Member Info for mattwales

uve got to hope the next novel idea isn't to pay the driller 100% in shares because they will just offload....company need to raise £1m+ next year if they drill as extensively as this year and driller takes half in shares as from when they invested late 2016 to last placing they raised almost £2m. positives: once driller has offloaded shares they wont be offloading anymore till at least March/April next year, in that time we assume a partial JORC for Sanama negatives: these new investors will carry on offloading £30oddk of shares plus per month for 11 months and if company raises cash they may raise with similar negative placing deals.

he acknowledged its got harder to get the finance that's the reason

cherryburn, its also being sold down by these "new" investors and driller offloading shares and the lack of cash mention. These new investors now paying a lot less than the £500k they were expected to pay over the 12 months, based on todays SP they will invest around £200k less......the last placing deal was the killer in the SP imho. Results aren't good but they aren't the worst ever either, however, its extremely unlikely they will hit the 3m+ ounces they were looking for in the beginning, personally I think they may hit 1m ounces but we will see over the next 18 months to 2 years. The killer here will be the dilution necessary to prove everything up.

we should take bets on when, they had £400k end of june, they would have got less than £600k working captal from the last placing after paying Barclays the £2.5m back, I vote very quickly certainly within a month.

as many have discussed on here its shambolic management and a lifestyle company. They only cost cut when forced and no money in those cost cutting exercises goes towards any notifiable increase in their sales/marketing team. Prediction that their revenues will continue to be eaten up by companies who are better at gaining clients because they may have a concept but they have been shown up by their inability to sell and keep those clients.

what platform do u see trades on swanley?, I see the 10m on google just not the direction although presume its a buy cos price hit 0.117

link is to iain macpherson, same guy who got the earlier placings off and paid his company Ongeza Mining in free shares

take your pick whose selling out pre results again.....driller getting 150m+ shares based on SP or these new "investors" putting in their investment stake 21st.....AIM stinks

kimura, i'm speculating that the driller has been doing that since being issued shares too and before the first drill results came in. If they forward sell they gain extra shares as part of their drill proceeds. A few holders noticed large blocks of shares sold even before the first drill results came in (royoboy was one of these I believe swanley was another speculating why anyone would sell before results). Same for these guys drip feeding monthly, if they forward sell their position knock the SP down 20% they make the difference in cash.

actually the benchmark price was higher 0.161 so they save more.

I do feel that this is what has been happening and when holders who own quantities of stock and have more money than the whole lot of us put together are playing their games it's impossible to compete till those forces are out of the game. The driller being one will be out of this dilution game within a few weeks. At least till they drill again next year. This new crew with their equity investment have so far saved around 20% of £500000 (0.118 current price/0.146 original price) so £100000 less to Sula so far over the 12 months.

yeah i'm good rev, hope ur too.....am tempted to come back in here, its only knowing that the driller will sell their shares that is stopping me, plus I will wait to see what the results bring. Other thing stopping me is normally we have a bounce pre results and so far zilch. Once the driller is out of the way I do feel that the cup formation should play out due to no more dilution at least till early next year, i'm short term bullish here.

i posted Monday I like the 3 month chart as it looks like half a cup....as per cup and saucer formation which is also very bullish......as ever charting is a risky play, especially with overhang of driller shares etc

net assets of -£15.9m, finance costs of £1.7m a year....its bust no wonder peel hunt reduced their stake

I agree neptunes, this is the fitbug of proximity marketing and Fitbug later kin group was spending half the money than PROX. That just went into administration and bought out for just £50000 same thing will happen here just a matter of time.

the 3 month chart looks interesting, to me anyway potential for a rise back up to that gap in the 0.2s and as high as 0.3. whether that plays out though is risky as we had a couple of sells today 3.8m and 5m and every rise here seems to get sold into as of late but good luck to all here.

is that RM and his team have done more work this past year drilling for the gold than the past 3 under the last management.

they didn't start that till mid 2015 and it was a small drill....I recall them grabbing samples 2013 but it was mainly about the iron ore and getting that to jorc then ebola struck then some nonsense about coltan then back to the gold. I'm praying they find lithium for all holders.

royoboy, I believe the SP is already being manipulated downwards by the driller forward selling to eek out more shares and these new investors to pay less cash per month for their subscription and i'm not sure I could add anything to either of their strategies.

that's the nature of gold exploration and I think it'll be another 24 months at least before they have a full JORC for their property as it's taken them over a year of intense drilling just to get a partial JORC on Sanama (next month). Get rid of the iron ore and SULA will re-rate back up because of no further share dilution.