Afnat Resources Share Discussion Threads

[marben100] 20/3/2010 12:16

Thanks fordtin,

I still haven't found out who the other partners in privately owned Addax & Oryx (current ~50% owner of Axmin) are, other than Jean Claude Gandur (who also chairs Axmin). I do wonder whether Mike Beck or anyone else from "the crew" is involved? [Amber Petroleum, which brought the URU interest, was founded by Mike Beck = Angstrom Capital].

Gandur, though, is even bigger league than "the crew":

- and that was before he sold Addax Petroleum last year to Sinopec for $7.2bn

Whilst the main gold asset, Passendro, might be interesting, the countries Axmin operates in are not investable, for me.



and


[158th worst out of 180 countries]

Mind you, when you're in a positon buy the whole godforsaken COUNTRY, I don't suppose those issues bother you too much? ;0)

Cheers,

Mark

[fordtin] 20/3/2010 08:47

March 18, 2010, AXMIN Inc.

"AfNat has approximately Cdn$14.9 million in cash and marketable securities"




@ ca$1 = £0.6549

ca$14.9m = £9.7577m


£9.7577m / 411,724,043 shares in issue = 2.37p per share

[encarter] 20/3/2010 00:10

SITIAIN, sorry busy day.

Afnat own 12% of URU who hold 13.68m KAH shares, KAH own 40% of EXT.

URU did hold 27.68m KAH shares but recently sold 14m and distributed funds to shareholders, Afnat receiving $4.1m. URU now intend to distribute 12m KAH shares to shareholders so Afnat will end up with about 1.4m which is worth at least another $4m and probably much more if EXT gets taken over. They will still own their 12% of URU who also have other interesting uranium assets.

KAH don't just hold 40% of EXT they also have a few other interesting projects.

Afnat have invested $2.75m in CDC which are planning a listing on AIM this year and have a joint venture with Zambezi resources.

Now the whole lot is going into Axmin who have some quality gold prospect. More research will give you a much clearer picture.

[sitiain] 19/3/2010 13:30

encarter ./. sorry what are your conections to the EXT deal new here?

[encarter] 19/3/2010 09:45

Now that Axmin have some funds to develop their projects i would expect their share price to increase from here. They had an offer, a few months back at double yesterdays share price but could not agree terms.



Interestingly the offer came from Toro Gold who are headed by the highly respected Adonis Pouroulis who must have rated Axmins prospects.

[lizzie ii] 19/3/2010 09:11

It is difficult to be precise but a quick calculation says that each Afnat share is now worth about 2.25p, given the value of AXMIN shares at the moment.

[encarter] 19/3/2010 08:40

So it looks like we are going heavily into gold mining, plus we are still part of everything we were. Speaking of which, it looks like a takeover of EXT is on the cards, the share price is on the up which has filtered through to KAH and so on down to URU. It hasn't reached us yet though so perhaps investors are unaware of our connection.

[martinfrench] 19/3/2010 07:37

too much faffing and boardroom dealing if u ask me, are they actually interested in mining?

[inside building] 18/3/2010 14:56

I prefer to make my own investment decisions and this is one where i have decided to cut and run. Too many fingers in too many pies. Weil is trying to copy the Dattels model but i would rather invest in companies where i know i will get a return. One punt that didn't pay off!

IB

[fordtin] 18/3/2010 14:39

ISTM that some AFNR shareholders consider the company to be significantly undervalued. Only guessing, but I reckon it's a fair bet that some of the AXM share holders also think their company is significantly undervalued.

Merging a significantly undervalued company which has a large pot of cash with a significantly undervalued company which has promising assets but is restricted from developing them by a lack of cash might just form a single company with all the ingredients for a rapid re-rating.

I'm a bit wary of the location of AXM's assets and haven't had time to see if they are as good as they look at first glance, but I definitely think it's worth a closer look.

[inside building] 18/3/2010 14:07

I thought it was a complete pile of pooh and stinks of directors and management lining their own pockets ever since Weil got involved we have seen Lithic halve in value. The assets and cash are worth about 4p so why sell to Axmin?

