Member Info for Seingred

Are imojies legally binding ?? 😂

Connect, only my guess and hope for more but that’s my guess but as I say anyone can vote against an offer recommended by bod but I think it would be pretty futile, and unwise. As I have said before, it is better to be pleasantly surprised than unpleasantly. Good luck and hope you do manage to break even .

Mm, what value bid would posters vote to accept???

Fairly immaterial as Mellon will have 25% plus votes.

We do get to vote on any acceptable offer. My expectation is around $120 m . Returns less than 50 p, probably 40p.

Remember all those guess the sp by chrimbo posts. Always way off. So here we go. Guess the deal figure and final sp .

Anyone else fancy a crack.

By my reckoning we should have had a half year update this month . Last year we had update inc cash up to end of June in mid aug.

Actually slim it is around 680 k oz that is proven the rest are jorc compliant estimates. Many mistake reserves ie proven or probable with jorc estimates. There is a large difference in the valuation of each. Anything up to$100 p oz.

Bit behind in the info roxi . Do a bit more digging.

Roxi, last news 7 ndas 5 offers. It is an asset sale at present , how many shares are you considering into how much offered , how much expenses to deduct ? Ie 15% tax or selling expenses.

Mellon has vastly reduced his breakeven . You are dreaming with £1 per share unfortunately. That would value Cnr around £250m . Take a peek at the m cap of a 100 k oz producer . Shg with a seperate exploration project higher grade and soon to be as large as la India . Currently £100 m . If we got £100 m that would probably return around 40 p imv.

Best to keep expectations grounded imv. We will get to vote although Mellon will have over a quarter of the voting shares by then. So if it is a £100 m deal guys here expecting £1 can vote against it.

They may well have a bid , they have 5 but none as yet have gone binding. They cannot be sitting on a binding bid , it would have to be rnsd

Simms, first majestic May well have taken part payment at 50 p for a mill they had no use for . However they have not added in any raise since in 30s or 20s so I am not seeing the reasoning for them paying 50 p again. How much would the bid have to be to equate to 50 p ?

F m 50 p has been an absolutely useless reference used to value Cnr all the way down to 15 p. Their own share price has a record not much better than Cnr ever since that deal.

Simms, any suitor will make an offer for the company . It will not be taking into account the share price here. It’s an asset sale! They will have more idea of how many shares are likely to be involved re options and warrants. They will also be aware of the 15% nica tax that will I believe be levied.

200 m plus shares ,15% , allied sale expenses and further running costs. Shg received 3 bids and m cap rose to £130 m . However no bids were of a decent level. Cnr is not comparable to Cnr and I fail to see offers much above £100 m.

Anyhow, Mellon has lowered his average nicely with the 2.5:1 15 p Xmas sale. Does anybody have a great reason why Dec raise was the first to not be oversubscribed. In fact it was nearly £1 m under ?? Possibly because all the warrants had gone to Mellon with the £1m loan note and none in the open offer. Why did us holders not have the usual option of a half share warrant??

Likely offer in q3 sometime . As Jhongle says, then we see the fat bird .

Good luck all . Better to be pleasantly surprised than badly disappointed.

Nero, I certainly hope we have a binding offer this year. Hopefully by end of sept. Personally I don’t find the lack of further visits overly positive. Ur we only need 1 buyer. However Shg had 3 offers2 being Chinese and no deal transpired . They spiked to around £130 m on news of offers. I do not consider Cnr as good a prospect as Shg or as valuable . I don’t see more than £120 m attainable personally which will fail to give an sp above 50 p and that’s without knowing exactly how many expenses will come out. If a 15% tax applies which appears likely that brings 120 down to near £100 less other expenses and it is still not clear how cash will be returned to us or how much.

What we do know is Mellon has vastly reduced his average so one would assume reduced the sale price requirements.

