Member Info for sandgrounded

John, you are possibly right, but interest around 10% per annum is still a hefty charge.

The Rns does state the purposes of the placing with anything over going in part to help us get the final funding.

I think Shaun has probably secured our future funding now. Good luck al holders.

Not sure about a second placing. Tribeca is working to get an additional 40 million Aus dollars towards the funding costs and I would expect the banks to be involved too.

It depends on how much is raised, but could the Newcrest loan be repaid early?

Let’s hope this will put a bottom to the sp. Shaun has worked hard to get the financing together so there should be no further hiccups. Fingers crossed.

Let’s see what Newcrest does next.

JSP, you make a good point lol.

Best quote I’ve seen for a long time. Made me laugh out loud in the nicest way. Thanks Hydrogen.

“I'm wet as an Otter's pocket just thinking about it“

It is true that we don’t have to repay any of the Newcrest $50 million loan until production, but to get to production we need another $73 million, which I believe includes some contingency funding.

So do we wait until the Feasability study in December and hope we can get the funding from the banks then, even though Newcrest will have first call should their loan be defaulted?
Will the banks even consider it with Newcrests call?
This funding is causing unrest with the sp. The markets don’t like uncertainty.
I am sure Shaun knows this and is working on it.

Now, would be a good time for some director buying.

Panama, it is the reason many of us won’t sell, despite all the shenanigans with the sp.

Hold long and strong.

LA, re Hi Sandgrounded - GGP have not yet drawn down the full $50m from Newcrest. Extract from GGP's accounts at 31 December:

You may be correct. I am not sure how they work out the interest which is why I posed it as a question “Will we owe another10 million in interest after two years?”

If you are I were to get out a loan, interest is payable on the whole amount from when we take it out. We know what the interest will be. It may well be different in GGP’s case. In any case the interest is accumulating.

As I have said, I think Shaun will do the right thing for the company and if that means he has to raise some capital to achieve it, then I will accept that.

It would be nice to get some good drilling results from the Juri jv or Scallywag, but I think the latter is too early in its drilling programme for that. This would give a boost to the share price in the event of a rights issue. However I am not confident we will get anything to help at the moment, unless Shaun pulls a rabbit out of the hat.

He did say that he was excited about another deal, but whether that has been scuppered by Newcrest turning down the 5%, I don’t know.

Let me first of all say that I think Shaun will do the very best he can for the shareholders, but the fact is the market will not be satisfied until the finance is sorted. Yes we could go to December when the Feasability Study is due and don’t have to pay any of the loan back until production starts. However we are paying the bank rate plus 8% interest and after two years will we owe another 10 million US dollars on the 50 million loan?

Shaun did say he could get a better rate so it would be prudent to pay off the higher interest loan for the new one. Also the banks may not lend if Newcrest has first rights in the unlikely event of a default.

Shaun may need to raise around 120 - 130 million dollars ( includes a contingency sum), so can he get it all from the banks? Will they expect us to stump up some of the cash? I think they will, but that is my own opinion and not fact.

Let’s hope we get this matter sorted as soon as possible, because the sp will be under pressure until we receive some good news from somewhere.

I am still holding for the bigger prize, but it is very depressing for those who bought in at higher prices.

I am sorry to say, I believe many of these shorted shares will be bought back in a rights issue shortly.

The sp has been held down and it wouldn’t surprise me to see the rights issue around the current price. That is when the directors will also buy more shares.

Shaun Day said he was looking at a possible mix of shares and finance to pay for our share of Havieron, so it would not surprise me if it was done as early as this weekend. Will we see a Friday afternoon Rns?

Sorry to be so negative, but we need the finance sorted to rid ourselves of these shorting leeches. Maybe then we will see Havieron being properly valued.

Exploration update has been published on the ASX.

Ben, I agree with your post but would hope that Shaun puts out a new MRE for drilling up to 30/6/22, as a way of stopping any low ball offer coming in for our 30% of Havieron.

Decline!!!!

The Newcrest results just about gave enough information out about Havieron without causing a stir. The MREupdate we thought was for up to the end of June. No, it was enough to say it compares to GGP’s reported figure.
We are told the feline is getting better, but no figures on how far, which could have helped GGO.
It appears NCM are reporting as little as possible which in turn is keeping a lid on GGP’s shares.
We all know why.

I’m not an accountant, but the fact that NCM’s mineral resource corresponds to that of GGP’s valuation, can this be included in the assets of our company and help strengthen our loan application criteria?

Could another shareholder meeting with Shaun be on the cards in the next week or two?

It wouldn’t surprise me to see Shaun in London with all those term sheets.

I take it now the earn in period has been completed, any obligation of first refusal for Scallywag, has been removed?

We now have an additional 5% of Havieron as security for any loan, should SD need it.