The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"Oilberta- taking part in a placing is not the same as pumping your own cash in via a loan"
I actually see it as the exact same thing .
From the August 2019 placing:
"This placing will bridge the gap until the
Company can conclude the additional financing measures discussed in the Press Release of May 28th.
Together with our joint venture partner we continue to be focused on concluding the placement of
the OPL 226 Performance Bond by our Nigerian affiliate and progressing the operational plan for the
commencement of operations. As previously indicated, once the Performance Bond is in place, we can
commence operations in earnest."
http://www.canoverseas.com/wp-content/uploads/2019/08/COPL-Announces-Placing-FINAL.pdf
Just be vigilant. Us longs have all been burned by his words on several occasions.
It's not the first time Art has sunk money in, management participated in this placing as well:http://www.canoverseas.com/wp-content/uploads/2017/05/COPL-Final-Share-Placement-Announcement-Final.pdfMy hopes are not up until I see that formal RNS come out which includes Ministerial Consent, Performance Bond and project financing. Most people don't seem to realize that where it stands now without ministerial consent, the transaction for OPL 226 isn't finalized; in other words ShoreCan doesn't formally own 80% of the block. Keep the pumping up though guys, this is quite entertaining.
Eyeguy, go read the RNS from the placing in August 2019. Says the same thing lol. That's why some of the longs aren't overly excited about this. Same old story from Art.
Eyeguy, did you notice the original schedule on that powerpoint? They were supposed to spud OPL 226 in Q4 of 2017. Perhaps now you can understand the frustration and bitterness of some of the LTHs like myself.
The last placing in August 2019 was supposed to be enough to see COPL get across the line and get project financing sorted. This and many other false promises have made it very difficult to take Art at his word so stay cautious.
You'll find a slew of rampers including eyeguy just going to town. Pretty pathetic.
Wow... I didn't really get that Art was in fact loaning the money to himself... $200k Cad is about half of COPLs monthly expenses per their last financial statement. They need to wrap this is all up in a very timely manner IMO
Congrats to the LTHs, this is a substantial RNS which reiterates the confidence in the project! Awesome news!
I was filtered by Sukail almost immediately as I called him out as soon as he showed up and starting insulting and disrespecting LTHs. Total parasite as far as I'm concerned.
Playing y'all like a fiddle heehaw
Brady, I agree. Guys what's going on? Why hasn't news dropped yet. You all seemed so certain this time...
mine was removed too, LB got a little upset. Nice call on news landing this afternoon lol
Eyeguy, you're reminding all shareholders of information we've known for years.
Thanks, YM.
Trust me, as someone who has been stuck in this for years I want nothing more but to see this pan out, especially for the other true longs who have been grossly mislead by Art. As for those newbies coming in, trying to ramp the share and ignoring all of the facts that us longs have had to deal with is a slap in the face and incredibly disrespectful to those who have bought in at much higher prices under false promises and failed timelines.
Hi LB,
Since you were so upset the other evening, I wanted to share my insights with you just so there is no denying the facts.
According to COPL's latest financial statements (FY Q3) released on November 13th, 2019, COPL had approximately $484,000 USD in cash and equivalent as of September 30th, 2019. Their net loss for the quarter was $936,000 USD in which $921,000 USD was related to their administrative costs; this equates to a monthly burn rate of circa $307k USD per month which is in accordance to what Art has disclosed previously. If you apply that same monthly burn rate to the cash left on hand as of Sept. 30, 2019 they ran out of cash in the middle on November. Right around November 17th to be exact. So where we have not seen a placement or any material news related to a finance deal, this can only leave us to speculate that they are behind on rent and salaries or running on some sort of credit that is NOT listed on the financials. Otherwise, the math doesn't add up.
Look forward to your response.
Oilberta
As long as BP isn't the operator, everything should be fine. They are really good at killing people.
You clearly haven't been around long enough to have been disappointed by Art on multiple occasions. Like I said, not my fault your DD is lacking.
I said maybe. I can't otherwise explain how they would be able to curb their monthly burn rate and conserve the little cash they had left. It's literally simple math.