I expect a li ease

Nero, I think if sale process completed means cash in our banks then highly unlikely. As I said calibre deal took just over 3 months from anounced agreement to completion so unless an agreed deal is finalised by end of sept it is highly unlikely. Since most here expect a “bidding war” after first binding bid for me conclusion this year is unlikely but it will take as long as it takes. Expect more 15 p warrant conversion before then. For me the first news of binding bid will be my the green light to exit rather than completion.

The initial process is already longer than initially forecasted which doesn’t surprise me . Completion of bfs was way late etc not to mention production.

Jhongle, I want as much as possible for my 22 p shares but have always found being cautious and factoring the downsides best for calculation. Clearly the constant blue sky posting has led many down the garden path. More so than mc . Work out a sensible likely sale price, then factor in all the possible outgoings as best you can and likely no of shares. All basic investing principles that many here have continually disregarded. Then factor in mellons massive help yourself at 15 p . 40-50 p seems most likely imv.

If I am too cautious that’s fine but historically that’s not the case!

Good luck

Jhongle cont, with 200 m shares 70 p gives you £140 m plus costs . However there will be more than 200 m shares.

Here’s something to peruse from the rns history.

Condor S.A. has signed an irrevocable undertaking that, subject to the approval of the Nicaraguan Ministry of Mines and Energy ("MEM") by end-May 2020, it shall transfer (the "Transfer") to Nicoz S.A. the Potrerillos concession. Transfer documents have been filed with MEM.

Within five days of the Transfer being approved by MEM, taxes amounting of up to $90,000 shall become due to the fiscal authorities in Nicaragua, being 15% of the agreed consideration value of US$600,000 and which the Parties have agreed to bear equally. To this extent US$600,000 in cash has been paid by Nicoz S.A. to Condor S.A. and US$45,000 has been placed by each of the Parties into an escrow account with a third party agent, to be released and paid out upon approval of the Transfer. The net consideration to Condor S.A. from the sale of the Potrerillos Concession after deduction of taxes is approximately US$555,000.

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Jhongle, I don’t believe there is much chance of 70p. There is almost 200m shares with many options and warrants to convert yet . That would make around 0

Simms, what makes you say that political situation is particularly favourable in Nica? Geo political sis the reason Mellon gave for sale process! Affecting ability to raise cash.

The last 3 months has seen no further site visits and now less ndas. If we assume that 5 non binding offers account for five that leaves 2 outstanding ndas. The £1 m extra will likely disappear as fast as the £2.4 that was in the bank in jan 1 . Of course Mellon has more 15 p warrants to convert so should be more cash to come. Sooner than you think I suspect. One look at the rns for cash raises tells anyone that every other raise has had warrants attached at a rate of a half share and a conversion price significantly higher than the raise price. Wind forward to Nov and warrants are restricted to mellons convertible loan at a rate of 2.5:1 , with no increase in conversion price and a 17% interest . Nice. Doesn’t infer someone who is going to foot the bill if a decent deal isn’t forthcoming. Sounds more like the main man making sure he comes out ok whatever the deal price. The subsequent raise was the first I have seen that was undersubscribed. Why do you think that was?

All that said, isa the sp seems to be steadily rising and 30 p could come soon. Personally I will be looking to unload some over 30 p and if we get simms mid 30 s before news I will let a fair ammount go and be on a free carry hopefully.

It is still fairly unclear exactly how a deal will relate to share price imv which is probably what has held new investors back. I don’t like the south side of 25 p, this is far more comfortable .

Good luck

Spread come down. Simms, gonna say it for ya, looks like we could be heading for 30 p. Graph looking nice and steady now upwards. Glad for some extra around and just under 23 p couple of weeks back. Looking for a quick opportunity to offload them over 30 p .

Oh dear , been reading the daily heil again mapp?

Agree it is good to see 26p and hopefully be maintained. We have neared 25 p only to drop back a couple of times recently. Looking like we hit bottom maybe even look towards 30 p simms ;) with a bit of momentum perhaps.

Good luck all.

Yep nice steady progress to 30 p again simms . Suspect is a slightly better word than your usual “I am sure”.