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So with the existing options and warrants, plus the proposed additions, how many shares will there be ?
This is a "worst case" scenario, and surely will be less that this.
(Of course there are members of this board who have far greater understanding of corporate finance than myself, so the rough figures below could be wrong - happy to be corrected.)
Current fully paid shares: 16,722 M
Current outstanding warrants: 5,279 M (from website)
Current options: 413 M (RNS says 413, website says 639)
Proposed incentive options: 1,000 M
Allot securities for non-cash consideration (equal 25% of current): 4,180 M
Allot securities for cash consideration (equal 50% of current): 8,361 M
Total "potential" additional shares: 19,233 M (115 %)
But a significant sum of money will be raised as a result, without which EUZ would struggle to survive.
I can't imagine any of the the resolutions being voted down at the GM, especially as about 64% (according to EUZ website) of the shares are held in nominee accounts. Mine are in a Barclays ISA and I doubt I will have the chance to vote.
One last point: I think the date of the meeting maybe significant as it allows the BoD to provide one or two much needed progress updates in advance, to sweeten the pill.
S
Just reading through the rather long and detailed RNS Notice :-)
Although most of it is fairly clear, I don't yet understand what "General authority to allot securities for non-cash consideration purposes" means.
Can anyone help me out ?
Thanks
However, the period of market normalization after the Bitcoin Halving to incentivizing profitability levels is unknown. As a result, if Bitcoin price and Difficulty do not adjust over time to pre-Bitcoin Halving profitability levels or the period of market normalization after the Bitcoin Halving to pre-Bitcoin Halving profitability levels is prolonged, there is a risk that the Bitcoin Halving may render the Company unprofitable for a sustained time period such that it could be unable to continue as a going concern.
Chat Server timestamp. I've sent a message to their admins - they need to sync the system with Internet time servers. Its common practice, so it seems odd that they haven't worked that out yet. I think all their systems could be managed more reliably than they are. I pay a monthly sub to get real-time information - I wasn't expecting to be in the future !
So we are expecting the updated JORC in the next couple of weeks. It would be great if we could now see an outline estimated project schedule for the next few months too, e.g.
* expected start/finish dates for the additional drilling project
* expected dates to receive resultant lab results and further updated JORC
* expected dates to submit and receive the mining licence that was slated for 2020
Perhaps we won't get this, but I do think it would be useful to help improve investor sentiment and confidence after the last few days of angst ?
... now heading for the survey site :-)