Member Info for mattlilly

I read every word of every RNS.

So what contradicts what I said below?

Decided to take a small profit and sell out here for the time being...

Market less than enthused by the RNS, but...

What worries me more is that there have been no Financial Reports since 30 September and...

I fear for a rights issue, probably as a prerequisite for the financing deal...bankers often insist on the pain being shared by shareholders...

We'll see and I hope to be back in because this is potentially an excellent story 21/22...

gla

CGP up for sale...this statement is on their website right up to date...

"Top 10 Reasons to Invest in Cornerstone"

"1) Cascabel is a world class, Tier 1 asset that has been endorsed by BHP, Newcrest and Franco-Nevada
2) Opportunity for new investors in Cornerstone to buy in at ~C$6.04 which represents a ~30% discount
to the ~C$8.60/CGP share that Cornerstone’s top 3 shareholders acquired their shares at
3) BHP’s cost base of ~33p implies ~C$11/CGP share (1) – BHP is restricted until October 19, 2020
4) Newcrest’s block purchase in December 2018 at 40p implies ~C$13/CGP share (1)
5) 15% carried interest in Cascabel – free ride until completion of a bankable feasibility study
– SolGold must fund 100% of expenditures through to feasibility
– No dilution for Cornerstone vs. onerous Franco-Nevada royalty (SolGold solely liable)
– Cornerstone only pays back spend after production is achieved from 90% of Cascabel earnings at LIBOR + 2%
6) Precedent transactions average of US$0.07/lb Cu Eq. implies ~C$18/CGP share on Alpala alone (1)
7) Cornerstone’s interest in Cascabel provides an attractive opportunity for a potential acquirer to secure a strategic position superior to any other SolGold shareholder
8) No one has a right of first refusal on Cornerstone
9) No value ascribed to ENAMI Strategic Exploration Alliance, 12.5% carried interest in Bramaderos and properties subject to farm-in agreements with Newcrest (Caña Brava & Miocene)
10) Very high management and insider ownership ensures ultimate alignment of shareholder interests"

Item 7 is saying "please come and buy us, because otherwise we'll have to issue equity at a penal rate well below the $13 we should be valued at, or sell our Solgold shares well below the £2 a share they're likely to be bought out at...

And this may be why...

Loss for 6 months to June 30 of $3.056m had to be funded by $4.527m sales of SOLG shares...

Seem pretty desperate...this may be why...?

"The Company as at June 30, 2020, had cash balances of $2,653,936 (December 31, 2019 - $851,780) and current liabilities of $548,364 (December 31, 2019 - $962,178). To the extent that the Company does not believe it has sufficient liquidity to meet its current obligations, the Board of Directors of Cornerstone (the “Board of Directors”) considers securing additional funds through equity, partnering transactions or sale of assets. All the Company’s financial liabilities are normally paid within 30 days and are subject to normal trade terms. The Company has no source of operating cash flow to fund its exploration and
4
development projects. Funding for projects requires equity financing or partner funding. The Company has limited financial resources and there is no assurance that funding will always be available to allow the Company to fulfill its obligations on existing or future exploration projects."

Opened at $5.87...fell to $5.21...up to $5.89...back to $5.45...lowest for six weeks...

Last year the AGM was on 20 September...

Have they held it back because of the threat of an EGM and do they think that threat is now removed by the increasing corporate governance...?

CGP down over 6% today and almost 11% since the SOLG offer expired...

I wonder what their loyal...sorry deluded, shareholders think...

Also SOLG up 42% and CGP down 12% since 29 September...

GOOD!

That 28.57% spread is not real, its when the shares are in auction...calm down dear...

3.52 million is the Uncrossing Trade...pretty solid though at 131.3 close after 127p earlier today...

Traders and short term holders flushed out?

BIGGEST DAILY VOLUME for 20 months...

Closing price...

UT iOS 44,845 at 36.6p...that's better...

Or maybe not...whats happened to the 4.3m sell order at 37p...?

Who was the clever guy who predicted a 37p close...looks good...

Completely agree...but I bought CEY at 129+ today and also hold PAAA...

Thanks for the well reasoned post...

I'm firmly bid for 300,000 shares...

Copper hit a new 28 month high at $3.2150 today...still a tad under $3.19...

How long before we breach the $3.30 level that the PEA assumes and hit a new 57 month high...?

If anyone has missed it, I've dumped loads of stuff about Masa Valverde on ADVFN...rougepierre...

