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My broker informed me and I took place in the primary.
People really need to see the bigger picture developing here. The company is currently funded through to next March with existing cash. The main shareholder approached the company to move the company forward aggressively and put up £4 million to take their holding from 9.6 to 16 % the board decided to go with it. Shareholder/s were approached on Monday and a book build took place quickly. Also, the shareholder above is Australian so I would say given their holding in the company that a listing on ASX is probably going to happen at some point in the not to distant future.
The money raised will fast track this business very quickly. The money needed for the DLE plant and where’s it coming from, I don’t know is the honest answer, i do know the pilot plant is being funded from current cash reserves. There are multiple sources from where the money can come from for the plant for example, investors, car manufacturers, Sunresin, lithium trading houses ? We shall have to wait and see but CTL have been approached already by various entities which have been turned down by Ctl as they want to see what we have first.
CTL have assets in the ground and are in the middle of fast tracking this very hot commodity that the world needs plenty of. If you look at the prices of lithium over the last 2 years you will see what I mean. We have investor/s that have very large holdings here and can see the big picture and have put millions in. The assets in the ground will be worth billions at current prices hence the fast track of the business.
The raise was done at the request of our Australia fund/ shareholder as they wanted to aggressively move the timeline forward, it was put to the board on Monday who agreed to sign it off. The fund then took their holding to 16% from around 8 % of the company. They are not selling shares in the open market, why would they ?
The additional 500,000 shares were placed last night and have been taken up with investors which will be holding for the long term. Yes there will be people selling out today traders and the like but, in a few short months this company will be a different beast.
CTL still has money in the bank from the IPO and this raise was only done at the request of one of our largest shareholders to expedite the business who by the way manage billions.
Essentially the funds that have been raised (over 10 million) will be used aggressively to move our timeline forward proving up additional resources, scoping etc etc.
The pilot and demo plant are at customs in Chile waiting clearance into the country from Sunresin. As mentioned in interviews we have already had various people/ trading houses and companies knocking on our door regarding off take agreements CTL have put this on hold until the picture becomes clearer on the size of the assets.
Now I don’t know what type of investors are on this board and I generally don’t bother posting anything but people posting nonsense does not help anyone.
I wish you all well in your investments.
Some of the crap being posted on here tonight is hilarious. If anyone took the time to look into this raise further you would have noticed that there is an Australian fund that had over 8% of the shares in circulation.
They contacted the company on Monday to get more funds into the business so everything could be moved forward at a greater pace, that Australian fund now holds over 16% of this company along with other investors. The only shares that were available to the public was the 500,000 that was on offer tonight.
No shares from the 10 million raise will be hitting the market. :)
A great summary also worth noting that Shell and BP are interested in off take agreement for first gas early next year according to Po Valleys chairman in todays presentation. But again a great summary.
You need to get yourself over to the chat group on Telegram. Everyone is over there that’s why these boards are quite like ADVFN. If you go Twitter and type PXEN in the search bar you will find the link to the telegram group.
If you join the PXEN Telegram group there is lots of info there from very knowledgeable posters including all the interviews plus there a few of the big TR1 holders are there as well. It’s a good group with lots of info. I don’t have the link but you can find it on ADVFN PXEN chat page.
Yes share price is getting squeezed now. It was NT to buy from around 3.00 on Friday afternoon into close. PXEN has massive potential as a company with big gas onshore fields in safe jurisdictions ( Spain/ Italy). I added significantly on Friday morning as it won’t be this cheap for much longer.
Excellent post, however you are forgetting the FTSE 100 inclusion which will make a big difference to the share price.
Don’t forget HBR are still buying shares back and once in the ftse funds will buy in, there are only so many shares to go round.
I really don’t understand this comment at all. You sold out yesterday correct ? and said you would buy back in tomorrow if all good. Let’s just take a look at the updates that BP and SHELL put out recently I think that tells everyone what’s going on.
Having watched the latest Interview a few more times over the weekend, McDade comes across as very assured and confident and there are a couple of things us as investors need to remember.
1. He’s been here before with Tullow, has great contacts around the world and is respected in the O & G sector.
2. You don’t put your own money into something like this if you are not 100% it won’t get over the line. The board have all bought into this heavily so I’m pretty confident it’s just a matter of time.
3. Also mentioned in the latest interview currently looking at other deals so an RNS could drop anytime. This is what us PI’s want to see. A board with skin in the game and that are proactive, the MM’s can move this up, down and sideways for all I care I have a substantial holding here and are confident in my investment.