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@Snoek @photoJ not anymore... $solg.l up 8.5%
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@Rulingmining I wonder if owners of $CGP think that if $SOLG shares are lower from dilution it makes CGP equity decline.... Hope CGP shareholders realize they own 15% of the project, so if SOLG shares have declined but there are more of them it nets out. We still own 15% of the project. You could say 15% of the MC of SOLG.
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@tommy John Meyer pounds the table for Solgold $SOLG.L on new Newcrest financing deal https://www.uploadlibrary.com/SPAngel_JohnMeyer/SolGold_flash_note_16III_06_17.pdf
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@pete The original statement in the RNS is more fair: "The placing is at a 15.5% premium to yesterday's (15/06/17) closing price and a 12.3% discount to SolGold's peak share price of 46.75p on 26 May 2017."
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@teevee $hive
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@engineer $CGP $SOLG.L - CGP is halted.
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@PamplonaTrader So close to $SOLG.L TSX listing.
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@PamplonaTrader Echelon and Jitney were paying a premium over Cascabel par value on Friday. I am guessing Sprott was in CGP mgmts ear about unlocking value from it's other assets ASAP before $SOLG.L or anyone else had a chance to take it all over for free?
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@PamplonaTrader Once $SOLG.L is listed on TSX, there were ppl worried about a rotation out of $CGP and into SolGold, what would it take to keep money in $CGP? For me it's the "no brainier" takeout thesis... But a spinco would help.
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@PamplonaTrader Would be a very smart move by mgmt. A spinco so close to $SOLG.L uplist to TSX would also play up to the takeover speculation buzzing in the market.
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@DJS @elsalvador since Cascabel is the main area of interest for $SOLG.L, by spinning out all of $CGP's other assets into a spinco held by existing shareholders, that protects the value of those other $CGP assets from a takeover of $CGP by SOLG.L (or anyone else). $CGP's current share price doesn't give any value to them, so unless they are spun out to a separately held company, there is a big risk of losing them for nothing.
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@DJS I would think that a Spinco would create a nice bump in $CGP's price and go a long way toward eliminating the current discount to $SOLG.L
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@PamplonaTrader @BS, I would guess some kind of standstill in place for NCM. They are already aligned with the BoD and they don't want to piss off $SOLG.L by front running and taking out $CGP.
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@DJS Not what I was hoping for, but a strong vote of confidence by Rousseau is never a bad thing. Still hope they're progressing the spinco, which I would expect Rousseau to be pushing for. $CGP $SOLG.L
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@DJS Irwin is positioning Rousseau into $CGP to take advantage of the (inevitable IMO) takeout of $CGP. Basically, he's looking to get two meaningful wins out of Cascabel instead of just one through $SOLG.L.
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@barracuda $DGR.AX. Great news by implication for $DGR.AX 15% of $SOLG.L
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@PamplonaTrader @pete, Irwin exchanged his shares in $SOLG.L for $CGP. Non-dilutive for $CGP shareholders - Now 19.25% economic interest in Cascabel - and makes $CGP a buyout for more than just $SOLG.L.
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@PamplonaTrader Those who were planning to rotate to $SOLG.L once they list on TSX might have to think hard now. Remember $CGP is carried so shareholders more insulated from dilution.
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@drezinho $CGP also just upped its aggregate implied interest in Cascabel to circa 20.5%, no? Assuming 1.43b shares outstanding $SOLG.L (didn't verify fully diluted).
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@DJS @PamplonaTrader I agree -- two additional benefits are that $CGP can now be considered a takeout option by more than just $SOLG.L, and the value of $CGP's carried interest is now much more in the spotlight. Both are positive.
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@DJS Disagree @tzeb. The timing of each step is irrelevant and both are important to unlock full $CGP shareholder value. $CGP would keep Cascabel plus shares in $SOLG.L; spinco would get agreement with ENAMI, other concessions in Ecuador, Chile properties and whatever other interests $CGP has.
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@DJS To add to the evolving incestuous nature of the $SOLG.L and $CGP relationship, don't forget that $SOLG.L also owns approximately 11% of $CGP...
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@0Kib $CGP management has put itself in a curious situation. If Cascabel is to be sold on a slump sale basis (at project level rather than listco level), it would necessitate a takeover of CGP's 15% interest in it. Between Sprott, Rousseau and SOLG.L, the three would now own nearly 45% of CGP, making it much easier to secure shareholder approval if they act in unison (& thus drag along CGP's 15% stake in a slump sale where terms will be decided by SOLG.L). Admittedly, these three won't come together unless the price is good but these recent stakes have made an eventual slump sale more easy to transact. One wonders if Sprott and Rousseau are indirectly doing $SOLG.L's work here.