This may have been overlooked...

There are 28,473,716 Subscription Shares outstanding from the original 28,501,013 issued in November 2017...

That means only 27,297 have been taken up so far, which is hardly surprising, because the subscriptions to date and then current share prices were:

30 November 2018 40.37p 18.5p NAV 24.57p

30 November 2019 42.3p 24.9p NAV 35.1p

30 November 2020 46.14p 60p (Current) NAV 73.44p (GPSS grosses up to 56.14p)

So, as the last figures show, it would seem that only an idiot would fail to take up their shares on 30 November 2020 because that is:

A discount of 6.4% to the fully paid price and 23.6% to the NAV...

If they are all taken up, the Company will get a 'windfall' of £13.14 million to invest just as the Gold and Silver prices my be poised to take off and to add to its current £41.9 million Fund value, making c£55 million...

So what's the catch?

Well...if all the SS's are taken up, the NAV would fall to 64.3p par share, which makes GPSS a much better bet at a 12.7% discount to adjusted NAV than GPM at only a 6.7% discount.

However, the fact that you can buy GPSS for 10p (grosses up to 56.14p) while the fully priced shares are 60p to buy, suggests that some people are struggling to raise the funds in order to take them up.

Therefore the funds subscribed are likely to be significantly less than the prospective £13.4 million, which therefore raises the NAV of the fully diluted shares to anywhere between 64.3p (all taken up) and 73.44p (none taken up).

If only half were taken up the NAV would be c68p.

So...if you have the cash to buy and subscribe GPSS shares, they appear to be a no-brainer...

Apart from anything else, they are a highly leveraged 'option' on the Gold price, as the price action showed when Gold surged to over $2070 on 7 August and GPSS was 19p, having been 24.8p on 27 July.

If we saw the latter again, you'd make almost a 150% gain unless you took up the shares, in which case you'd make a 25% gain..you pays your money...

Which is why we have 350,000 of them; and the Chairman, Malcolm Burne has 318,750 and states in today's Annual Report that he will definitely be taking them up.

AIMHO as usual and DYOR...

This may have been overlooked...

There are 28,473,716 Subscription Shares outstanding from the original 28,501,013 issued in November 2017...

That means only 27,297 have been taken up so far, which is hardly surprising, because the subscriptions to date and then current share prices were:

30 November 2018 40.37p 18.5p NAV 24.57p

30 November 2019 42.3p 24.9p NAV 35.1p

30 November 2020 46.14p 60p (Current) NAV 73.44p (GPSS grosses up to 56.14p)

So, as the last figures show, it would seem that only an idiot would fail to take up their shares on 30 November 2020 because that is:

A discount of 6.4% to the fully paid price and 23.6% to the NAV...

If they are all taken up, the Company will get a 'windfall' of £13.14 million to invest just as the Gold and Silver prices my be poised to take off and to add to its current £41.9 million Fund value, making c£55 million...

So what's the catch?

Well...if all the SS's are taken up, the NAV would fall to 64.3p par share, which makes GPSS a much better bet at a 12.7% discount to adjusted NAV than GPM at only a 6.7% discount.

However, the fact that you can buy GPSS for 10p (grosses up to 56.14p) while the fully priced shares are 60p to buy, suggests that some people are struggling to raise the funds in order to take them up.

Therefore the funds subscribed are likely to be significantly less than the prospective £13.4 million, which therefore raises the NAV of the fully diluted shares to anywhere between 64.3p (all taken up) and 73.44p (none taken up).

If only half were taken up the NAV would be c68p.

So...if you have the cash to buy and subscribe GPSS shares, they appear to be a no-brainer...

Apart from anything else, they are a highly leveraged 'option' on the Gold price, as the price action showed when Gold surged to over $2070 on 7 August and GPSS was 19p, having been 24.8p on 27 July.

If we saw the latter again, you'd make almost a 150% gain unless you took up the shares, in which case you'd make a 25% gain..you pays your money...

Which is why we have 350,000 of them; and the Chairman, Malcolm Burne has 318,750 and states in today's Annual Report that he will definitely be taking them up.

AIMHO as usual and DYOR...

42 minutes by road, on the route to Huelva (from where ATYM ships) , at Beas...

Apart from buying back 126,000 at 37+, have subscribed for 190,000 DGR Rights and the balance of the profits taken have gone into CEY this am at 129+ to spread the risk and increase exposure to gold miners.

Just for info...no more to add...