Member Info for Legalwolf

We know the placing will be done at a painfully low price (for existing holders). That was clear from their whole demeanour and evasive answers at the AGM. We also know market conditions have been very tough for raising capital, with lots of AIM companies having to raise at significant dilution and discount. He1 have no choice but to take the deal offered by the broker, which will serve the interests of the broker's clients, not He1 or its shareholders. There is no alternative funding.

If they wish to drill early in the new year, then you would think they will want the placing done before Xmas, so they can commence the preparations. Therefore, I would expect the placing to be announced next week.

Drilling is obviously very expensive, and I would agree with others that its better for them to go for a massive raise now which covers a return to Tai 3, rather than only enough cash for Itumbula. Otherwise, it will be all boom or bust on Itumbula. All imo and dyor

The shares won’t be an issue. They weren’t last time round and the brokers/he1 wont make a mistake over something as basic as that. There’s also nothing stopping them calling another vote if needs be.

Well let’s see how long they take over it now. Each day knocks a few % off the share price. I doubt it will be tomorrow morning though as they sounded like they were still finalising things.

Can’t believe people are still debating the decision to pre-announce the fund raise. You literally heard them say it was the broker. Why would the broker do that is the question you should be asking?

Only one answer imo and you will get it when they announce the fund raise.

Yes at the end she was asked about the share price. In her answer for some reason she referred to the fund raise. Linking the two in that way does suggest that the fund raise is going to be a rather low ball one. All imo and dyor

Zim gold is sounding promising and results will land before Karakubis drilling commences. Good time to be in the stock.

Stop seeing yourselves as shareholders or people that matter. Start to see yourselves as gamblers in a casino and act accordingly, including in terms of expectations and outcomes. You are no more than cannon fodder and will only be treated as such. Get on this ride/game and you might have a small chance of making some money… but will probably still lose!

I've seen it on a number of shares now, especially during this bear market, where you have back to back placings (each at lower price than before) through the same brokers. Does make you wonder whether it's one strategy for all of them, or each placing is traded on its individual merits. Imagine if you had forward sold at 10p and held onto that short...?

Talking about shorting, RJ has been very quiet today?

Skippys - my impression was that it was close to being finalised, but they weren't clear on whether it would be for only Itumbula or also to re-enter Tai 3. They have probably been given different deals for the different amounts. I would expect them to take as much as they can now and swallow the dilution/share pain involved. Don't think they massively care about those things, as none of them are heavily aligned and they all get paid no matter what.

I think it will be announced within a week. All imo and dyor

That's true XV - but the problem is that you can't trust this lot. What if they turn around and issue a RNS to say that the initial funding offers have not materialised and then it crashes lower? Best to just wait to see whether and how much they raise, and whether it is enough for one drilling campaign or both.

That's the headroom for the disapplication authority, which is what has been renewed today with the Resolution. It does not apply to the general authority that Director's have to issue shares.

BVI registered so I believe they have the general authority...

I will listen when I get a chance, but did BT say when they will be drilling at KCB again in any of his recent investor events?

Didn't they get round this last time by doing the cash box placing? If so, could they not just do something similar again.

Whichever and whatever, the broker will have it all covered.

Pretty much confirmed that they couldn't care less about share price with that performance. Gone are the days where its about returning value to shareholders. These days, it's just get what you can for as long as you can with these AIM companies. Didn't even give off any confidence about making a discovery. Just going through the motions.

The broker's will be working out how low they have to discount for these 'unsolicited funders' to flip out the usual profit.

I would not be surprised if it ends up being sub 1p, because by pre-announcing it, a spiral has effectively been created and will continue until the funding is announced. No guarantee of drilling until funding is agreed. Definitely have them over a barrel here. All imo and dyor

Looks like they will be between the following rock and hard place:

1) If you want to drill only Itumbula - we will pull your pants down but not completely.

2) If you want enough cash to re-enter Tai 3 as well afterwards- we will need to pull your pants down completely.

Which one will be the 1p deal though? All imo and dyor

Listening to that, can't help but think it's going to be a broker led funding horror show coming up here within days. If there was anything positive about this funding, they would not have been so evasive and nervous at this meeting. Even when asked about the share price at the end, LB referred to the "funding" deal, which is probably her way of letting us all know that more share price pain is on the way. All imo and dyor

Funding deal has been done and final announcement will be made about it very soon. Probably just waiting for today's AGM Resolutions then.

Now conceding that Noble have done much better by engaging with the question about it?

Terrible performance this - praising themselves and their hard work and acting as if the share price issue doesn't exist or doesn't matter.

Unbelievable - not giving any specifics and then coming out with contradictory statements. Have to wait for this funding deal as one gets the feeling that it will be mates rates again at the expense of existing retail imo...