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@pete SolGold (LON:SOLG) 40p, Mkt Cap £573m – Scott Caldwell resigns as a NED at SolGold BUY • SolGold have announced the resignation of Scott Caldwell as an NED at SolGold. • Caldwell was the director nominated by Maxit Capital which put funds into the company last year. • We have no idea why Caldwell has resigned but wonder if Maxit may have a potential conflict of interest. • Conflicts of interest may or may not, on occasion, indicate potential for takeover or some over corporate event. • SolGold announced on Friday the placement of $41m worth of new shares at 41p/s, a significant premium to the price this morning. • Newcrest are putting another $40m into the company with a further $1.23m of shares placed with Ecuadorian investors. • Newcrest first put $23m into SolGold at 16p/s on 17 October 2016 to fund further drilling on the Cascabel project. • To date, Solgold has identified 15 individual targets within a 1.3km long mineralised corridor up to 700m wide within the Cascabel project area, of which it has drilled a total of over 36,000m on 3 of the targets. “an increased understanding of the deposit is now leading to much larger step-outs in drilling”. • Following the investments by Newcrest and Guyana Goldfields Solgold is also stepping up its drilling activity with a target of drilling 90,000m per year from early 2018. A fourth drilling rig is currently being mobilised and with a further 3 rigs expected to become operational over the next 2 quarters drill testing is expected to be underway at the Alpala East, Alpala West, Trivinio and Aguinaga by mid year and with eight rigs expected to be working by the end of the year, Solgold will also be drilling on the large Tandayama-America prospect, located further to the north. • SolGold is suggesting that, while “the bounds of the greater Alpala system … remain untested” the company “now believes that several targets clustered within the Alpala area may coalesce.” Based on these comments, it is clear that SolGold is coming to the view that they are investigating a larger mineralised system than had been apparent at earlier stages in the exploration programme. Conclusion: It is increasingly likely that one or more of the world’s major copper miners will position themselves to acquire a major stake or all of SolGold or the Cascabel project. We can see a definitive shortage of new larger-scale copper projects to replace the world’s major copper mines as they draw towards the natural end of their economic resources. *SP Angel acts as broker to SolGold
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@jmm Thank you @pete, interesting reading.
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@jmm @pete $solg.l $cgp $bhp The Minister of Mining announced that BHP, will invest about USD 41 million in the country's mining sector. "This is positive news that shows that international financial markets rely on Ecuador. They rely on tax conditions, stability and legal security, and so they decide to invest in Ecuadorian mining activity, "he said. - New Mining Concessions created more than USD 415 Million in Exploration. Newcrest Mining $ncmgy invested more USD 40 million in the Cascabel, operated by SolGold SOLG. - FDI is important for Ecuador. "The government of President Lenin Moreno (The new president of Ecuador) is working on permanent and transparent dialogue with communities; Technical training of human talent in the areas of influence of mining projects. - National Economic groups/firms benefits from this economic activity. i.e. Fruta del Norte gold project ($LUN) work with "Mas Errazuriz" from Chile and "Semaica" from Ecuador, explained Córdova. key contractor for Lundin Gold($LUN) for the construction of tunnels.
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@robo Pamp.....what do we have developing....Maxit/Sprott/BHP vs. Newcrest/? for SOLG and CGP? I do like competitive bidding!
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@SavShare RNS out
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@pete Strange to see the two white/blank spots... but very very interested in the aguinaga target! Drilling to commence in August
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@SavShare @pete I saw them as well - reckon you are a regular on the LSE board as I am? Have emailed Solgold asking for clarification on the 2 areas that are consistently blank or outlined in the diagrams, let's see what they say
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@pete John Meyer, Mining analyst and partner at SP Angel talks about: Solgold #SOLG https://audioboom.com/posts/6036772-807-uru-metals-uru-7digital-7dig-john-meyer-on-solg-geo-plus-connor-campbell-on-gog-cpr?t=0
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@robo pete...isn't spangel solg's nomad.....
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@pete Yes not an unbiased angle..
