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Bluebird Mer Share Discussion Threads
Showing 276 to 299 of 300 messages
29 Mar '17 - 10:29 - 265 of 269 0 0
the company needs to raise some money.... so what!!!??
It is a very hostile environment for small miners to raise money presently, so it may prove more difficult than you think, or not even possible, we shall see.
If they do manage to raise money, at what price do you think they will be able to do it?|
|I'm glad I changed my mind and sold after the struggle just to find the accounts.
The Copper Concentrate was meant to be a blockbuster, now on hold, and now it seems the company is looking elsewhere, talking about new deals etc and with no money to do anything as yet.
Then there was meant to be a funding proposal made at a premium for a controlling stake.
I hope my skepticism is ill founded for current shareholders sake.|
|plus what is the 2 NPV values for the 2 gold mines in Korea|
|The opportunity in Korea could be interesting, but for now the question will be at what price will they get their fundraise sorted moving forward. Till we know that, there is probably no reason to buy in now.
That having said, would be nice to see some charts on this thread, why are they missing ?|
|Good post dros1 - I said all along the interims didn't inspire confidence and were rather gloomy. Says it all when you have to hunt down info which should be easily accessible. Seems like the company is reliant upon 2 directors ability to raise money and I don't hold much store in that which is why I sold out at a small loss after reading the interims.
Still no mention of the mystery funding offer which I reckon was smoke and mirrors to keep us hooked.
Will watch from sidelines for now.
Good luck all.|
|the company needs to raise some money.... so what!!!??|
|Just trying to find the Interims, said it all. I gave up.
Supposed to update on prior funding offer?|
|This week’s strategy update from Bluebird Merchant Ventures (BMV) reminded me that I meant to go searching for its interims as it had done that really annoying thing that rubbish companies do in not actually putting the interims in the RNS, but merely putting a link to the website and then it isn’t actually on the website till later. Having finally tracked them down, I now realise why the company wanted to hide them away as they make horrific reading.
Where to start?
I should remind you that this only came to the market (Standard List, obvs) in April 2016 and should have had 12 months funding at that time, although to be fair, it did flag as a risk that it would need more funding after a year. Also, it must be said it hasn’t had the best of luck. When it came to the market, its flagship project was the Batangas gold project in the Philippines and almost immediately, mining projects in that part of the world started to look a bit ropey. It then bigged up its copper concentrates trading opportunity although that had gone a bit quiet since last July.
That’s enough background, let’s have a look at the half-year numbers to 31 December 2016 that one can access HERE.
Batangas write-down – significant write-down in the accounts of the value of the project and plenty of warnings about a potential inability to fund it going forward. This has been superceded to a certain extent by this week’s announcement which states that it is not planning any major expenditure in the Philippines this year due to the uncertainty in the mining sector.
Copper concentrate trading stalled – no real mention of it; one line states that ore trading has been stopped while the mining sector is so unsettled. It does state that it has written off the loan of $205,000 due from its copper concentrate supplier though which doesn’t sound very encouraging. Looks like they generated $50,000 revenue in the year from it though, with a cost of sales of a similar amount – wow!
Wreck of a balance sheet – all the cash has gone. As at 31 December 2016, the cash balance was $25,000 and the net current liability position was $233,000 with a further $590,000 of non-current liabilities.
This week the company announced that it is planning to get involved with two South Korean mines with ASX listed Southern Gold. Great - all it needs is $1 million and A$500,000 to get its 50% share.
So, in summary, it has no real business in the Philippines at the moment, has no cash, its debts are piling up and it now has to find a new load of cash for these new assets. To play safe, it probably needs to raise close to £2 million to get those assets, pay its bills over the next 12 months and sort out its balance sheet.
Its current share price is around 2p valuing the business at £3.8 million. Hmmm, I accept that there is some inherent value in Batangas but I’m not putting much value on it right now. One should remember that its old partner sold it 75% of it in December 2016 for 1.25 million shares in Bluebird and a 1% royalty, a pretty negligible sum. With the copper concentrate trading on hold, what are people actually putting a value on?
