Member Info for mattwales

I was in this share 4 years but got out....sean I agree with u rise was engineered with the pump comments from Roger. They are going to need several more million for exploration of the rest of the targets for gold over the next year or two so a lot more extra placings from here but at least they will have a full JORC by then so more of this mickey mouse funding but at least SULA will have a full JORC. Nothing has been done with the iron ore and nothing will now till 2040s when Shandong the only buyer run out of their entire ore so can you trust Coco the clown to sell the gold when they cant even sell a proven asset. Was that a missed opportunity or deliberate strategy to keep on diluting and provide themselves some nice extra shares for arranging the earlier placings u'll have to direct that to Ian who arranged those early placings. Can they extract value here yes for themselves and the broker screaming buy, buy, buy up to 1.2p when I believe things have normalised on the placings front because Ian couldn't sucker anymore investors in and the broker now arranging the placings gets their nice commission per placing. Another 4-5 of them to come in 2018. Will shareholders get anything? if u wait long enough i'm sure they can engineer another rise but i'd get out before they do.

its also not misleading to state the driller will be getting approx. 150m shares at todays prices and not misleading at all to say they forward sell this position, otherwise the driller being the largest shareholder would have been issuing TR1s with an update to their position. Also, any investor going into a placing without hedging/forward selling their investment is a nonsense it just doesn't happen.

mannnan, I only wish it was misleading but that's the reality check the figures out for yourself, you can do it from the accounts just before the $400k investment from roger and co..

when we hit that low Sula had 902,681,924 shares in circulation, that's now 3,118bn and will increase another 150m to the driller and god knows how many to the placees every month for the next 12 months who swear blind they're not short but there is such a thing called borrow/lending desks and I should imagine they have already hedged their position.

oops £900k typo but come 2018 they will need another £900k at least....based on what they raised oct 16 till placing before this last £900k, that's if they embark on a huge drilling campaign which I believe they will try and do.

I think until there is some kind of strategy/transparency this will continue to fall based on forward selling by the drillers/places which drags the SP lower and lower. I agree with cherryburn that we have a load of huff and puff of gold everywhere comments from Roger when the reality from results is far different, he did a really good pump and dump. Sula will also need more cash come next year (if they intend to keep drilling everywhere else) $900k wont et them far they will need double that. There is no strategy on selling off the iron ore to the only company buyer next door Shandong who I guess will now build their ore processing plant coming in 2019 rather than take SULAs DSO etc......if they had got rid of that then the SP wouldn't be falling as everyone knows its going to be dilution city going forward.

based on todays midprice the driller will be issued with around 130 million shares which I presume they will sell all the way to issuance end of Sept....if they knock it down to 0.10 by then that becomes just over 150 million shares.

I've gone from positive about this share to pretty much highly negative all within a few months. Cherryburn you have been right about many things here and I do apologise to you if I was a bit ubrupt towards you as the SP was rising. You have been pretty spot on with how results have panned out. The sell could be anyone, some holders cry out no further dilution but we do know that the driller have been forward selling before they get their shares (as there have been no updated position holdings) and the placee will be buying a position each month and thus diluting and I presume also forward selling their position. It's a right dire state of affairs and we all had hope in RM to turn things around here which after gold is everywhere and we like the cores comments has pretty much lost all respect in my eyes. that last placing was the nail in the coffin here.

I do wonder if all the gold he was seeing was too much whiskey

i agree quindell, with results coming up next couple of weeks u would have expected a bounce up to the 0.2 levels and it could still yet happen but the driller will be forward selling their shares soon and that latest equity deal was nail in coffin IMHO..........my target for SULA when it was over 0.2 when I posted a month or 2 back was below here come results and the issuance to the driller purely due to the funding needed to get up to JORC and the dilution required. The company need to focus on selling their iron ore to prevent any further dilution but shareholders including myself have been telling them that for a year and it falls on deaf ears.......selling that is the only thing that would positively lift the SP from the death spiral it is in.

there's been too much hype and not enough action......like the iron ore they could've tried to deal with Shandong when the price was over $90 a ton but the message was we'll have a word when they start to drill in our area......with those proceeds it'd have paid for the gold drills and more. I assume the driller/placee's forward selling because we've had no update on any major shareholdings shows who made the money on the way up and down.

you only have to look at PROX to see what Darwin did to that over 1p to now 0.03

only reason I mentioned that was because PREM had a very similar structured deal at 0.70 few weeks back, price there now 0.4s and I presume shares being forward sold there.

i.e they could sell a billion shares from 0.13 down and get a billion shares with their paltry drip feed down the line once they've destroyed the SP

royoboy, I bet they're already short like Darwin do and have been selling for weeks but they sell shares at any point to drive the SP down and they buy back £41ks worth of shares on the cheap but if they keep forward selling like Darwin do the SP falls 90% and they keep buying £41ks worth for pretty much nothing

royoboy I'm just a bit miffed for everyone we got a pump and dump from management, someone has made cash here it just wasn't shareholders IMHO

I presume the clause not to sell till September 13th is to allow the driller to sell their shares they get issued mid Sept lol it's a very dodgy darwinesque agreement, does nothing for the SP or shareholders.

I agree its a Darwin type deal spikey not good at all

they needed the cash but at least shareholders get a reduction in board salaries albeit it for just 4 months.

reading through RNS, results mid September so 5-6 weeks....not 1 or 2 weeks from my post, apologies. right now just don't see any positives, they'll need more funds and more share dilution to get a JORC for Sanama.