Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The fundraising has raised gross proceeds of £466,000 from the issue of 116,500,000 new ordinary shares of £0.0001 (Ordinary Shares) at £0.004 (the "Placing Price") per share ("Placing Shares") to AUSPECT Investment PTY Ltd. The Placing Price represents a 95% premium to the closing share price as of 13 December 2022. Settlement is expected on or before 23 December 2022.
The Company has also issued the equity investor with one warrant for every one share exerciseable at £0.005 per new warrant share at any time over the next three years ("Warrants"). A portion of the Warrants are to be issued following the Company's Annual General Meeting, currently scheduled for 22 December 2022. AUSPECT Investment PTY Ltd has informed the Company that it ultimately intends to distribute the shares to a Hong Kong registered company with the same name, once that company is set up.
The Company intends to use a portion of the funds from this fundraising to complete the retirement of the corporate debt due in March 2023 as well as for the development of additional opportunities in the battery metals space. The Company is currently active on various potentially transformational battery metal transactions in South America.
If the raise is at a 95% premium to the current share price, but the funder has a 1-1 warrant for each share bought that can be exercised at anytime for the next 3 years, then that sort of wiped out the equity raise at a premium no? Or am I missing something with this latest deal.
The company will end up with more and more debt. They don’t have a revenue stream. They do have a board taking money out of the company though for doing very little. I wonder why they didn’t elaborate on their salary reduction holiday. Their track record so far is to buy assets, tell investors they are placing clever bets, waiting a few years, sell for less than they bought for. Amazing!
This new exciting project acquired will presumably be the 2023 project for the would be new investors to get excited about.
Basically following the same pattern as the last 3 years.
Without these new projects they wouldn’t get any new investors having a look at the company.
Without new investors they wouldn’t be able to keep the company (and their salaries) going
Hi TLM. Glad to see you keeping strong here. My patience here has pretty much gone, but still have a small holding. Out of interest, What has the company done to warrant buying more shares? I know you mentioned a few months ago, you’d be considering the size of your position and would react if the company doesn’t pull a rabbit out of the hat or start producing. Atb, Sniper
Rock, nothing to apologise for mate. We’re all pretty fed up with this one!
Sorry to hear you’ve sold but hopefully you’ll stop over thinking this company and can be at peace. I must admit I was completely sold on the company 2 years ago and thought this was the best hidden gem of a stock. After months and the years passed, I realised there was a reason for the lowly MCAP. It’s crazy how a company with so much promise initially, can get it all so very wrong!
Your sell is shown up on the companies other ticker… type ‘corc’ into the search bar on this LSE site and there’s two listings. Your sell is showing up there.
Rock, I used to contact SK and JP and normally SK would respond after about an hour or two and tell me they can’t control the share price. Says it all really that he could respond so quickly and so frequently and had nothing to offer. It’s my own fault yes, but also feel bad for those who hammered this in the 2p range. Literally nothing the board promised would be signed off and delivered this time last year, has been done, and we’re another year on. I’m not sure what authorities you recommend contacting, but it’s part of gambling isn’t it. You pay your money on stocks and take your chance.
Remember the board took that temporary 25% pay cut in the summer for three months to appease investors…. Well that’s just been paid back to them in bonuses! You really couldn’t make it up!
Surely no one on this board can be in profit now. What a horrible investment choice this was. I don’t hold many now, but it still *****es me off that SK and parsons get away with so much for so little progress. They lie and that’s about their only strength in this game
Good old SK trying to lure the punters in. Why hasn’t he stuck more of his own money in of late if the market are genuinely sitting on a jet waiting to take off.
No one wants to believe his spiel anymore and he’s looking quite desperate
Magmanus you’ve got absolutely no credibility and those up voting your comments , I can only assume are your other keyboards or family members.
Neil, the most accurate post on the BB this week goes to you!
Imagine meeting some of the people on these boards in real life, it’s comical
Magmanus, it’s lunch time…. The sp isn’t greater than 10p or even 9p… what happened mate?
RE: Price rise02 Nov 2022 08:58
9/10p+ by lunch
mark it
building up nicely
sellers long gone, to buy back ot miss out
Magmanus, posts like these make you look abit silly eh.
You’re not far off with your prediction, what was the other ones, 20p by tonight? Lovely stuff
Magmanus, you’ve posted about ten times in the last few hours that the sellers are out, yet the share price is falling back, strange that
Magmanus lunch time soon fella, keep buying the dips mate
No I bought at 3.8p yesterday morning and sold at 7p about 3 hours later. I don’t have a short here, but I do question your relentless ramping and imaginary figures.
I said below 7p at lunch and you said above 9/10p at lunch. Enough said fella
magmanus_49
It’s been 15 mins… no post…. You okay?
‘This share will be 9/10p+ in one and a half hours….. mark it……’
you confident?