Member Info for Theorist

Problem you cannot get away from Hogsnipe is that the project simply isn’t viable or bankable at current ndpr prices. It’s also nearly 18 months since the company made the doubtful claim that it could build the mine for $200m odd. Sometime very very soon they are going to have to give a true update on the financing problem. Posting photos of accommodation tents is not helpful! Plus there is going to have to be another £250,000 drawdown on the Pre facility to pay the directors, that’s going to push another 1.5m shares onto the market (assuming they do a placement to save a few shekels of interest). Very hard to see any ray of sunshine here.

The African Hunting Gazette. Read it often. By the way China, any idea when the finance is going to be finalised? Lots of investors have poured life savings into Pensana on your recommendation and lost their money, some have even invested their education fund, perhaps you should be reassuring them???!!!

Jealous elephant poacher. China you’re so smart, you figured me out at last!

Robbie, in Pensana’s corporate presentation back in January they included the Adamas ndpr forecast. It could not have been more wrong. Prices halved not doubled. But don’t let that shake your faith in them!

Reptile, you have to declare your position. You are obviously posting here on behalf of the Company and by trying to conceal that you are misleading people. You are also posting inside information. You need to be very very careful about what you say.

Reptile. First of all I think that you should declare that you are posting here on behalf of the Company or its agents. Second you state that I "know that Pensana will be funded by AWF both via debt and equity at the opco level, that there will be no dilution for Pensana save for a 18% dilution at opco level at an agreed valuation of 62p". Well I do not know that and I cannot see any RNS that contains this information. Also if there is to be such an investment by AWF at the opco level what is being valued at 62p? Is this inside information you are sharing?

The opinions I choose to share are certainly negative and given events of the last 24 months that negativity would seem totally justified. I don't think I can be prosecuted for my predictions! I am not israeli, russian, chinese, an analyst, broker, banker, or shareholder, it matters not to me whether the sp moves up or down. I don't advise anyone to sell or buy, I just say what I think and people can take it or leave it. Given where ndpr prices are at and forecast to go I just cannot see that the project is currently viable and maybe mothballing it until prices recover and look sustainable maybe that is the sensible and logical option? So there you go, another honest opinion take it or leave it. You state I am a peddler of false information. I have never published anything that is false. Yes I think that if equity is required by any funders of this project then it would best be raised at the Pensana level, because the company is listed and the equity has some liquidity. And were it to be raised yes I think 10 pence would be about the mark. You and others are absolutely welcome to disagree with that. The fact that the shares are currently 13p is not actually my fault. It is the outcome of the collapse in ndpr prices and a serious credibility issue. In my opinion!!!

Re Sanity check. If, big if, there was a financing, it would have to be accompanied by some sort of equity raise. The way thinks look this would be a placement perhaps at 10 pence/share. It will have to be nominal and at a discount to market, anyone coming in will want to own a majority of the upside. So I would not be buying at 13/14p, reckon we will be seeing 10 to 12p as the range pretty shortly. And if nothing happens in the next four weeks its looking lights out.

I am assuming that next week there will be another drawdown on the £2.m loan facility from Directors so that the Company can afford to pay them their monthly wages and meet other operating expenses. This will mean that another 1,500,000 shares have to be sold, which presumably will, in the absence of momentous news, drive the sp down below 14p. Reptile works for Pensana, maybe he can enlighten us?

Don't disagree with you, Tony.

Extraordinary bid/ask spread this morning, indicator that MM’s anxious to shift any stock they buy asap. Either the company is building a raft of creditors or cash is extremely tight. Or both. Getting the sense that we are very near to crunch time. If no rabbit appears in the next couple of weeks it looks as if the bottom is going to fall out. I am not a fan of AS1971 but his prediction of a single figure sp might not be far from the mark.

Sundrum. Rather sad that you should stoop so low and come up with such an extraordinary tale. You and your mate China need to sort yourselves out.

Reptile, are you saying that Atherley took a placement at 16p knowing that finance was imminent? You post on behalf of Pensana PR so you should know!

A volatile share price is one that goes up and down, not one that loses over 80% of its value in 18 months. I am afraid that Alkemy is just the last of the Atherley trail of wreckage. If you have any doubts spend 15 minutes (you do not need an hour!) and listen to Atherley interviews on YouTube from his Leyshon, Murchison, Berkeley Energia and Pensana escapades. Do you notice a common thread or a pattern?

Sundrum. You can call me whatever you like. I am hopeful that with my posts I have saved some people from a horrible loss. Granted you don’t always call these stocks correctly, I thought HZM would prevail, but here, the moment Honen and MacLachlan legged it, I knew the writing was on the wall. I realise you still think you’ve got a 20 bagger, as you call it, sorry I wasn’t able to save you from yourself.

MAA86, I’ve done a lot of EIS and private equity, I hold a single UK listed stock. Fortunately. That said I shadow a lot of UK listed companies, just ones that interest me for different reasons.

Tony, isn’t it more likely that Angola would revoke the Longonjo license and then sell a new license to others to recover their own investment? Btw I never bought into HZM although I certainly thought it was going to prevail, as you may have gathered these resource stocks are not where I put my money, though I do take a keen interest in them. Too many of them turn out to be scams, nothing has changed in 40 years!

Tony. If finance was imminent or certain Atherley would know that. The £250k from Atherley is effectively by way of a placement at 16.33p. The justification given for the placement was to save interest. Let’s say an appropriate interest rate was 10%. A months interest is just £2,500. So would saving £2,500 be a justification for the placement? Now this is really really odd. If Atherley knows finance is imminent is the placement lawful? I’m not so sure. But if finance is not imminent or assured then perhaps it is lawful. Either way the justification of saving a few shekels of interest is absurd.

Tony, I take your point however if they are finalising finance rather than hoping to finalise, or in fact whatever they are doing, why not inform the market. It is evident from the collective posts that nobody has a clue what is going on. I think the last we heard was the cryptic non binding term sheet? The fact that the company obviously needed £250k urgent does tell you that there is now a critical urgency, surely that merits some clarification from the board?

Today’s RNS is significant. It confirms that the company’s cash position is absolutely critical. The £250,000 will cover this month’s directors remuneration and not a lot more. What does it cost Atherley? Nothing really because without the cash the company goes under and the shares he has sold are worthless. Extending this logic there is no assurance that finance is imminent. The cash just buys another fortnight or so. And was this the only source of cash available. Did the AWF, M & G and other check out? Have they lost faith? And why would you put out an RNS with no mention or clarity regarding the finance? Not what you would call an informed market. Very odd behaviour.

Things looking very sick now. Is there enough cash in the tin to pay the directors their $200,000 this month? How much cash is there? What are the outflows? Where is the finance? The deafening silence from the company is clearly causing serious alarm. I guess if the SP falls below 15p that of itself should flush out a statement.