Member Info for SpaceHoppa

Fecm, if I was one of the ii's who bagged millions of shares with warrants attached, I'd flog off as many as I could at circa 7p and still have my warrants. Also existing shareholders who don't want to increase exposure, like myself, might want to sell at ~7p, and then participate in the OO to bag some 9p warrants.

My selling 50k should mean I end up with the same number of shares once I buy back in the OO, but also have 25,000 warrants.

I agree it is a prudent fund raise, just in case ICSID stiff Rock. The downside is we get 25% dilution but as mentioned, this is the first fund raise in over a decade ! How many AIM companies can say that. If OM comes in then very happy days, but on balance, I am OK with the settling of the funding issues for a year or two.

I have sold 50k at just under 7pence, but purely so I can participate in the OO should it be passed, and to bag some warrants. Barring other news, we will be stuck around the 7p mark for a few weeks now.

Over subscribed and the greedy piglets have finally piled in,
Sam Moody, Keith Lough, Alison Baker and John Summers buying 2.15m shares

The Open Offer is conditional, inter alia, on the passing of the Resolution by 'a majority of not less than 75 per cent'.
I didn't know that, although have already voted for it anyway.

'in respect of the resolution relating to the granting of authority to Directors to disapply pre-emption rights, a special resolution which, to be passed, will require the support of a majority of not less than 75 per cent. of the total voting rights of Shareholders who vote on such resolution.
The Open Offer is conditional, inter alia, on the passing of the Resolutions.'

Actually Pre2rcd, I see where you get that from, it is possible they may raise more that the initial £3.7m, though I hope they do not.

''Subject to demand from potential investors to participate in the Placing and the existing authorities granted at the 2021 Annual General Meeting, the Directors have reserved flexibility to increase the size of the Placing.''

It isn't open for long '' The Bookbuild is expected to remain open until 9 p.m. on 15 June'' so they probably already have the majority of £3.7m in the bag.

What make you think that Pre2rcd?
I think you can apply for excess OO shares above your entitlement, but I haven't seen anything that say's more than £3.7m in the RI.

''The Open Offer will include an excess application facility to enable Qualifying Shareholders to apply for additional Units in excess of their entitlements under the Open Offer.''

It's a large dilution, up to 25% if the OO is fully subscribed, however it is the first one since 2011. It is good to see the piglets buying in though, which may indicate confidence we're not likely to get any cheaper that ~ 7pence

''The Directors, have indicated an intention to subscribe for Units, pursuant to the Subscription at the Issue Price, which would raise gross proceeds of approximately US$190,000 in aggregate.''

I don't know why they need so much just now if they are so ''confident'' that OM will produce a ''significant'' award, but perhaps it is to hedge their bets and get the cash in now ''just in case'' ICSID stiff us and side with the Italians, in which case it will have been a sensible precautionary decision.

JEBR, I think, if you have 1000 shares, you are entitled to buy 1 offer share for every 8 you hold,
so 125 shares at 7 pence.
These 125 shares would allow you to have 1 warrant at 9 pence for every 2,
so 62 warrants.

Proposed Capital Raise includes the OO that people wanted. 7p is not a bad discount and provides financial certainty.

Proposed equity raise of approximately US$ 4.5 million (approximately GBP3.7 million) by way of a Placing and a proposed Subscription

and

Open Offer of up to approximately US$5 million (approximately GBP4.1 million)

The Company today announces its intention to raise approximately US$4.5 million (approximately GBP3.7 million), before expenses, by way of a Placing and a proposed Subscription, in each case at an issue price of 7 pence per Unit (the "Issue Price"). Each Unit being offered comprises one New Ordinary Share and, for every two New Ordinary Shares subscribed for, one Warrant. Each Warrant gives the holder the right to subscribe for one new Ordinary Share at a price of 9 pence per Ordinary Share (the "Strike Price") at any time from the issue of the Warrants up to (and including) 5.00 p.m. on 31 December 2023 (the "Warrant Exercise Period"). The Issue Price represents a discount of approximately 12.5 per cent. to the Closing Price of 8 pence per Existing Ordinary Share on 14 June 2022 (being the latest practicable date prior to the release of this announcement (together with the Appendix, the "Announcement")).

In addition, the Company is seeking to raise up to approximately US$5 million (GBP4.1million) through an Open Offer (together with the Placing and Subscription, the "Capital Raising") pursuant to which Units will be offered to existing Shareholders at the Issue Price. If the Resolutions to (i) allot shares (or rights to subscribe for or to convert any security into shares) and, (ii) disapply pre-emption rights are not approved by Shareholders at the 2022 Annual General Meeting, the Open Offer will not complete.

