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Mate of mine is on the pow telegram group, according to them they are adamant thor are starting to sell a load of thier shares.
Why would they do this other then clearly needing the money
Thor still hold 53.1m million shares just a tad over 3% of the company and just 30m shares less than PJ. There is only one top shareholder that’s been selling power metal and it’s not Thor.
Rollarcoaster , thought i would pop in and see what the opinion was here regarding this. Here's a a post from pow poster earlier.....
The seller appears to be Thor Mining ... I have just read their quarterly report dated 30/09/2022 and they are down to 35.1mil at that point (they received 48.6mil from the sale of Pilot Mountain + 4mil shares for the early tail benefit settlement)
From their 30/09/2022 quarterly report:
"The Company reports net cash outflows from operating and investing activities for the quarter of $840,000, comprising inflows of AUD$350,000 from the sale of Power Metal Resources Plc (POW) Shares and $293,000 from the receipt of government grants and total outflows of AUD$1,483,000. AUD$1,313,000 of the outflows related directly to exploration activities.
Thor holds a further 35,118,920 POW Shares with a mark to market value of £474,000 (approximately $846,000) based on the closing price of £0.0135 for POW Shares, as traded on the London Stock Exchange on 27 October 2022. Approximately one third of these POW Shares are freely tradeable, with the other third being released from escrow on 31 October 2022 and the remaining third being released from escrow on 31 January 2023."
Would appear the next batch of shares available to trade from 31/10/2022 are now getting dumped. Based on current prices and the assumption that some have been sold closer to 1p than 2p, Thor will have about £800k cash to show for the sale of Pilot Mountain with no tail benefit and 12.5mil 4p warrants (they will cost Thor £500,000 to convert!). ... As a Thor Mining shareholder you have to be very upset with that outcome!
POW boxed off the Thor Mining deal for Pilot Mountain when prices were around 1.75p .... bottom line here is that POW took that Pilot Mountain asset for less than £1mil including the tail benefit being settled early. That asset has now been put into GMR and I reckon POW's circa 50% investment once GMR goes live will be worth approx £5mil in the next 6-12 months easily. PJ with yet another financially savvy deal and the market still doesn't wake up to POW!
POW's balance sheet is building by the month and POW can therefore raise on the market on favourable terms at all times. Thor Mining down to 0.4p and it is almost impossible for them to get away a decent raise .... PJ financially positioning POW so that POW's financial decisions are in our hands all times. Fantastic work so far by POW and the market should really be taking note of this in my opinion.
Bonkers PJ is partly to blame for Thor’s poor share price performance after years of ramping while sneakily selling shares, I would not get married to the POW share and have one eye on an exit strategy.
Now I’m not saying the POW share is not going up for a while what I am saying is take what he says with a pinch of salt.
Thought the same myself, PJ killed our sp with his sly selling while posting THR love letters all over socialmedia. Id like to see Thor sell all POW just to give PJ the bird.
Thor are for certain selling POW shares - Read the latest Thor quarterly news release. They are down to 35.1mil POW shares as at the last quarterly report dated 30/09/2022. That means they have been selling POW shares sub 1.5p. More shares become available to sell as at 31/10/2022 and based on the POW sells a block seller is clearly in the mix which can only really be Thor Mining.
If Thor sell down their entire POW holding at these prices, then Thor have effectively sold PIlot Mountain to POW for about £800,000 ... I would not be happy with that one bit as an investor! Fuming in fact!
I'm a POW shareholder and more than happy with this deal from POW's point of view. Just waiting for Thor to finish up so POW can continue on it's recovery.
As for Thor, they clearly need the cash and are unable to raise at 0.4p levels favourably. Looks like a tough road ahead unfortunately.
Thor’s share price has been lower than this and recovered I’m not worried roll on the uranium drill results.
Rolarcoaster the point batman (love the name ) was making was he believed thor was selling pow shares.
You disputed that , it wasn't about love for p.j or how well pow will be doing , wasn't saying thor will as a consequence now do bad etc etc
Simply thor are selling pow shares, as a thor sharehilder don't you even want to know why
And for what is worth I'm right behind p.j and his model at pow , and I too want thor to clear out as will stop the selling that they are doing and we can push on at a quicker rate
In my opinion of course , but as I said the original message was thor is selling no other reason
We shouldn't blame Nicole for selling POW shares; she's doing it to protect us, by delaying the next fund raise.
There's then a separate question about the price she accepted for Pilot Mountain, which looks to have been too low.
I'm not happy that Paul Johnson, Artemis and Metal Tiger have exited (as noted by Snooz); but the quality of the assets should see us through. In particular, we need to get the Alford copper into production, using ISU. And to get Molyhil into production; it's had a feasibility study, and is commercially viable.
I agree with all of that Imp2
Emailed Thor Mining last week to see if they could provide any commentary on the selling down of POW shares after I noticed that they had been selling POW shares in their quarterly report figures… I received the following:
“Thank you for your email.
As you are aware we received the Power Metal (POW) shares through the divestment of Pilot Mountain, so to us they are cash.
Thor is an exploration company focused on advancing our assets to create shareholder value, we are not looking to hold or accumulate equity in other companies.
Hence, we will continue to sell the POW shares as required to progress our exploration programs.”
So for those unsure about what Thor Mining are doing with their POW shares and other equity holdings ... Thor will shortly be selling the lot in my opinion based on that response.
Good job they are seeking them otherwise the raise might have been more.
Selling not seeking.
Not liking the update on my phone, its a pain in the ****
It also shows their poor financial situation , selling all their pow shares before impending news regarding Tati, molopo farms and ipos is madness , waiting a few months they I my opinion would of got more for their money.
Selling now comes across as desperate
Hi, Bonkers
I agree. Selling POW now seems silly to me.
Next summer POW shares could be worth less than they are right now,
It would seem pretty much the only thing holding the POW share price back is the selling by Thor. Seems very short sighted,possibly foolish.
Which do people prefer, a dilution or sell POW shares or the lights go out?
Seems like a POW agenda going on here on Thor BB. Thor have sold some shares in POW, but not all, we don't know if they've sold more. They are limited to how many they can sell, so to same they've dumped the lot is incorrect.
Sold my shares in POW at 2.1 a while back. I have no regrets.
"Which do people prefer, a dilution or sell POW shares or the lights go out?" - Seems like a great investment case in Thor at the minute when price is down at these levels. Thor simply the distressed POW seller and the block selling is having a massive impact on the POW price. Pilot mountain purchased for circa £900k by Thor, Thor spent a good few million on that asset over the years and sold it to POW for what looks like about £750k cash once the POW equity selling is done.
Thor's managing director has confirmed "Thor is an exploration company focused on advancing our assets to create shareholder value, we are not looking to hold or accumulate equity in other companies." - That would suggest to me that all equities are in the process of getting sold (the last 12mil POW shares are available to sell from Jan 2023 onwards, the other 40mil Thor originally held are free to trade and are getting sold currently).
Big dilution from the recent raise and no holdings in other companies moving forward from an investment perspective - very risky business model for Thor moving forward now after the latest financial decisions by the board in my opinion.
Seems they are going in heavy on the Uranium play and the copper play will rise in the tide.
The question is, what if the Uranium play fails?