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@PamplonaTrader @robo the only thing Warren would confirm is that he has lost faith in $SOLG.L management and that he doesn't agree with their strategy of gradually selling to $NCM.AX and at a discount. He also says Brooke has a like mind and understands how to create value for $CGP. I think there is alot more to this story and on both sides. In my view, Mather has been playing a bit of defense since spurning $BHP in favor of $NCM.AX. In the UK, disclosure rules require reporting when more than 3% of the company is acquired. In Canada, that threshold is much higher at 10%. Perhaps the reason $SOLG.L delayed TSX listing was to prevent $BHP or one of the other majors from sneaking up on them. I think maybe there is a reason why they are pursuing TSX listing only after $NCM.AX (who is required to align itself with $SOLG.L's BoD) established a 14.54% toehold on $SOLG.L. Now that $SOLG.L has consolidated control of its share registry and its balance sheet well capitalized, they could have it in their minds to play some offense. I think it's time they go after $CGP to consolidate control of Cascabel and also their presence in Ecuador. On the other side, I think Warren and Brooke made a brilliant move. $CGP needed to recapitalize the balance sheet and they also needed a stronger shareholder base. Brooke achieved both these things AND increased our exposure to Cascabel via 5% shareholding in $SOLG.L. $CGP is now even more enticing to a major like $BHP. By acquiring $CGP, they can elbow their way into Cascabel. Instead of showing their hand after accumulating just 3% of $SOLG.L, they can grab ~19% economic interest in Cascabel in one move by taking out $CGP. As for Warren... this move was a masterstroke! Having gotten sick and tired of Mather shrugging him off, I think he positioned himself in $CGP to get the attention of the $SOLG.L BoD. $SOLG.L would be stupid not to take out $CGP and consolidate ownership of Cascabel... and when they do, they will have to offer Warren a seat on their Board. Genius!
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@robo Pamp.......thanks for an excellent analysis.
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@PamplonaTrader @robo the only thing Warren would confirm is that he has lost faith in $SOLG.L management and that he doesn't agree with their strategy of gradually selling to $NCM.AX and at a discount. He also says Brooke has a like mind and understands how to create value for $CGP. I think there is alot more to this story and on both sides. In my view, Mather has been playing a bit of defense since spurning $BHP in favor of $NCM.AX. In the UK, disclosure rules require reporting when more than 3% of the company is acquired. In Canada, that threshold is much higher at 10%. Perhaps the reason $SOLG.L delayed TSX listing was to prevent $BHP or one of the other majors from sneaking up on them. I think maybe there is a reason why they are pursuing TSX listing only after $NCM.AX (who is required to align itself with $SOLG.L's BoD) established a 14.54% toehold on $SOLG.L. Now that $SOLG.L has consolidated control of its share registry and its balance sheet well capitalized, they could have it in their minds to play some offense. I think it's time they go after $CGP to consolidate control of Cascabel and also their presence in Ecuador. On the other side, I think Warren and Brooke made a brilliant move. $CGP needed to recapitalize the balance sheet and they also needed a stronger shareholder base. Brooke achieved both these things AND increased our exposure to Cascabel via 5% shareholding in $SOLG.L. $CGP is now even more enticing to a major like $BHP. By acquiring $CGP, they can elbow their way into Cascabel. Instead of showing their hand after accumulating just 3% of $SOLG.L, they can grab ~19% economic interest in Cascabel in one move by taking out $CGP. As for Warren... this move was a masterstroke! Having gotten sick and tired of Mather shrugging him off, I think he positioned himself in $CGP to get the attention of the $SOLG.L BoD. $SOLG.L would be stupid not to take out $CGP and consolidate ownership of Cascabel... and when they do, they will have to offer Warren a seat on their Board. Genius!
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@AldenTyrell @PamplonaTrader Nice explanation about #solg.l That's a spin I didn't consider.
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@pete @pamplonatrader adding to that 19% could be 9.9% obtained after tsx listing.. thats a chunky 30% in total!
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@pete $SOLG.L $CGP Cascabel Update: http://www.rns-pdf.londonstockexchange.com/rns/9364I_-2017-6-22.pdf Hole 25: 776m @ 0.77% CuEq Hole 24: 586m @0.43% CuEq
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@pete $Solg.l TSX listing conditionally approved https://twitter.com/SolGold_plc/status/878144872502317056 $cgp
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@robo I've run into companies with listing applications "pending the approval of conditions, questions, etc. received or to be received ". None that were conditionally approved. ""Final approval for the listing is conditional upon the Company satisfying the conditions and requirements imposed by the TSX. The Company will work to satisfy these conditions as quickly as possible. Upon obtaining final approval, the Company will issue a further press release.""
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@robo Hit the return button instead of space...carrying on....I' having problems with the semantics of the first and third paragraphs of the release....... ""The Board of SolGold plc (SolGold or the Company) is pleased to advise that the Listing Committee of the Toronto Stock Exchange (TSX) has conditionally approved the Company's application to list SolGold on the TSX."" ""Final approval for the listing is conditional upon the Company satisfying the conditions and requirements imposed by the TSX. The Company will work to satisfy these conditions as quickly as possible. Upon obtaining final approval, the Company will issue a further press release."" So is it "conditionally approved" or "yet to be approved conditional to satisfying the conditions and requirements imposed by the TSX" and is this case has the application actually been submitted or pending submission?
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@robo Weekend ahead....
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