You are going to get 1 Axmin share for every two AFNR shares and they are held on the TSX - No thanks

IB

[marben100] 18/3/2010 14:00

Looks like a good deal for AfNat shareholders. AXM last quoted @ C$0.075 so, if that price holds this values AfNat @ C$15.15m = 2.4p by my reckoning.

Bit mysterious, though. Nearly 50% of AXMIN is owned by private company Addax & Oryx: whose Chairman, Jean Claude Gandur, also chairs AXMIN. What I'd like to know is who else is involved with AXMIN? ;0)

Addax Petroleum was spun out of Addax & Oryx and sold to Sinopec last year.

Verrrry interesting...

Mark

[martinfrench] 18/3/2010 13:32

hmmmm offer to buy the company!

on that basis topped up

[encarter] 10/3/2010 16:40

Regardless of how much stock Afnat hold in CDC, if they list on AIM, they will get a good return on their $2.75m.

[fordtin] 10/3/2010 13:37

I don't know how many shares were issued in the private placement or if there were any more participants other than Afnat, but there were quite a few shares distributed to Solfotara/Metallex shareholders.




"... Specifically, the shareholders of Metallum would receive, subject to certain conditions precedent, a total of 7,029,334 shares of CDC (the "Metallum CDC Shares") while the shareholders of Solfotara would receive 35,832,459 shares and 11,250,000 warrants of CDC representing, in aggregate, approximately 61.5% of the issued shares of CDC, as a distribution by both Solfotara and Metallum to their respective shareholders by way of a reduction of paid-up capital ("PUC"). It is anticipated that it will be those shareholders of Metallum at the effective date of the closing of the Proposed Transaction ("Effective Date") that will be entitled to receive the Metallum CDC Shares. It is further anticipated that each Metallum shareholder will be entitled at the Effective Date to receive approximately 0.836 of a CDC share for every one common share held.

Among other things, the Spin Out Transaction is subject to (i) the approval of the shareholders of Solfotara at a meeting to be held in Vancouver on November 23, 2009, to both the Spin Out Transaction and to a proposed reduction of Solfotara's PUC, and (ii) in the case of Metallum, shareholder approval to a reduction of Metallum's PUC.

It is the present intention of the parties that CDC will seek to effect an initial public offering and concurrent listing of its shares on the Alternative Investment Market of the London Stock Exchange ("AIM"). ...."

[wassapper] 10/3/2010 12:50

The Board also remains pleased with its investment in Copper Development
Corporation ("CDC"), a private BVI company, that has positive financial
projections in the Hinoba-an Copper Project over which it holds a controlling
stake.

Is that Afnat having a controlling interest in CC or CDC having a controlling interest over Hinoba-an?

I think the latter.

[fordtin] 10/3/2010 07:53

It's nice to see confirmation even though we already knew about the dividend.
Of particular interest is the additional information concerning a controlling interest in CDC. The original release didn't give any indication as to how large or small Afnat's interest was.

[encarter] 08/3/2010 18:45

Another tick up today. Still way too cheap for a Uranium play imho. News should be out this week.

[encarter] 04/3/2010 12:50

I wouldn't hold if i thought as you do that licenses are very poor. Best to cut your loses and try elsewhere imho.

[martinfrench] 04/3/2010 12:28

encarter,

interesting isnt really enough really...interesting would be defined as a gcm, an rrl, a gkp or a bao.

[encarter] 04/3/2010 09:32

They have some interesting Uranium licenses that are about to be developed and some promising copper interests and will shortly have a load of cash and KAH shares which are up again today. An positive announcement next week should kick start the share price

[gowboy] 04/3/2010 09:04

Good point mf and largely my comment was in relation to djw. This continues to be a highly speculative punt for me but the turning point just maybe what they have planned for the surplus cash. High risk at the moment....burnt already with LMY, so average down? I'll take the gamble once funds free soon.