Canisp Share Discussion Threads

[goz1986] 05/8/2010 23:25

welshgoat: I was talking about canisp the cash shell being over priced (no mine involved) not tri-star resources.....

[welshgoat2] 05/8/2010 23:21

this is from rrr bb, grade/gold i did post earlier the grade/gold at goynuk, 331g/tonne. Remember 150tpd from Colombia @ 30g\t = 158oz per day or 52000oz per annum.

[welshgoat2] 05/8/2010 23:16

goz, $87m profit/year on antomony prices $10k [expect to soar as only 11yrs left from china resourses] and you think £11m is expensive?????nthat just 1 mineral, i think plenty of gold,cobalt,silver and copper,in the mine, i think it not a bad deal, forget the dilution as explained in previous post, that how he paid for the mine,

[redimp98] 05/8/2010 23:13

Interesting to see who is agreeing to defer taking a cash payment now, Corvus, solicitors, Eyi. Insiders also agreeing to being locked in for 2 years.

[welshgoat2] 05/8/2010 23:12

forget to explain to idiot plse and just ignore, he is still at stage 1,will soon catch up,imy figures are very realistic imo, look read and do the maths, that what minning investing is all about,

[goz1986] 05/8/2010 23:12

I would guess that the original plan was for cn. to take a larger chunk but things changed a few months back with the mine owners effectively holding cn. to ransom to retain a larger stake. this is complete seculation on the events of the last few months but might explain the delay and larger than expected dilution....... the question remains if this is the case ( and I will accept a high possibility i am talking rubbish) what made the owners of the mine ask for more?

[keya5000] 05/8/2010 23:06

Saf the new ords are valued at a level to price the aquisition at a level of £300K, why it is at this level I dont know, tax reasons, red herring who knows?


But I truly do not believe it relates to the value they see in the project. How does Corvus win on this deal, its loan is convertible at the price of the old ords so in effect they have diluted their own asset (if the par value reflects the tarding price).

Thinking logicaly its a capital gains tax issue why the owner is only getting £300k, if he had been offered £8m in paper he may have been screwed on the gain and had a large bill to pay with shares they wanted to lock in for two years.

So sell it for £300K retain 75% and reap the rewards when you dispose of shares in your own timely manner years on.

[kevin1962] 05/8/2010 23:04

Goz good to see you back thought you'd been and bought a rope from B&Q and taken a walk in the local woods !!
Glad reality has hit home and your licking your wounds....now is the time to look for the next multi bagger suggest :- SKR,MTA,BZM and WZR.
Bon soir
Kevin

[redimp98] 05/8/2010 23:04

City connections being readied, with not one, but three investment bankers installed on the BoD.

Give it 6 weeks for the exploratory drill, for the monster to start revealing itself.

[safman] 05/8/2010 23:00

I don't know goz, Corvus had most if not all the debt for Canisp. The ORD was 1p on the stock and they could of made something with it. Thats why i bought into Canisp, hoping another SRSP. However, greed imo, cam into play. Ord changed to 0.1p where they converted stock, now 0.0005p, 1/20th that of 0.1p.

IMO, that is dilution beyond recognition, regardless of potential!

If that was the only route to get the mine, then they certainly have diluted shareholders to a tee..

saffy..

-1p ORD
- 0.1 ORD
- 0.0005P ORD

[macansy77] 05/8/2010 22:53

fair point possibly but those initial samples give nothing away and the amounts graded so far are minimal at best and certainly give no indication of commercially viable quantities... i note from the AD they have only a license for antimony and nothing else so even with possible commercial quantities they're gonna have to apply for a license to exploit/develop anything else they may find...

[keya5000] 05/8/2010 22:47

mac, there are references to gold in the Spratley samples taken from surface level and I think from reading the report it is quite obvious Spratley is the initial driving force that got this venture going.

He seems to have an extensive history in the field and maybe he's spotted something and he's on a hunch that there is lot more worth looking for below.

I think the gold would be the extra speculative element they hope to find in the first drilling. It may all come to nothing but who knows??

