Member Info for observer842

Yes @EyeGuy - you would have thought so wouldn't you...

It's not as if it wouldn't be unprecedented:

"Placing Update" (01 May 2020)
https://www.lse.co.uk/rns/KDNC/placing-update-9tbrjyibxtq5kdh.html
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Cadence Minerals (AIM/AQSE: KDNC; OTC: KDNCY) is pleased to announce that, further to its announcement made earlier today, the Company has secured an additional £120,000 investment by an institutional investor. The investment will be made on the same terms as the Placing that was announced earlier today, including the terms and conditions appended to the announcement.
]===

This is not investment advice. DYOR! :-)

@EyeGuy, I don't trust those figures as far as I can throw them, so I was very pleased to read earlier:
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commission and publish an independent scoping study on the Amapá Project;
]===

Might be worth contacting the company to see if they'll let you in at 9p?

"China iron ore soars as Vale shuts down some mines on virus concerns" (JUN 8, 2020)
https://www.nasdaq.com/articles/china-iron-ore-soars-as-vale-shuts-down-some-mines-on-virus-concerns-2020-06-08
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The most-traded September contract of iron ore futures on the Dalian Commodity Exchange DCIOcv1 soared as much as 7.6% to 798 yuan ($112.74) per tonne, the biggest percentage change since July 9, 2019. It closed up 5.5% at 783 yuan a tonne.
]===

And surge they did! ;-)

Perhaps @Dallas. But that would still be ambiguous. Lol! What would complete mean: first shipment's worth? (50kt?), first $10m worth?, all of it? (unlikely!)

No such thing as a sell @tomcat - especially on AIM! Only a trade. You may think you can deduce what is what, and perhaps sometimes you can, but not if they are being purposefully obscured...

LoL @Bannor. I admit I didn't see the placing coming, perhaps @Ivy had a worth with the BoD! I still stand by my 40's peak, raise in 30's - I'm talking about the big raise though... ;-)

Sorry @Theleather1, perhaps I was a bit terse with you! :-)

To clarify, I personally think this is a typo:
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· Movement of the stockpile to public port is expected in July 2020
]===

And @Kiran meant June 2020 as it doesn't make sense otherwise, and especially given the new bit of information today:

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· Trucking contractor has commenced mobilisation of equipment
· Other key contractors appointed including local shipping manager and shipping broker
]===

That's not the point I'm getting @Theleather. We discussed it to death a few months ago and @Kiran clarified the plan: move the iron ore by road from our private port to the public port and ship from there.

I found @Dallas's post 06 Jun 2020 12:28:
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15.8M volume with a trade price of 12p and above.
5M of that volume were trades => 100K.
Hope that helps lol... ;-)
]===

If all 15.8m were sold at 12p that would be £1.9m, so it's possible many went short in anticipation of a fund raise below this, and if so it does mean there's less of a potential drag on the share price if the placing has already been largely sold...

5m * 12p = £0.6m

Hmmm.

@Kiran could have a least clarrified this baffling statement! LoL
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· Shipping is still on target for late Q2 2020 / early Q3 2020
· Movement of the stockpile to public port is expected in July 2020
]===

Interesting they clarified the outstanding CLN as $2.1m not £2.1m :-)

@tomcat did you see my post at 00:06 (preemptively) addressing your points?

How much volume was there above 12p again @Dallas? Happy Ivy!? LoL. I wasn't expecting that! Potentially all forward sold in anticipation IMHO...

I make it that before the conversion notice on Friday, in fact now because it hasn't gone through yet, there was £2.1m + £0.22m = £2.32m CLN outstanding. With 120,206,966 shares in issues the market cap at 12p is = £14.42m. CLN as a percentage of company is: £2.32m/£14.42m = 16.1%. Therefore TTFI's 5.99% is just a little over a third of the total of the consortium. £0.22m that was converted corresponds to £0.22m/£14.42m = 1.5% of company and if this was forward sold spread equally between the consortium it would mean TTFI wouldn't cross the notifiable 5% threshold. Cunning.

The CLN holders. Remember it is only TTFI that have declared above 3%, which means most are below it and can get away with this sort of thing. Though I'm now beginning to wonder if it was no coincidence that TTFI *just* crossed to 5.99% to give them a bit of scope to join in should the opportunity arise.

I personally think there won't be a TR-1 this week and all of the shares that were requested to be converted were forward sold last week above 12p. They won't have to report the short or the change in holding because they'll have wrangled it between them to be below the short notification and TR-1 thresholds.

@joesnatch: "Are there many more shares to convert and if so does this mean each time we hit 12p+ they will be selling?". I thought I'd mention if it turns out the CLN holders weren't forward selling last week I wonder if there might be a bit of a play at play here. (A play at play? Phrase of the day MB?) Scare everyone into selling at 12p whilst heavily buying up the shares, after all, who has most to gain at this point for a share price multiples above 12p? But which wave? There are £2.1m more available to convert - and they'll want to do so as high as possible above 12p... WHI have a *risked* target into the 40's...

So what will it be? A TR-1 where they have increased their holding? A TR-1 where they have decreased it? Or no TR-1 next week? Place your bets. ;-)