Member Info for optimist13

http://www.investegate.co.uk/global-resources-inv--grit-/rns/final-results/201604291200058382W/ NAV now 25.00p after write down of some unlisted funds. Nulegacy gold shares confirmed as sold for £2m. CULS to be paid off in near future. Merrex Gold shares now worth £3.7m. We may have to wait for confirmation of the repayment of the the CULS, but the share is very undervalued at the current price.

On the up. Merrex Gold on the up. Added another 50k at 6.11p, but it is showing as a sell.

Buys going through as sells today. Managed another top-up at 6.00p. The 100k trade at 5.90p must also be a buy as the bid is currently 5.25p. Just need the RNS from the company confirming the repayment of the CULS loan following the disposal - for a profit, of the stake in Nulegacy Gold, and probably a partial sale of shares in Merrex Gold.

I am still seething after the last RNS issued by the company. This whole episode and share price action smacks of collusion but there is very little that can be done about it. It will be interesting to see how negative the directors can be when they produce the final results in June. It is diabolical how current and former directors appear to be orchestrating the demise of the company for their own gains. I still hold a substantial stake here but no longer feel long term holders are going to see a decent price for their shares.

I am still seething after the last RNS issued by the company. This whole episode and share price action smacks of collusion but there is very little that can be done about it. It will be interesting to see how negative the directors can be when they produce the final results in June. It is diabolical how current and former directors appear to be orchestrating the demise of the company for their own gains. I still hold a substantial stake here but no longer feel long term holders are going to see a decent price for their shares.

Interesting trades going through after the close. They seem to cancel out the buys for the day. This has been going on for a few days now and looks like there is an ongoing sell on the books. I added further again today on the back of the news I have reported earlier today and hope to add further prior to the next update from the company.

On the 11 March the company stated: "The Company is unable to restore the required Coverage Ratio and is therefore beginning the process of realising sufficient portfolio assets to repay the Loan Notes and de-leverage the Company." It appears that this has now happened and if some of the Merrex Gold shares have been sold along with the Nulegacy Gold shares, they will have been sold at a premium to the book price. The company will now be de-leveraged and the NAV of the Fund theoretically should have increased and will no longer be paying the interest charges on the loan. Assuming a new NAV of circa 34p versus the current share price, the company has quite a few options available. As they would no longer be required to hold £500k in cash, they could buy-back some of the shares. Alternatively, they may elect to liquidate or transfer the Fund to another player to achieve a higher return for shareholders. Whatever the company decides, I feel there is considerable upside to the current share price, which will become evident once the company makes an announcement on the asset sales.

At the current Merrex Gold share price and exchange rate, our 29m shares are worth circa £3.6m. The company needs to find £3.6m to pay off LIM Asia Multi Strategy fund. Following the sale of the Nulegacy shares, the balance of the monies due can easily be funded by the partial sale of Merrex Gold shares. Hopefully, the company has finally turned the corner and a re-rate of the share price will occur once they have confirmed the repayment of the CULS loan.

At our share price today - 6.125p, the mkt cap of the company is £2.45m. The latest published NAV of the portfolio is 31.61p. With the sale of the Nulegacy Gold shares, this will allow for the repayment of a substantial element of the outstanding loan. I suspect that further disposals of assets will have happened to facilitate the full repayment of the loan. The company will now be on a much firmer footing, allowing the directors the time to fully exploit the potential of the remaining assets without the need to resort to a distress sale.

should be 'hear' not 'here'

With the sale of the Nulegacy Gold shares, the company will have to release an RNS to confirm the sale as it is a material amount of money versus the current share price/NAV of the company. I also think we will here of further developments regarding the repayment of the loan. It is about to get very interesting here.

Looks like the Nulegacy gold stake has been sold: RENO, NEVADA--(Marketwired - April 26, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) reports that on April 19, 2016 the Tocqueville Gold Fund acquired 19.5 million shares of NuLegacy Gold at C$.20/share through an open market transaction. The long established and renowned gold fund co-managed by John Hathaway and Doug Groh is part of the Tocqueville Private Wealth Management group of funds established to serve the long- term investment needs of high net worth families and individuals. The New York-based Tocqueville is an employee-owned group of professionals who base their decisions on their own rigorous, in-depth research and thorough knowledge of every investment position in each portfolio with emphasis on undervalued and out-of-favor assets. Global Resources Investment Trust PLC ("GRIT"), a British resource investment trust, which supported NuLegacy during the worst of the bear market, was pleased to be able to liquidate part of its resource investment portfolio profitably.

With the increase in the share price as well as the improving exchange rate versus the CAD, our 20 million shares in Nulegacy Gold are now worth circa £2.7m. Makes a mockery of our share price and our NAV of £2.44m.

Nulegacy up 13.04% yesterday to a 4 year high. Looks like a take-over could be on the cards as alluded to in the research report. For those who haven't seen it, it is well worth reviewing: http://www.alignresearch.co.uk/commodities/global-resources-investment-trust-conviction-buy-price-target-20p/

Nulegacy Gold recent presentation: http://nulegacygold.com/i/pdf/NUG-Presentation.pdf Very positive and backed by major players in the industry.

Merrex Gold share price up again yesterday - +4%.

more coverage on the wire: http://www.juniorminingnetwork.com/junior-miner-news/press-releases/894-tsx-venture/mxi/18939-merrex-gold-2016-us-3m-drill-program-update-for-the-diakha-deposit-siribaya-gold-project-west-mali.html

New presentation just released for Merrex Gold: http://www.merrexgold.com/i/pdf/April%2025%202016%20Presentation%20Final.pdf

Merrex Gold update: http://www.merrexgold.com/s/NewsReleases.asp?ReportID=746682&_Type=News-Releases&_Title=Shareholder-Update-for-the-2016-US3M-Drill-Program-at-the-Diakha-Deposit Extract: Apr 25, 2016 Shareholder Update for the 2016 US$3M Drill Program at the Diakha Deposit HALIFAX, NOVA SCOTIA -- (April 25, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces: The 2016 Drill Program Update The Merrex-IAMGOLD Corporation ("IAMGOLD") joint venture 2016 drilling program for the Siribaya gold project has two primary objectives: one to evaluate the potential to deepen and extend high-grade gold zones within the Diakha resource, and second, to delineate gold mineralization within the interpreted extension of that resource area. Additional exploration to evaluate selected targets identified elsewhere on the property land holdings will be considered as the program advances. The final approved budget of US$3.0M accommodates approximately 17,500 metres of drilling allocated as follows: - 7000m of Diamond Drilling ("DD"); - 6500m of Reverse Circulation ("RC") drilling; - 3000m of Air Core ("AC") drilling; - 1000m of Auger drilling to confirm geochemical target areas.

Nulegacy Gold Corp up 4.08% on Friday as well.