[safman] 05/8/2010 22:40

IMO, its the opposite of SRSP, i would know because i bought at the lowest price possible as a punt. Dilution there was minimal which is why is was with the deals a success so far..

saffy..

[macansy77] 05/8/2010 22:37

if i'm wrong i'll happily admit it but unless they're keeping this very under wraps (which would be unusual as in most cases any potential prospects are "talked up") then this is antimony and low grade bulk antimony only.

[keya5000] 05/8/2010 22:37

Saf its not a dilution in the true sense of the word a new company has been formed which the existing holdings prior to such now have a 25% share in. So to retain value that we had before the mcap going forward will have to exceed £12m.

It all the depends and revolves around what value the market puts on the asset.

If the asset is worth £300K we are all f@@ked, shareholders, Strand, Corvus, The Elys. If the asset is worth £12m we are not much worse off than before and so on.

You have your views, I have read the AD & the CPR and whilst I am nopt expecting great things overnight there is potential in this or no one would have simply bothered.

[safman] 05/8/2010 22:36

Goz and Keya, i understand exactly what you are saying, but the net effect is that is HAS wiped you out from the dilutionary effects. And what is the potential of the mine, do you guys actually know?

saffy..

[macansy77] 05/8/2010 22:35

keya - i understand your points re: solicitors fees etc but nowhere in that admission doc (and i've read the whole bloody thing) can i see much to get excited about, certainly not where gold is concerned - a low grade bulk mining operation in antimony perhaps, but nothing from the Burcham, Spratley or the other previous initial sampling works gives any indication of gold in COMMERCIAL quantities, commercial being the key word. The grades ascertained so far are minimal and unless Spratley is some kind of genius geologist i don't think there's much/any indication given in that AD that there's likely to be significant quantities of gold in the Goynuk prospect. Maybe i'm wrong but i've read enough initial mining reports/findings/samples down the years to have a reasonable grasp of what i'm looking at.

[goz1986] 05/8/2010 22:33

safman: you need to forget about this £300k it really does mean sweet fa..... without cn. the mine is worth a very small amount. however, mr h approached them offering access to a listing (funding) and fantastic expertise and management..... the cost of this offer as it turned out was 25% of the mine.... however, there was the problem of how to give the owner of the mine 75% of the mine without making him pay up a stuidly large amount of money to buy a share in his own mine! so mr h issued the appropriate amount of shares at a very low price..... if they had issued at .34p the owner of the mine would have had to pay £9 million and if he had had that sort of cash he almost certainly would not have gone in for an rto...

[keya5000] 05/8/2010 22:32

Saf, time will tell mate, yes there will be further dilution like there is with any exploration company prior to cash generation. But I would expect any future placings to be way in excess of the 'par' value of the ord. shares.

[safman] 05/8/2010 22:28

I've been on these boards for many years and believe me i have NEVER seen a dilution like this one.. it beggars belief, but hey ho! Your choice..

saffy..

[keya5000] 05/8/2010 22:27

Elena, its facts such like what you have stated above that the knockers can not answer.

How many legal hours have gone into the creation of that AD and the cost of the CPR etc.

The solicitors I would excpect will have been charging themselves out at £200+ per hour (at least) and they are willing to accept £10K of shares they can not sell for two years??????

Strand have also taken shares in lieu of some fees which to a company of their nature would at the current rates not pay for a half decent staff party.

People will wake up to this soon I am sure.

[safman] 05/8/2010 22:25

Keya, No.1, whether the mine is worth £300k, i don't know, but £750k in addition is peanuts for a mining venture, that will last a little while for exploration, but that is it, exploration. You can't decipher profits, Welsheagle is completely off the mark, i'd wish you'd say that to him because in order to explore, find extract, you will be raising millions, and expect lots of further dilutions.

But, you've been wiped out in terms of dilution, there is no question in that apart from a few deluded souls that have invested, and now will try to prop this one up, and i don't think you can..

saffy..

ps. Welshgoat £55mill?? lol.