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I don't think that they have any intention of relinquishing complete control to Cyrus, nor perhaps would they, Cyrus, want the full risk. They are after all in the business of lending, not controlling companies, surely. On a positive note Cyrus have worked alongside the company and supported them well during a very difficult period. I am sure they (AGU directors) will be aware of the short term concern for shareholders and may even come back to shareholders for further funding, which may have the effect of reducing the dilution.. ...it's also worth considering the following from the recent RNS...... " Unless previously converted, the Loan Notes are redeemable on 31 December 2012 and may, at the note holder's option be redeemed prior to that date upon a change of control and upon a future issue of shares or convertible loan notes which raises in excess of $5m. In the event of an early redemption, the Loan Notes will be redeemed at 105% of par value." ..I read this as the debt facilty provides long term financial stability to AGU, but if AGU so wishes it can seek funds elsewhere (meaning through a placing to shareholders maybe?) at a premium of only 5% of the loan noates redeemed. I'm starting to persuade myself to stick with it..... good luck to all... wg
Thanks for the article that you posted earlier today...a very good read. Riddler - yes this tested 7.5 at one point again yesterday. Also interesting to read steveharr techs on iii, which you may have seen from about a week ago too. Are you tempted yet? regards Wilgray
Well, not quite the positive RNS we were expecting. It's always hard to judge whether news has been factored into a share price and with this one the imperfections of the AIM market are highlighted again. I think the analysts will mull over it further in the next couple of days and we should see a Fox Davies update very soon. The postives that still remain are the facts that 1. they have secured funding in a difficult market and 2. the assets at Nalunaq mine and the Black Angel MIne would apper to be significant. The main negative is the significant shareholder dilution, and its effects on the risk reward ratio which we will all have to make a choice on. For what it's worth my thoughts are that anything under 2.5 is still worth a risk even in short to medium term. The difficulty many investors are having at this time is deciding which shares to stick with when all around are bubbling....ACU, CFM, BRR.....to name a few. Good luck all Wilgray
Assuming you mean the Black Angel Mine (not pub.....lol !!) yes that's the one !! Black Angel........ http://angusandross.com/AR-NEW/pages/proj-black-angel.htm Recent Acquisition for which funding confirmed last week http://angusandross.com/AR-NEW/news/PR-07-04-09-Nalunaq-Acq-1.htm
....don't mention it.....!! Hopefully this will be an even busier board on Monday !! The AGU story is an intersting one, not without risk as you know But they seem to have planned very caerfully the RNSs this year to maximum effect. Their recent acquistion and funding of a gold mine in Greenland (for a song) to go with their world class Zinc Mine at Black Angel (albeit 700 miles apart) at a time where Greenland is positvely encouraging business development., could lead to good times ahead.... regards wilgray
http://www.fdcap.com/media/47791/angusrossflashnote7thapril2009.pdf This is the link to the Fox Davies report giving updates on the Nalunaq, their most recent acquistion However, their Buy recommentaion with a target price of 6p is stated BEFORE the funding deal was announced lst week and is also stated BEFOREthe Cyrus funding is finalised. So a revised Fox Capital note - after the RNS next week - suggesting a price towards 10p or beyond would not be out of the question I feel. The Cyrus funding deal RNS is the one that we are waiting for and evidently it may only be a short time away.... Regards wilgray
..good thanks. Still confident here and being patient! Projected net asset value of new mine at Nalanuq is in excess of current SP, positive cash flows forecast from H2 2009, and that's in addition to Black Angle Mine. Cyrus funding delay just a technical hitch, I believe, will be clear next week. Regards WG
I believe you will be correct about the RNS...Monday I think ! Regards Wilgray
Still looking forward to this weeks RNS here ...hope you managed to get into ENK early today.. regards Wilgray
Positive news for EML holders....? Kalahari Chairman Mark Hohnen said, 'The aggressive exploration programme underway at Husab continues to churn out excellent results, particularly at the Rossing South target, which we believe has the potential to become one of the largest uranium deposits in the world. With this in mind, our shareholders expressed an interest in maintaining Kalahari's position in Extract to support its growth, so we were delighted to raise this money, which will enable us to do just that. We were also pleased to attract new institutions, which have also recognised the opportunity to become involved in such an exciting project and support the Placing, which was considerably oversubscribed.' http://www.investegate.co.uk/Article.aspx?id=200905011807366393R
Kalahari Chairman Mark Hohnen said, 'The aggressive exploration programme underway at Husab continues to churn out excellent results, particularly at the Rossing South target, which we believe has the potential to become one of the largest uranium deposits in the world. With this in mind, our shareholders expressed an interest in maintaining Kalahari's position in Extract to support its growth, so we were delighted to raise this money, which will enable us to do just that. We were also pleased to attract new institutions, which have also recognised the opportunity to become involved in such an exciting project and support the Placing, which was considerably oversubscribed.'
