Member Info for Seingred

By year end the May be hopeful

Frenchie, that may turn out to be correct.

There have still only been 3 site visits to my knowledge. You can have 20 ndas but if only 3 site visits and no extra for months that is the number of possible suitors in my mind and no new ones . Hopefully it is a straight take out and the sooner that is confirmed the better for the sp imv. Then a possible investor can make some attempt at valuation.

I am a bit disappointed with the length of time it is taking to get a binding offer. At this rate a conclusion this yrqs

Simms. Yes some of the options will struggle to be in. the money. There are a number in the high 40 s , but not these 😆. Who’d guess that the cheapest options would be gifted not long before hopefully a sale, apparently for 3 or 4 times the price if you believe some here.

If Cnr is taken over these options will be cancelled and payment made for the difference. These guys are bankers. You think they are stupid. Options have been running at between 10-14% for years , it is just that most have refused to take into account when making their fantasy calcs . Same with warrants.

Not sure how it works if an asset sale though. Sure they will have that covered though.

Agree to laud the eventual payment of $2 m and then follow up with the current situation finally, stinks. However it is folly to accept the words of ceos of aim explorers unquestioningly, it is riddled with these kind of situations . However the number 1 piece of advice by sprott or anyone else is bod should have considerable skin in the game. I did try and warn not to get too carried away with the hype and use some caution long ago.

Hopefully this can turn around and if it does there is likely to be a considerable short term upside but it is high risk.

Good luck all

Phones on blink.

Figure it is not quite correct but far more so than using the existing number to make calcs like most were doing . I would imagine it will probably equate to around 210-220 m shares and would use 220 m shares for calls personally. Obviously depends on the offer price and any further dilution.

To get to 888 £1 plus we would need an offer in excess of £220 m in an asset sale scenario. Still no calls for the costs that come with the process. I posted a link to royal rd asset sale for less than $$30m which paid out between 4-5 m from memory to Nicaraguan authorities from memory.

I have bought back in here for the sale and currently near b /e . Personally I cannot see holders seeing above 50 p and I suspect Mellon doesn’t either hence not converting the warrants closest to expiry.

So , when I have used the fully diluted number and divide into offer ut

E l, the deal is on a fully diluted basis. Say $150m . The exact price p share would depend how many warrants and options are in the money. I believe that the ammount of value above exercise price is paid out to holders, warrant and options cancelled and remainder is divided by no of registered shares . That is how I understand it.

Https://www.warrants.com.sg/eduhtml.takeovers

I believe that all warrants and options are cancelled and any it of the money we simply cancelled and payment is made for anything above the face value for those in the money. So 50 p shares would not be viable if Cnr were taken over for less than 50 p. However if like 888 you believe £1 is incoming then it would be more sensible to convert the 50 p ones that will expire in Nov this year.

E l , when I look at the deals for calibre and continental they are both on a fully diluted basis. Very unlikely that Cnr would be any different. Usually any restriction here has been for first year. That certainly won’t affect 50 p ones that expire nov this year and I doubt very much the ones expiring next year. In the event of an asset sale, the bod are in control of that scenario. I have looked into it previously but was a while ago and believe that all outstanding warrants are converted at pos but I could be mistaken.

Or are you Tim Thompson? If so have you heard anything back from criminal ex ceo mamulashvili from frr?

Most agree? Do you live in a parallel universe?

Hall, we are a bit overdue on your 7 p in a fortnight . Heading sub 3 p .

Where’s the cash going to come from? How many shares would you need to issue to raise just $2 m ? 1 b shares could happen quite fast .

No u btw

El, skimmed through all these posts. Re read your post and we pretty much seeing same . Sorry what was your question?

Slowly, there is an obvious explaination. Cnr needs cash and it is more sensible for him to convert than have a further sp destroying cash raise. It’s not bad news and not a negative just probably not the big positive that some want to imagine.

Simms, it’s what it is , a cash raise.sale DEFINITELY close . Come on then what exactly does that statement mean????

Re Mellon taking to production, So, why didn’t he ? After all it was going to be producing 100 k oz last year. Why waste yet another year. The explanations are in the original rns in November not jackanory.

E l, it should be obvious that when you factor in mellons outstanding warrants and options he is on the verge of takeover notification so he has fully extended his cheapo shares with the Nov early Christmas bonus. While holders were offered the opportunity to buy for 1:6 , Mellon had 16,666 m on tick at a rate of 3:1. For a two month £1 m bridging loan.

Agree slippery , best option for immediate cash. Just remains to be see how far this takes us.

Awax, what makes you think that £1 m takes us well into 2024. What it says to me is we were getting towards the end of our cash runway . Whether Cnr is sold as assets or as company , options and warrants will be honoured.

This is just over a third of his 15 p warrants. However there are 50 p warrants that expire on 2 nov 2023 which Suggests to me that perhaps 50 p warrants are quite likely not viable. All will be honoured in takeout , but hey that could be at 40 p.

Still this is better than a new dilution for sure and may see another one in a few months . Just a sign of needing more cash. Not surprised somebody got a terse reply when asking about cash recently tho?

Cnr raised over £ 3 m last summer and over £4 m from Nov to dec. we had £2.2 m at end of Dec. £1 m is short term finance.

Two Chinese companies failed to pull off a deal for Shg because they didn’t offer enough. Just saying. Nothing is guaranteed but I would imagine a deal coming together. Not convinced of a bidding war etc, imv that would already of started. There still seems to have been the same number of site visits for many months as far as I know.

I imagine a return in the 40s as best case for us and personally looking to offload a good ammount on any offer news.

Good luck

Can’t believe anyone is still believing £1 . That’s over £200 m and no costs. It’s dreamland. Oh mc said, and Mellon said ……….oz pa. Mellons acceptable sale price will not correspond to £1 p s. Don’t see a stampede of topping up.

Ddd. I reckon $100m is starting point tops of $150 m. What that returns to holders is anyone’s guess which doesn’t help the sp imv. Going to be tight to have this wrapped up this year imv. Would imagine a good few months for completion from an accepted offer. Then Mellon and cohorts have to work out what they are going to do with the cash. This is going to run for quite some time and we could be seeing a couple of £m raise sept time .

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