated they are confident the capital raise will go through as announced.
you guys are nuts if u think directors are legally allowed to dump their shares at the moment. too much conjecture today, which I guess is expected, since the RNS last week left many of us shrugging our shoulders. The update RNS tomorrow might help shed the light on additional details. I find it weird that Argo pushed their monthly update back by a few days, to "accommodate" their black friday news-quake . There are certainly few miners I can think of, that have the balance sheet to pony up 27$ mil. Most are puckering at the moment, just like PW. I guess if one still really believes in BTC, then that should help you sleep at night. Question - what would the share price do if Argo agrees a .04 cent PPA...?
as far as I know, based on what PW has told us, NOTHING at Helios has gone to plan. Argo has nearly the worst mining metrics (BTC per Eh), worst profitability and the supposed benefits of immersion have NOT materialized. Also, the 5$ mil. payment to ePic has, so far, been a complete farce. A re-vamped & strengthened BoD needs to do a spring-cleaning, NOW, in order to re-establish some sort of credibility.
"Instead, they are now raising cash on very poor terms just to tide them over - and at 2.9 EH not 4.1 EH. Horrific."; agreed.
BUT, if they need 15$ or 20$ mil, short-term, to secure a good PPA, that would seemingly explain things. It would also mean that their profitability will improve (unless btc goes another leg down). I also might have my head up my ar*e though....as I am one of those who held, thinking 4 or even 5 quid was possible last summer....
IMO the RNS / actions taken seem to be pretty good, considering the circumstances. However, PW is certainly the one that has led the company into these dire straits. Many, many serious mistakes made over the last 18 months that could / should have been avoided.
is now, ie. the coming months, not the perfect time for companies to add BTC to their balance sheet? Will BTC always be and remain a "risk" asset, only appreciating when things are good and investors are plowing in, and then capitulating when times are bad / uncertain? IMO, now seems to be the perfect storm, and a huge opportunity for BTC to prove it is THE solution.
"I thought the 90-95% related to the 10,000 bitmain machines(which from the video are now all paid for)"? PW has been using this phrase for months; the machines are "paid for", but the owner is the bank, as the same machines are collateral for the loan. He even praised Argo as being the only miner that confirms their mining margin, even when it is terrible. He claims they are the most transparent, yet in the same video "spins" the narrative on the "machines being paid for"....I guess he still has not fathomed that he cannot have it both ways. By the way, what ever happened to the 100k we invested in Luxor..?
was that a pw fauxpas in the video, earlier. he said that argo would be getting 25% of the BTC mined.....I thought it was 25% of the net profits?? huge goddamn difference. I think pw needs a drink!
One would hope they "kitchen-sinked" everything in the H1 report. I guess the August numbers will give us an inkling......
we need to band together as a group and make sure PW is booted out if the "things they can control" do not significantly improve by years-end.
"Can we just give up on 2 cents". not really. The SP might be 2 cents, 6 months from now.....
can't believe they lead their announcement with: "Financial highlights include:
-Total number of BTC mined was 939, a 6% increase over June 2021
-Total number of BTC held was 1,953, a 54% increase from June 2021"
Now, what is "wrong" with this statement? 6% increase in BTC mined..."well, uh, yeah, we had twice the hashrate, but still we tried our best". How can a CEO allow his company to release this garbage? Their financial highlights are insulting.
thanks for all of your sensible and balanced input hexam. you are (were) definitely one of the adults in the room here.
PW has stated countless times that Argo are "OG", have been thru a BTC winter before and are therefore uniquely positioned to take advantage of this knowledge. The numbers don't lie; This kind of BS has made many of us look like fools.