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Would be good to change management and streamline overheads IMO. Investment companies of this size doesn't need to pay 2 X CEO salaries. Better to get someone more experienced to take the reins

He is doesn't usually mention a placing price unless he knows what deal the brokers are currently offering to their clients

It will be interesting to see where the MMs open it up tomorrow given that TW has said they've had to reduce the proposed placing price to 2p

He's written an article today saying that there is speculation that GB has been resigned as CEO

Actually the article was released on Tuesday afternoon

TW wrote an article yesterday saying that according to a reliable City Source DVRG had started a financing roadshow looking to raise £8m for 3p. Now the share price has fallen to 3p already they will likely have to offer a further discount to persuade people to bail them out

The company had cash of £663k at the end of June and burns around £130k per month so will need to get some cash in shortly from somewhere

Directors are in a closed period until Q3 results are released

It would be a great time for Mr Bell to put in a very large claim against Glencore after the company has admitted to bribery and market manipulation. Glencore will need to clean up its act and make good over wrongdoings from the past

The share price now has a 2 handle so presumably they will have to lower the proposed placing price in order to raise sufficient funds

It will be interesting to see where the market makers open the share price and whether they will allow sells at above the proposed 3p placing price.
Is the RNS hinting that GB will be possibly have to fall on his sword?

TW says the placing price is 3p

Probably looking to raise around £10m to pay back the £4m loan plus fund another year of cashburn. That's going to be very dilutive and will require a significant discount to be attractive to investors

There is likely a clause in the terms of the facility where DVRG has to give notice (20 working days perhaps) to the lender whether it intends to repay the loan installment in cash or the issue of new shares

I posted that at the same time as Joe.
The cash position was low a few months ago as per the interims so DVRG may struggle to make the repayments in the current environment as it needs to conserve cash to pay overheads

If DVRG doesn't pay the installments of £500,000 due at the end of each months then Riverfront can convert at around 20% below the share price:

"The Company may elect not to repay the Advances that fall due (see below) and, in such circumstance, the Lenders will have the option to convert the Advance's principle and interest and any relevant outstanding fees into the Company's Ordinary Shares at a price equal to the lower of (a) 80 per cent. of the average of the two lowest VWAPs in respect of Ordinary Shares during the 10 business days immediately preceding the date of the Conversion Notice and (b) Fixed Premium Placing Price up until the Maturity Date."

At first I thought it was the Mineral Resource Estimate (MRE) announced today but the RNS is just referring to an exploration target.
The MRE will likely be a fraction of the target figure announced today

That would have been a good question to ask Brian LOL

Thanks,

I've had a good look but I couldn't find the numbers for the scoping study that was completed in May.
I assume Colin didn't think the market would react positively so he chose not to announce a summary of the report and hopes that further drilling will make the project look more economic

You were up early Smalleyus, or are you posting from a different timezone?