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These are NON EXEC appointments so may only cost say $100k pa.
Jan Liu is significant...Jiangxi effectively owns Vakuestone who took a significant stake years ago. At any time that could be consolidated with Jiangxis stake.
As a Board member he gets an in depth look at everything and this may well be designed to get BHP and Newmont to make their minds up. Mr Liu has been invited to join the Board..the other two would need to up their stakes to 15% to have the same purview that Jiangxi now have.
The Board was light after Twigger and Clare went and no matter how king it takes for the first bid to arrive, 5 Directors is not enough for a FTSE company.
Also since Ingo went they haven't had the same Financial insight into mining capital markets, except for Big Bad Bob.
These appointments show Daniel Noboa that SOLG means business.
But dont forget there are also two other major players with a strategic interest....FNV and Osisko...both of whom valued Cascabel alone at a minimum of c$1bn...
And if course there are 15 other interested parties in the dataroom...
So...message to Newmont, who've made a decision not to proceed with GGP...
What's your strategy now...?
Oh and to remind you...the insiders still haven't bought any more shares, so there must still be something material going on in the background...
RK, that was my assumption, but the RNS doesn't specify whether they're exec or non-exec...unless I've missed it.
Hmmm, insiders haven’t bought in so that must they must be because of insider trading rules…
And not what the company is actually telling you….
“Given that the Company will need to secure further funding to meet the Group’s future exploration and working capital commitments, the situation gives rise to a material uncertainty as there can be no assurance the Company will be able to raise the required financing in the future. This material uncertainty may cast significant doubt upon the Group’s and the Company’s ability to continue as a going concern. Notwithstanding this material uncertainty, the Directors consider it appropriate to adopt the going concern basis of accounting in the preparation of the financial statements given the Company’s proven ability to raise necessary funding. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.”
So it's a case of
^ We may run out of cash soon so we've appointed two new directors^
Isn't that a bit unusual ?
I wonder why they've done that.
I think we are about to find out shortly.
Insiders haven’t bought so it must be because of insider trading rules....
Directors haven’t bought so they must be in a closed period.....
Maybe they just don’t believe it’s a good investment?
A royalty deal or a sale or something has to happen before end of March for accounts purposes imho. Auditors will not sign off accounts without a clear idea on funding for next 6 to 12 months. With under $10m cash balance (as of now) and with over $6m licence committments (regionals), they won't get accounts signed off nor will they get past TSX rules and obligations.
So something is coming and very soon and today's news is just some governance stuff imho before cash is handed over or a deal signed.
There's just over 4 weeks left until March end/ q1 ends.
The house broker expects something to be done and dusted based on that 6 month target (or 4 month).
My guess would be a royalty deal with chinese as one part of funding if it is required. That's essentially non damaging to Chinese if future owners but also rewarding if they loose out to BHP or another as will carry a buy back clause at a premium.
Fort - lets hope its a blended deal which includes a royalty for Alpala and a sale of porvenir.
Then we can think about raising more cash when we are back at 60-80p in 6 months time.
Fort - can you explain what you posted earlier:
"A royalty deal or a sale or something has to happen before end of March for accounts purposes imho. Auditors will not sign off accounts without a clear idea on funding for next 6 to 12 months."
I thought the interim consolidated financial statements were 'unaudited'?
Indeed the 6-months statements to end-Dec'23, and 9-months to end-Mar'22, clearly state 'UNAUDITED'.
Isn't it just the full year (end-June) accounts that require an audit opinion?
i.e. nothing that 'forces' corporate action to take place before end-March?