Member Info for miker444

Not sure if this is correct but I have spoken to an 'ex oil worker' who said that there is such a thing as a 'drilling season' certainly when looking at the North Sea. Basically he stated that i3 may have missed the deadline for this years drilling? and that is why it will be tee'd up for early 2018. Will say straight away not heard of this perhaps someone else will have more knowledge but on the basis of that it is nothing to worry about when looking at the bigger picture. We can certainly still IPO in the next month or so. It is annoying that it will be a few more months but not the end of the world. atb

Hi kidix, By re-list I mean the IPO of i3 to AIM atb

Hi kidix, No need to apologise mate and I for one am no expert but just post my opinions like everyone else. I am led to believe that we will all hold i3 shares once the convertible loan has been enforced / activated call it what you will. So the 'conversion' when it happens will turn our Gwik shares into i3, we do not know the % of ownership we will have of i3 so difficult to calculate exactly but a rule of thumb I am using is quite simply if we get 2% of i3 then the ratio will be 50 old shares for 1 new i3 share, if we get only 1% ownership then it goes to 100 : 1 ratio obviously. From Gwik point of view regarding i3 it will cease to exist ( Gwik that is ) Now the fly in the ointment, albeit a very nice fly, is Gwik have RTO'd Cora Gold for 91% of the enlarged shareholding, which means we get 9% actual ownership of Cora Gold. I do not know what form or name status Gwik will have on that being completed, I am assuming we will still be called Glenwick but others more knowledgeable than me may have a better understanding on that one. Gwik / i3 have no connection whatsoever with Gwik / Cora Gold, we get 2 for the price of 1 so bottom line despite all the confusion it is a nice problem to have. atb

Absolutely understand Boom your example and it is correct, a 50% uplift is just that 50%. I just have a feeling that i3 can command anything from 80cents up to a dollar once producing, the biggest question is just how many shares will be issued. If it is 500 million or less then we will see a dollar (pro -rata) by Xmas mate, hang in there buddy we have waited this long. atb

Good Morning Boom mate, personally think that whatever the sp is set at on re-list it won't sit there for long, certainly be history once producing which should be this side of Xmas. As we will have a % stake ownership in i3, albeit 2% / 3% or whatever, then our sp should be converted to i3 valuation on that % ownership, I am hoping the Gwik 0.06 will have no relevance as there was no connection at any time to any company, remember we got to 0.17 on sentiment alone. May well be better than you expect mate, here's hoping. atb

There are lots of ways at looking at re-list and trying to calculate the criteria of the 50% discount, some will do it on sp, some on shares issued but basically the way I see it there will only be one sp on re-list and we as holders will get 50% more shares than the new investors buying in for the same amount of money per se. For example, if the re-list share price is 0.15p and a new investor puts in £1500 they will get 1 million shares, existing holders with a 50% discount will get 1.5million shares for their £1500. ( I use the 0.15p prior to conversion rate ) There will only be 1 share price and our 50% discount will apply to that in number of shares received. The important thing to remember is as stated before the Private Placing,whilst a dilution, does bring i3 to the MM's table with a much stronger bargaining hand regarding re-list sp entry point as they can show that they are already fully funded for equipment and transport which will take them up to drilling / production funding phase and therefore be classed as low risk. Either way, whatever your take on this we will know soon enough but if I make one prediction whatever the outcome all holders will be wealthier than they are now during suspension! atb

Hi mate, once everything is listed and we hold shares then I cannot see anything stopping anyone opening an ISA for this tax year and using their allowance. Hargreaves Lansdown will be the best guys to confirm or deny this but it was purely the 6 months suspension timeframe not being met which made your original ISA holding become null and void. Re - list then transfer but as I say get this confirmed with HL. atb mate

Hi Boom, great to have you back mate and yes getting nearer to listing. Be nice to follow 2 different bb's with the same posters when it happens. Pompey, the way I believe it happens is as you state that if you hold a share account, namely, with the Halifax then they will automatically do the necessary conversion on listing. As far as ISA I do not hold one in this instance but it does sound like you will need a 'vehicle' to allow HL to put them in hence them suggesting a Vantage share account. Personally mate I would do this as soon as you can so you are set up when it happens and again once set up it should be normal procedure, certainly the fact they have suggested this means they understand the situation. As for losing the CGT status of holding in an ISA that is annoying seeing as that is why people start them up in the first place but as you well know mate nothings a given in todays climate. atb

Whilst we are waiting for updates / news I decided to detour off from i3 IPO and take a better look at Cora Gold, the RTO for original Glenwick shareholders. Most agree that this is the 'bonus' punt and the big returns will be with i3 and I am not disputing that but on looking at it in a bit more depth Cora Gold is no small potato by any means and genuinely believe we may well be taken by surprise by how big a deal this could become. For those interested just take a look and see what you think, there is a 5 page document that makes pretty good reading for those that have not seen it already. Google: Kola Gold Exploring for robust gold mining in Central and.... You then will get a website of Kola Gold and click on News Update June 29 2016. This brings you to Kola Gold and Hummingbird Resources with a 5 page info on the new company being named Cora Gold. It is Cora Gold that we have rto'd in with Amanda Van Dyke. Even though we will own 9% outright I was pretty well stunned to see the size of the gold resources coming in at 1.8m ozs with another 400,000 ozs possible unproved, just in the Yanifolila mine aloneThe main talk is low cost production with quick returns, producing in 2017. Gold is now $1250 dollars an oz, do the maths and yes not all of it comes out overnight but the MarCap could be big on listing. Guys just read and see what you think, personally believe this has potential to be more than just a bonus and is described ( by those in the know) as currently probably the most productive gold belt in Africa or words to that effect, quite a statement me thinks. atb

