Member Info for mattwales

as the driller has bought into Sula I think its safe to assume we have stuck gold on the eastern target. At the lower end of expectations we should have roughly 5m ounces of gold worth around 150m dollars.

African gold is valued at around 30 dollars an ounce in ground. Don't forget though that the 0.8m to 1.5m ounce estimate by SRK was just in Sanara Hill making up just 2km strike length. That target has now been scrubbed and we await drilling to partially provide us with (hopefully) an updated SRK target going forward. The company are now working on finalising the total on Sanara Hill and drilling on the eastern target comprising part of the 8.5km updated strike length they working to now with roughly 5kms of land left to IP survey. So we could have 6-7 times the original estimate of gold SRK provided.

u must be short cherryburn and at what cost? your 3 month posts here are all about Nick still on the payroll and that we need 100s of meters of gold which would equate to tens of thousands of grams of gold per ton. I think the majority agree around 4g/t is a high grade resource and that we will find it in dribs and drabs.

offhand last assay results measured 3.7g/t to 5.3g/t averaging 4.2g/t for the whole of last years drill, I'm expecting similar with the first assay results to be lower than the rest but only on the basis of history with the RNS's of the 2 assay results from last year. Similar figures to last and we can assume they have a high grade resource across the whole of the licence and the SP will boom (here is hoping).

remember the original investment we were told of someone who was a rich investor, well this drilling guy has sold 3 companies collectively for around 2 billion dollars, that rich investor in the original investment is him.

They just switched the stock, I'm sure the driller is also part of the original company hence why iain macpherson is also a part owner of galactic. I also believe they hold a lot more stock than we have been led to believe as they got the placings off sharply cos they issued these placing shares to themselves and iain macpherson got paid in shares for arranging the early placing and its why they took shares to drill. I wouldn't trust what comes out of RMs mouth at all, even if its innocent I'm sure they have been collectively stakebuilding and already own around half the shares with the extra drilling shares to come. With every further placing here they will gain additional percentages.

I was the one who conjectured that oh god look they have done the placing to themselves etc. Maybe its all innocent swapping shares to the driller (which they are also part of) but with that driller part paid (at least) in shares it looks odd that they are stakebuilding as much as they can. I feel there is a lot more going on in the background we're not a party to (like them knowing shandongs production etc to me its obvious there have been some preliminary talks). Just my gut instinct of what they could do but as bannor said low ball offer people wouldn't accept.

holdings lists only need to declare at 3% if they hold say 50 shell companies with stock under 3% they don't have to do a thing, could be in iain Macpherson's/Roger murphy's wife/kids/friends etc's name

Nick has been heavily diluted from the original investment and the 2 placings and the rest of the open offer shares which they took up themselves. Im sure the conversation from Iain and Roger was we know an experienced driller who is prepared to take at least half in stock, they have orchestrated it themselves.

I agree with bannor on this that they could offer 0.56p a share but the minority shareholders wouldn't accept, they need 90% of the stock to make it a mandatory bid but we don't know how much they have been buying at lower levels in the market. I feel a penny a share and most of the buyers around these levels and below this price would accept, they get 90% everyone else has to take it.

royoboy I feel them and their associate companies through the placings have put in a couple of million at least, they could hold 50 shell companies but we wouldn't know. I feel they hold around half the stock that we know about from the placings and ian macpherson issuing stock to himself as part of those placings to themselves with more to come from their dilution of warrants and the drill equity stock. After drilling we may get an off the field bid from another associated company or even the driller which they will accept because its them holding at least half the stock. They can take a company worth as royoboy says at least 150m for the couple of million they have invested that we know about plus whatever figure for the 40% or so after dilution they don't hold even at say 1p takeover price (which most would accept) they'd have invested less than 15m and take it private sell the iron ore to Shandong for probably more than 15m and develop the gold themselves.

if im right about what they have done i.e issuing shares to themselves through the placings at 0.22 and 0.40 and issuing fee shares to themselves in the process then these prices wont stay here for long. They and their associates could hold half the stock right now without any more purchases in the market and the driller has another 100m+ fee shares still to pop in future and 300m warrants to take up which would obviously take their various concert party stakes higher. That transfer to the driller i.e. themselves removes the takeover clause and we have been played by very smart people.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=SULA&ArticleCode=c4goeb4x&ArticleHeadline=Placing_Subscription_and_Proposed_Open_Offer Subscription for New Ordinary Shares by Ongeza Mining The Company has agreed to pay Ongeza Mining ("Ongeza"), a company of which Iain Macpherson, a Director of Sula, is a director and a subsidiary of Madini Minerals ("Madini"), which owns 25 per cent. of Madini Occidental ("MO"), a Substantial Shareholder of the Company as defined by the AIM Rules, aggregate fees of £0.048 million in relation to the Placing and Subscription ("Subscription Fees"). Ongeza has agreed to use its Subscription Fees to subscribe for 22,935,932 of the New Ordinary Shares as part of the Subscription (the "Ongeza Subscription"). Following the issue of the New Ordinary Shares, MO and Ongeza will be interested in 319,874,530 and 22,935,932 Ordinary Shares respectively, representing 17.2 per cent. and 1.2 per cent. of the Enlarged Share Capital immediately following the Placing and Subscription. they arranged the placing themselves and they got paid in shares for arranging the placing.

they bought a $400k investment followed by a £1.17m placing which was fully subscribed pretty sharply followed by a recent placing of £0.5m to a few select shareholders, who knows what they have been buying in the market and what stake they have between them.

nothing to stop them issuing shares in the placings/open offers to a whole load of associated companies holding less than 3% stock is there?

lets hope we get to see those results rather than a we're taking over the company for 0.56p a share RNS

if I had more cash id be piling in to bring my level lower its 0.57. driller has opted to take at least half of the drill in stock and his associated company (associated to all of them pretty much) now holds 13%+ of the company with a further 13%+ of warrants. Even with dilution of shares that would take the driller to around 30%, with roger murphy, ian Macpherson and madini's stake that would take them to over 30%, don't make any takeover cheap.

have u been buying again :-) few huge buys of 5m each there and now 0.42 paid.

my thoughts when Madini initially bought in was we were being set up for a takeover by these same people down the road, the later placing to a few select shareholders, the driller getting shares for the drill and now this switch to a related party but not held by Madini's initial buying in terms of promising not taking over the company points that way.....that's my opinion.

just someone researching, apparently reading this production should have been late 2015, anyone know what the delay was? http://www.ironveld.com/docs/doc_IronveldDFSannouncement220414.pdf