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'have' should be 'gave'. Sorry I am just so excited after today's news

I'm hearing that Shoats Creek is performing phenomenally well since the company have it away for nothing. I think the directors should use the placing proceeds to buy back the company's interest in this exciting asset. Now wouldn't that be fantastic news. The directors could even have another name change to 'Shoats Creek Inc.' if that happens I'll have another top up if the market markers are kind enough to sell me some shares.

I'm really pleased that the directors will be given 10% of the enlarged share capital. That's a really screwd decision for shareholders as the directors are doing such a great job. I hope Charlie Wood stays as a director forever as he must be the best ever director on AIM and should be awarded accordingly. I think his salary should be doubled to give him even more incentive to deliver 'shareholder value'.

If we're really, really lucky there will be another share consolidation. Now that would be fantastic news. I can't wait

Yes, this company keeps on 'delivering shareholder value'. It must have raised something like £50 million from placings since the IPO and now production is set to hit an amazing 100boepd. That's absolutely fantastic news. I'll have to top up my shareholding if the market makers will be good enough to sell me some stock.

Very exciting news today! This must be the best stock on AUM if your into placings and name changes. Must be Christmas come early for Orslega and Noli ;-)

Shareholders that have been in contact with the company have been reassured that cashburn has been keep to an absolute minimum whilst the company is waiting for the permit.
It is my understanding that directors haven't been drawing salaries and professional fees have been renegotiated to conserve cash.

Do you think Lofgran will commission Trey Resources to carry out a Field Development Plan and Reserves Report for the new parcel of land before drilling a well and how long will this take?
I assume a farm in partner would want to see this done before putting any money up?

Keep it coming guys - it's very entertaining here today ;-))
AB's recent tweets also made me chuckle when he said investors were stupid. I thought he'd had too many Simbas before writing that but now I know he was just trying to induce punters to buy RRR shares to support the SP before the placing.

I just looked at his Twitter feed. It seems he spends most of his day reading newspapers, surfing the internet and tweeting about politics.

Great news today.
The upgrade makes the current market cap look even more ridiculously undervalued. I can see this easily re-rating to the 0.5 to 0.6 area where it would still be significantly undervalued.

Late RNS - placing at 0.51p raising £323,750 so company can manage its cashflow prudently - that's AIM speak for "so company can continue to pay directors and their large expense accounts!"
0.75p warrants attached and no director participation.

The directors should be ashamed of themselves to sanction a massive placing at such a low share price. Long term shareholders have suffered huge dilution with 1.7 billion shares being issued plus another 800 million warrants. It amazes me that people are willing to buy shares at 4 times the placing price! The directors have made sure they will do nicely by issuing themselves a load of cheap shares.

I thought the SP word start moving higher for the start of the production season at West Kytlim. The recent recovery in the platinum price will lead to a nice boost in revenue

I'm not sure why the permit hasn't been issued yet. The application has been through the whole process with the Mining Agency, Minister of Economy endorsement, cabinet meeting etc. and has been stuck at the very final stage since the end of December. I though that once it passed through all these stages the final sign off would be a formality. Also it will be damaging to Georgia's credibility with foreign investors if the permit is not forthcoming after GEO spent a considerable amount of time and money proving up the resources on the licence. GEO's subsidiary holds a 25 year mining licence yet it cannot currently carry out further exploration work which is a ridiculous situation to be in.

Yes, the target areas on GEO's licence look excellent. There is the potential to host several operating mines like the JV partner has on the adjacent licence. The delay in the exploration permit is hugely frustrating for shareholders and management.

The JV partner currently has two operating mines on the licence adjacent to GEO's licence and it is currently in the process of building a new mine. I think it has already invested around $40 million on the new mine.
It has also started to update the copper flotation plant.
There were some environmental issues in the past but last year the company agreed to address all the issues that were raised by the government.

Yes NED, they're even worse than Sullivan & Gold LOL

I'd like to see director salaries discussed at an EGM. I think they should be taking minimal salaries at this juncture to conserve cash.

Thanks Chelsea. It would be interesting to see the share register.

What's the latest news on the City Financial situation? Are we assuming the administrators are dumping the fund's Scancell shares?