The proceeds from the proposed Placing and Subscription are expected to provide the Company with sufficient working capital to the end of June 2023. Any additional proceeds from the Open Offer would provide working capital beyond this period depending on the amount raised.

Subject to demand from potential investors to participate in the Placing and the existing authorities granted at the 2021 Annual General Meeting, the Directors have reserved flexibility to increase the size of the Placing. The Placing is being conducted through an accelerated bookbuild process (the "Bookbuild"), which will be launched immediately following this Announcement and will be made available to new and existing eligible institutional investors. The Placing is subject to the terms and conditions set out in the Appendix to this Announcement. Canaccord Genuity Limited ("Canaccord") and Peel Hunt LLP ("Peel Hunt") are together acting as joint bookrunners (the "Joint Bookrunners") in relation to the Placing. The Bookbuild is expected to remain open until 9 p.m. on 15 June 2022, however this remains subject to change at the discretion of the Joint Bookrunners (in consultation with the Company).

have awarded themselves another 5% of the company for no risk to themselves.

June 13, 2022
the Board of Directors has approved the grant of an aggregate of 35,450,000 stock options for incentive and operational retention purposes, to senior mine site personnel, the executive management team, the Board of Directors and an outside technical advisor to the Company, pursuant to its Stock Option Plan. The stock options have an exercise price of $0.275 and expire after five years.

Even without a rights issue, most investors on the AIM market find they can buy at, or sometimes below the placing price anyway in the following days.

I have voted my 500k against all the resolutions, except the ones allowing the company to raise funds via equity.

Rocks greedy piglet directors may have have a history of paying themselves handsomely,
however they don't have a history of rash issuance of placings.

I expect a handsome win of the OM case, but if for some bazaar reason it fails, then raising funds to get SL to development may be necessary.

Yes, Falky, appears he has been removed.

Regarding Res 8. This is for a maximum of 20 per cent of Rockhopper’s issued share capital. I do not think this is a big issue and companies do need the ability to raise funds. I will be voting my 500k against all of the director re election as a matter of course, though of course, they will all get re-elected anyway.

''Resolution 8: Disapplication of statutory pre-emption rights Resolution 8, relates to the authority to allot shares for cash without the requirement to comply with statutory pre-emption rights. The Company is seeking authority to allot an amount of the shares authorised for allotment under Resolution 7 above up to a maximum of 20 per cent of Rockhopper’s issued share capital as at 30 May 2022 on a non pre-emptive basis and without having to seek shareholder approval at a general meeting.

Indeed TT2, up 16% to $0.26.
They flogged of Pure shares to ii's for $0.15 plus a warrant at $0.18c.

Profits for the boys as usual.
https://money.tmx.com/en/quote/PGM

''With RKH's $3 million and HUR's £70 million that would mean they would only need another £ 1,427 million to finance Sea Lion''

Wow indeed.
£1,427m
Rocks one-thirds of Sea Lion phase 1 development costs have rocketed since I last checked !!!

· Administrative expenses at lowest level since pre-Sea Lion discovery - G&A US$3.3 million

· Cash of US$4.8 million as at 31 December 2021

So to confirm what we knew anyway, Rock have sufficient cash to last until Q1 2023, which is plenty of time for OM to be sorted one way or the other, being 22 Aug, or Oct at the very latest.

'' but IMHO If Sam sat on his hands and simply waited for the SP to go north''

LaticsRule, the perception is that Sam does nothing other than take his greedy piglet wages and answer emails.
I agree the BOD's wages have been obscene compared to the performance the last decade, however I know for a fact BOD do sometimes work, as I was aware that Navitas was being very much groomed as the stand-in partner if waste of time Harbour walked, and that is what happened.

For me the getting Navitas was way more important than an OM payment. Without the former Rock were sunk.
Getting funding may be the last big hurdle if the expected OM pay day, for some reason doesn't happen, and towards end that I am sure former banker Sam will be working away towards several options.

Superritch, I do not think we can extrapolate too much from the share price other than the market in general does not anticipate yet either a win on OM, or a sizable payment from OM. The market is right of course, up until it is wrong, and then we have the large swings north or south. In my view OM is slightly a sideshow now as it seems overwhelming likely that Navitas intend to develop SL and Rock will be a part of that or be bought out. Eitherway Rocks SP will go north I feel.

In addition to Rocks I can only find 4 cases of Italy as a respondent, and Italy won 3 and the fourth was annulled.

https://icsiddev.prod.acquia-sites.com/cases/concluded

Logic based on evidence, says Italy have lost this one, but it's not 100% certain.

''No chance we’ll ever get a penny from the Italians, not gonna happen''

And this sweeping opinion stated as fact, is based on what evidence?
I will not hold my breath for a detailed reply.