Personally, I wouldn’t buy at 1p, particularly as a massive placing is necessary. If you do like the story, just contact the new broker, share price Angel, and get in the placing instead which I assume will be at a significant discount to the current price.
- See more at: hxxp://www.shareprophets.com/views/28118/bluebird-merchant-ventures-what-are-you-hiding-in-the-interims-oh-oh-dear#sthash.UnsrgAY7.dpuf|
|plenty of future dilution though !
Momentum Resources will be issued up to a total of 80 million shares based on the following project milestones:
8 million shares upon Bluebird executing the agreement with SAU;
8 million shares upon Bluebird making the first placement in SAU shares;
8 million shares per project for achieving positive feasibility to enable the project to enter the production phase;
50% of the remaining balance of shares upon the project funding the construction phase;
The remaining balance of shares upon the project upon commencing production i.e. pouring first gold.
Two further milestone payments of USD 1 million each will be paid in shares once the company achieves a 90 day VWAP share price of 6p and a 90 day VWAP share price of 10p.
|"In order to achieve a 50:50 joint venture Bluebird has to spend USD500,000 per mine over an initial 12-month period in order to produce a feasibility study for restarting production.
In addition, Bluebird is required to invest AUD250,000 into a placing of Southern Gold shares for each mine. The placings can be made at any time up until 90 and 120 days after Bluebird is provided access by SAU to the respective mines.
|Any mention of funding?|
|I just thought the half yearly report seemed rather gloomy to me. I'm a kind of half glass empty sort of person having been bitten on the bum far too many times in the past. Let's hope they come up with something decent.|
|not sure how you infer that when the company telling you the opposite. Admittedly, comes down to trust?|
|tsmith - trouble is the downbeat statements about going concern and ability to raise funds in the half yearly report don't exactly inspire confidence.
For all we know company X who made the offer has already walked due to govt. review of mining regulations?|
|This is what we are looking forward too..Bluebird Merchant Ventures (EPIC:BMV) (Bluebird or The Company) announces that it has received a letter from a company with an unsolicited offer that proposes injecting new capital into Bluebird at a premium to the share price in order to acquire a controlling interest in the Company.The Board of Directors will engage the interested party, however discussions are at a preliminary stage and may or may not lead to a completed transaction. The Board expects to update the market in due course.|
|Finding Interim's for this company like this, is frustrating. I won't even bother.
This upcoming announcement on cash injection should be interesting. I won't be taking any shares ahead of that. Good luck to those who are in.|
|Doubt was pump - nobody would risk buying 925k and 500k shares in this to pump as too illiquid.
People taking positions imo now that company have stated 2 pieces of big news are due March, previously they said due course.|
|just interesting the buying on Friday. probably it was pomp some ware|
|Not looking good is it ?|
|And $25k of cash left by the looks of it, how long will that last ??|
|Batanga valued on the BS $5M - BMV paid $32K for 75% share how can they value it at $5m
Where is TW when we need him? is he only writing on AIM stocks?|
|copper bussiness is gone for now
"The Company has a direct 40% interest in White Tiger Minerals Corporation Inc (WTMR). WTMR has not been processing
ore at present until a clearer picture emerges from the DENR regarding mining policy in general."|
|Ability to secure financing for Batangas Gold Project
The rationale behind listing the Company was largely to raise capital for the Batangas Gold Project.
The PFS for the Batangas Gold Project has been completed and the Batangas Gold Project requires ongoing funding for
the DFS costs and for working capital.
Financing discussions in the 2016 calendar year have been very challenging in the mining sector. The Company does not
see any significant change in this environment in the 2017 financial year and there is no guarantee that the Batangas Gold
Project can be funded. The directors have track records of raising capital in the past, but there is no certainty that funds can be raised in the future|