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I was just reading the last RNS which stated: "The Loan Notes will pay 10% interest biannually, capitalised to 30 June 2019, with the first cash payment 31 December 2019. Repayments start in December 2020 with final repayment on 30 June 2022 (four equal payments) and fit conservatively with expected first production at Selva in Q1/Q2 in 2020."

That seems on hell of an expensive loan with interest of 10% every six months i.e. 21% per annum. I know it's not easy to raise finance at the moment but surely the interest rate is a bit OTT.

As a shareholder, I obviously want WSG to finally get the Iran contract up an running. However, that doesn't make me a supporter of the current regime in Iran.

Not long now until the loan notes need to be paid off. It may not be easy to refinance them in the current environment and Steelmin will probably need a bail-out loan. It will be interesting to see how the boss deals with this.

Looks like I'm not the only one expecting news next week!

I think the placing shares are due to hit the market on Monday. It will be interesting to see if the placees sell or hold.

It sounds like the wait is nearly over for the Monchetundra permit.
We should see a big ramp up in production at West Kytlim next season so looking very good for EUA.

I think the biggest risk here is the uncertainty over future funding.
The Nigerian Asset is clearly going to need funding soon, and lots of it. This rules out equity funding so what happens if MXO cannot raise debt finance for its share of costs associated with drilling the next well? There must be a danger of MXO losing the asset to the other partners if it is in default.

TorquayFan - If trades in an action are about to be settled at a price which is significantly different to that of the last auction (e.g. say 20% difference) the auction is extended by 5 minute periods to allow participants to check their orders are correct. The process was introduced to try and prevent 'fat finger' trades where a trader unintentionally inputs an incorrect price that he is willing to trade at.

No one likes delays but I think a 20% drop from an already low share price is very overdone.

Great buying opportunity IMO and I just topped up.

Wow Stefan that's one hell of a discount. I feel very sorry for long-term shareholders.

The SP has probably been pulled down by a small overhang remaining after loan notes were converted to equity.
EUA is now debt free and generating a significant earnings stream from West Kytlim which has exceeded expectations this year. Furthermore, £371k was received a couple of months ago from warrant conversions so a placing is very unlikely.
The company is in its best position ever and is awaiting the Monchetundra permit sign off which will be a very significant event.

This looks like another Paul Atherley disaster for shareholders. Leyshon Resources, the last one, involved gas in China and shareholders took very heavy losses when the operation was eventually closed down. Mr Atherley no doubt enjoyed his time in China with his expenses paid by the company's shareholders.

Cheers Troa JAN. I'm surprised you're not invested given your username :0))

I've invested in quite a few PGM miners over the years and from what I can see the project economics on this one look very good.

The company has funding for a BFS and I would have thought, if it all looks good, debt funding could be utilised in full or part to finance a processing plant.

Yeah, I just noticed that.
Lots of buys flying in, probably because it looks very cheap now.
The placing was at a big discount and now there's a big discount to the placing price.
I'm gonna do a bit of research now and may pick up a few myself.

Judging buy the lack of trades there is very little interest at the moment. It just doesn't seem like there will be much newsflow to drive the sp higher in the near term. Italy looks promising but it is one for the future as not many will have the patience to wait until 2020 and beyond for revenue to start arising.

It looks like the rally wasn't strong enough and has now stalled so it's likely the downtrend is set to continue.

It must be very hard to get placing a away at the moment in the current environment but each day it's delayed the placing price will get lower and lower. Stefan will be working in the dark soon!

It doesn't take a genius to know that the company is in dire need of cash. The accounts clearly show this and time must be running out as the small amount of cash is being burnt. It's just a matter of what price the company can get a placing away at. The risk is significant so it may need a big discount to compensate for the risk.

Directors remuneration last year was £1,164,061 which seems very high for a small company like Immupharma. The company needs to conserve cash at the moment so they should be forced to take a substantial paycut IMO.

A placing is likely as the company will need to develop the Spanish asset as stated in the RNS today. I doubt more debt will be possible due to the current limited income stream which barely covers admin expenses.

When the next placing comes the loan notes turn into convertibles at 10% below the placing price. This will create a big overhang. That's why the OP referred to it as a death spiral.