I'm sure this will be of interest to a few out there......... http://www.investegate.co.uk/Article.aspx?id=200905011807366393R
riddler - thanks for looking at that, interesting to see chart view on it. I understand the need for a bit of caution with this although since my entry point was below 6 I'm fairly content here. Charts apart, personally I feel very bullish about it given all that I've read and my understanding of the long term potential. In the last week or so, there has also been an increase in volumes of trades and curious movements on the spread, similar to those seen just before it spiked to 5p and then 10p in Feb on consecutive days. I would not be surprised if an update on their funding was issued very soon.
http://www.investegate.co.uk/Article.aspx?id=200905010841455692R Equity issued for Fees..........
...sorry meant 3 so far....
Evening all Another good day....2 RNSs so far with a fourth RNS of the week to come tomorrow maybe.....the important one.... to confirm the Cyrus funding for Black Angel MIne..? They have a prize asset at Black Angel mine and they are about to announce confirmation of funding for it. But in addition as we know they've hjust bought a little gold mine to go with it . The new gold mine alone according to the FoxDavies report recently (7th April 2009) suggests " we believe that the Nalunaq Gold Mine is worth around £13M". So with a new Gold Mine with a value of £13m which will create positive cash flows in H2 2009, to ADD TO their prize asset at Black Angel compared with a current market capitalisation of £7m, there is good reason to buy here. Good luck all, WG
http://www.investegate.co.uk/Article.aspx?id=200904300835384406R
A good move up today...and as you suggest in your previous post, worth repeating your post from last night all my (Riddler) posts and those of other regulars on this board, particulrly the RNS issued by AGU and our posts btween sept08 and now. in a nut shell, here is the story. 1. AGU tried to bring a dissused mine called Black Angel zinc mine in greenland back to production. 2. even though they have a great potential asset ( plus rights to other areas in greenland and Brazil), common issues surronding non-producing junior miners such as funding, delays, weather etc caused the sp to slide from 20p to under 1p. 3. of bigger concern was funding, so AG looked to Cyrus capital to big a short term loan to get the cable cars etc financed to be able to get the mmine producing. 4. unfortunately this came at a time when zinc prices globally had fallen through the floor. 5. however, analysts and JORC compliant advisors rate AGU zinc assets as one of the world's best. 6.in recent weeks AGU recieved confirmation of an off-take agreement for its's black angel zinc to be bought for the whole life of the mine!! hence 300% rise. 7 AGU are waiting for the fianl part of jigsaw...ie new and improved terms form Cyrus capital for the short term loan....if this news gets released then AGU will rocket.
Morning all, Which article is that? The one I posted was from April 7th 2009... Regards WG
http://www.fdcap.com/media/47791/angusrossflashnote7thapril2009.pdf This is the link to the Fox Davies report giving updates on the Nalunaq. However, their Buy recommentaion with a target price of 6p is stated BEFORE the funding deal was announced this week and is also stated BEFOREthe Cyrus funding is finalised. So a revised Fox Capital note - after the RNS later this week - suggesting a price towards 10p or beyond would not be out of the question I feel.