Hi Rocky agree mate, the one thing that will determine the sp more than anything else is the amount of shares which will be in circulation, we do not know how many that will be in relation to MarCap and hence the calculation on price. It looks as though prior to the recent fund raise there was only a little over 7 million i3 shares with 75% being held by Graham Heath the Co Founder and Chief Financial Officer with i3 ( a decent genuine chap by the way ). That will have gone up but the lesser amount to begin with the better obviously for the share price. As you say not long now. atb

Hi skint, if you go on Glenwick website and look at RNS No 0801W issued on Feb 06th 2017 it is under the paragraph titled Fundraising. Basically £130,000 was raised through a share issue with PRS giving them 9% equivalent ownership of Gwik shares once we re-list. So it will have a benefit to PRS shareholders, Amanda Van Dyke being a director with Gwik and PRS atb

Yes, it is too an exact amount not to be earmarked for specific purposes and basically stated that it has been budgeted for equipment and transportation and this will already have been lined up so we can hit the ground running on listing. atb

Hi Pompey mate, yes it was quoted as 'significantly' oversubscribed. That is good but we need to list before any more fund raising imo.

I had some concerns regarding the $7.6m fund raise prior to IPO from i3 from the point of view it could dilute Gwik's % rate of ownership as i3 would come to list with a higher MarCap and therefore we get a smaller slice of the pie for our £1.2m. However, I have it on extremely good authority that when a company lists it basically barters with the Market Makers to establish a share price. Now if on listing that said Company is seen as cash poor and therefore a higher risk then the sp is set low, whilst generalising this is understandably so. But if a Company is cash rich or has the funds to carry out its agenda then they come to the table with some leverage and can argue their case that the risk is low and that they can continue to production and therefore command a higher sp entrance level. This is a very basic way of putting it but it makes perfect sense. I3 Fund raise allows them a level playing field or they go to Market Makers elsewhere so I am told, I did lose a little bit in the version of explanation but i3 can prove they are able to fund the equipment and transportation even as we speak due to the $7.6m in the bank. So from a different angle or perspective we could view the listing sp as another conversion separate to the MarCap. I will now shut up. atb

Good Morning all, archie 100% agree that the conversion rate is the big question now. Trying to do some fag packet calcs. Basically as I see it we will all hold i3 shares once the convertible loan rate is finalised. So we have to have the similar of a consolidation of shares 40:1 / 50:1 / 100:1 of Gwik to i3 whatever they decide. My calcs are if we get (for example purposes only) 2% of the value of i3 then we are looking at a consolidation ratio of 50:1. Therefore if i3 sp comes in at a dollar (100 cents) we have to divide our 'current' Gwik shares by 50 to give us our new holding in i3. So 1million Gwik shares will now be a holding of 20,000 i3 shares but they will be worth a dollar each. Another way of converting it is for each current Gwik share you hold they will be worth 2 cents each ( 1 50th ) if we own 2% of i3 and i3 sp comes in at 1 dollar. Too simplistic, maybe, too high an sp maybe, but even 80 cents and we will see big returns. Ready to be shot down in flames from more knowledgeable posters but other factors which I have thought of hold Gwik shareholders in good stead but wont bore everyone with those. atb

Hi Pompey, nothing worse than a dead bb with no posts, imagine the activity when we re-list and quite a bit of activity from the company as well in a fairly small timeframe, what with different stages of funding up to work starting on re-opening well and then production itself. Will be a busy time, may get the odd setback but nothing goes up in a straight line although this will be pretty close. Holding nearly 40m ! :¬)) atb mate

For all those not invested here yet, seriously. If the sp re-lists in the region of 0.12 - 0.15 and that is allowing for costs to be factored in then it is an excellent opportunity for new pi's to have a chance of buying in before the fund raising starts. They will have to be fairly quick but a lot of potential profit even with sp sitting 0.2 / 0.3 if we take into account the effect on sp big $45m fund raise will have and actual oil production in 6 months or so. atb

No need to apologise mate, the early days it was reported that when I3 were keen to get onto the stock market they were looking for a platform to do this and this was discussed in the first stages of the initial talks at the same time of the 1st tranche of fund raising when Gwik parted with their money. It can be quite a cost saving to use this method, an existing company already listed looking to rto / ipo etc however, not sure if that will still applies now Gwik de-listed. Will see if I can find it but long termers may back me up if they can remember this also. atb

Nice to see oil now approaching $55 a barrel, all figures for i3 Mar Cap ( $400m ) were based on $50 so an upgrade on that looks likely, some reports saying $60 by August, we shall see. atb

Mate I have said it before its the way I have worded it and basically for an IPO to happen you have to list on the stock market and i3 are using Gwik to do this, incorporating then I don't have a problem with that and stand corrected, I do not run my posts past nomads or legal eagles just use this as a chat bb. atb