George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
IMO there will be two avenues of fundraising. A bridging loan to cover to data readout of 1a (I wouldn't rule out RF to supply the bridging loan). And if 1a data doesn't bring in a licence there will be a placing offered to shareholders and the market to see us to 1b data readout. The board could also go down the JV route for 1802, with a Pharma or CPF even, with a small amount of the upfront dedicated to 1801. We might have to give away some rights to either or both of the compounds. But it is what it is.
Well, I'm still buying in small amounts. Bought a few this morning. I will buy a few towards the end of the week and more next week on payday. I don't think there is anything sinister at play. The board at best were nieve at worst incompetent. Both John and Tim were once millionaires with their holdings, I would imagine they would like to get back there if they can. I always regretted not buying more in the 0.18p days. Well, look where we are and almost at a data readout for p1a.
Robin hood. Massive risk but £7 a share give him/her a million profit. They might do more than most here have done in 10 years, in a few short months. No one chucks £37k away so I guess there is a level of confidence or even know something. 🤔
For me, it isn't black or white. I agree with Billy, it would be madness to get rid of the board this close to results and maybe a licence. However, I believe they would have known this was coming for a while so if they just sat on their hands and hoped something would come along, then, they aren't the people to lead Sareum. I still believe that the board have been hoping for news from 737 to help them out for a few years now and they didn't have a plan B. Same with MHRA, it seems they waited too long to get an update rather than chase the delays. Or maybe they just sat and hoped again? It's an answer we'll never get so better the devil you know until we know otherwise.
Yeah, none, no difference and I've been wanting to say this but not wanting to make things worse but the Bod will have known this day was coming at the AGM as there was no way they were going to meet the criteria for the next drawdown so when people were saying at the AGM, they looked shocked when someone was having a go. Was it shock or was it a realisation there had been rumbled early? I'm hoping that discussions for new funding have been going on for a while now. If not and the board has been caught napping again, they really do need to go.
Damion. The wording of the RNS states "Any balances pursuant to the Facility are not due for repayment until August 2025 (the "Maturity Date")".
Yes, they could sell all the shares they have to claw back some but they will be nowhere near even breaking even and If Sareum go under, they can't give them any more shares. RF is up the same creek as we are. It is in their interest to see the SP goo the other way.
As announced on 3 August 2023, the Company entered into an Equity Prepayment Facility with RiverFort (the "Facility"). The Company has drawn £2.3 million to date pursuant to the Facility from two prepayment deposits. The Company currently has an outstanding balance of circa £1.3 million under the Facility. Any balances pursuant to the Facility are not due for repayment until August 2025 (the "Maturity Date") and the Company expects to settle all balances by the issuance of Placing Shares prior to the Maturity Date.
Hi PCS. my post wasn't entirely clear. As I read it, I meant the silver lining is, for now, we are done with RF. We give them 1.5 million shares next week and settle the account with another placing and warrants in 2025. RF will know that these new 1.5 million shares might be the only chance to get their money back. And with £1.3 million still owed. they'd need a pound a share to turn a small profit. It's a curious business model that drives the value of the company down. No wonder RF are struggling too.
There is a silver lining here. The wording of the RNS is to the point, leaving no doubt that we are in a serious situation. It also talks of the £1.3 million still owed not needing to be settled until 2025. So this last tranche of 1.5 million shares is the last they will get until SAR are ready to give them more. If SAR goes under, then RF will be in the line of creditors with everyone else and with no assets, they will get nothing. RF will want to claw as much back as they can get so it no longer makes sense to sell at any price. They may as well wait until the sp recovers. We will see when the shares are added to the market. But for now, I think we need to eave the board to do what they need to do. Short term issues first.
The HNWI won't or shouldnt know anymore than we do. That would be illegal. They are investors and that, would have to do their own due diligence with the information that is already in the public domain. They may have had a personal meeting or even presentations with Tim and Parker but nothing price sensitive.
They'd probably could spin up a fundraiser through Primary Bid. That way, they are dealing directly with investors and it allows for over-subscription. There are overheads of course and im not sure how that works if you want them in your ISA. The quickest way to raise funds if they think the appetite is there.
At this stage. I'm more than willing to risk everything against getting fair value. I'd be disappointed with anything under £10. Easy doable on good 1801 1b results and 1802 in trials (straight to 1b). The immediate financial mess is dire but not impossible to fix. I just think we'll have to dilute the shares somewhat or give away a chunk of the future potential. Both of which I'd take, to eventually get to that £10. And in the RNS, it was brutal, not clumsy but there is no need to dress this up. Better get it out in the open now so when\If good news come, confidence will come flooding back
In my usual working-all-scenarios way of thinking. It just occurred to me that we have a cash-rich contact in the cancer arena and that is CPF. If Tim and Parker aren't or haven't been talking to CPF they should be. We might have to give them a slice of 1802 to them but that would be better than it going somewhere else on the cheap. A relatively small amount of cash could secure 1801 and 1802 through to Phase 2 trials.
1a results, Mafuta and we may not have enough cash to finish 1a! They released now because interim results are due in 2 weeks. They had to. However, the timing of the RNS yesterday =, doing it intraday rather than first thing or 11 o'clock does seem like they thought f*ck it. It was probably written after a call where they found out the pot is empty with no real plan to top it up. I'm expecting more RNS, with maybe some resignations to save salaries etc.. Lets see what the next few days bring and hope they do pull a rabbit out of the hat.
I will buy small amounts but for larger buys. it's probably better off waiting for a placing. At least your money will add to the pot of cash needed to progress. I agree with SOG, we'll probably have to give away 10% or more of the company to get out of this.
Leggster, the is probably another RNS inbound telling us how they have taken steps to protect capital. Wouldn't be surprised to see Parker and a NED or 2 go. And have others have said. Do we really need 2 brokers?
The silver lining is, if we get through this. RF are done for now.