Sovereign Share Discussion Threads

[soulsauce] 07/11/2016 08:42

Agree Flavio

Have read the RNS over a few times and very content and excited at what may be coming our way.

[flavio_monteiro] 07/11/2016 08:39

We have some hi-profile directors including Jeremy Sparrow and now a CEO so something substantial is in the offering shortly. They are not in Sma for peanuts!

[soulsauce] 07/11/2016 08:35

Some buys returning now.

[effiert] 07/11/2016 08:14

Sold the last of my lot this morning. was expecting a better welcome this morning.

money gone into TLOU. gl all

[soulsauce] 07/11/2016 08:14

No Mr Roper not really but the asset that carried zero value is now off our hands, the decks have been cleared and it is now all what Clarke and Co have planned. He talks of shareholder value again so I am expecting something quite exciting.

[mr roper] 07/11/2016 08:09

ss, equiv of 200k. I was hoping for a bit more. After looking at Volcanic as well, I can't see how they are going to progress the asset. Any ideas?

[squiresquire] 07/11/2016 08:06

pale

totally agree......' if it wasnt for Clarke and Co

We are in this for the managements track record in landing decisive hugely profitable
deals in the past. The track record of these guys, especially Clarke, is the punt.

If they have taken a totally new turn then something is in the offing that makes even better sense.

[soulsauce] 07/11/2016 08:04

Mandiana carried zero on the books so any profit is good.

[flavio_monteiro] 07/11/2016 08:03

We have a CEO employed.....so imminent!

[soulsauce] 07/11/2016 08:02

Why understandably so Mr Roper. First part of the plan completed. Big part to come.

[paleje] 07/11/2016 08:01

On the face of it that doesn't look too clever, assets flogged for ~200k worth of shares in a TSX minnow, just left with a shell hardly any cash and a massive m/cap by comparison. If it wasn't for Clarke & Co you'd run a mile.

We'll now 'in due course', is that worse than imminent:)

[mr roper] 07/11/2016 07:57

early indications are the market is unimpressed. Understandably so.

[squiresquire] 07/11/2016 07:29

Letting Mandiana go has really surprised me, but they have something far better to have done that, so patience and wait for the take off, this looks really juicy.

[squiresquire] 07/11/2016 07:27

The new CEO has only been in for a matter of days so its clear they had a very well defined action / work plan for him.

What it is they are going to have as the reverse takeover we dont know but we can see they have been working hard at it because events so far have taken Clarke and Fraser a lot of time and planning.

He has hinted at the takeover being in the mining industry. I dont expect them to take very long now at all to let us know. Good luck folks..very exciting times and being Clarke is involved, sure to get maximum publicity. Getting back to the 5p to 8p range doesnt look so difficult now.

[gimmetheloot] 07/11/2016 07:27

Am I reading this right? SMA will get 9.9% of the shares at VOL?

VOL market cap £2 million and SMA £6.7M,

So 9.9% equates to receiving about £200k for The whole project to SMA in shares??

so they have given it away??

[scottishfield] 07/11/2016 07:18

Very interesting indeed!

[effiert] 07/11/2016 07:17

Great news

[squiresquire] 07/11/2016 07:15

Looks like Clarke has done it again, a total blinder.




Sovereign Mines of Africa PLC (AIM:SMA), is pleased to announce that it has entered into an agreement with Volcanic Metals Corp. (TSXV:VOL) ("Volcanic") to farm-out its 75% interest in the Mandiana Gold Project in the Republic of Guinea, West Africa.

The farm-out will be effected by the sale of all the outstanding share capital of Sovereign Mines of Africa Ltd. ("SMA Ltd"), a wholly-owned subsidiary of the Company and 75% owner of a series of mining permits associated with the Mandiana Gold Project. The transaction remains subject to a number of conditions. In consideration, SMA will receive common shares in Volcanic Metals Corp representing 9.9% of the outstanding share capital of Volcanic.

Reasons for the Farm-out

The Board has been conducting a strategic review of the Company's assets and activities over the preceding 10 months which has included the decision to not continue to fund the development of its Guinean assets. The Company currently carries its Guinean assets in the books at nil value, having written down the assets in the annual results for the year ended 31 December 2015. In the year ended 31 December 2015 SMA Ltd incurred losses of GBP162,317. The farm-out of the Mandiana Gold Project forms part of an overarching strategy to enhance shareholder value, it is the Company's intention to hold its interest in Volcanic Metals Corp for such time that maximises shareholder value.

Effect of the Farm-out

The farm-out of the Company's 75% interest in the Mandiana Gold Project constitutes a cessation of all of the Company's existing trading business pursuant to Rule 15 of the AIM Rules for Companies ("AIM Rules"). The Company will on completion of the farm-out become an AIM Rule 15 cash shell, pursuant to which it must make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 within six months, failing which the Exchange will suspend trading in the Company's shares pursuant to AIM Rule 40.

Potential Acquisition

The Company has entered into an exclusivity agreement to acquire new assets in the mining industry, and is carrying out detailed due diligence on these. Further announcements will be made in due course.

Giles Clarke, Chairman of Sovereign Mines of Africa said:

"This is an important step for the Company and realizes immediate value for shareholders whilst retaining an interest in the future of the Mandiana Gold Project. The Company is in a transitional period whilst we execute our new vision following a detailed strategic review which includes a potential acquisition within the mining industry. We look forward to updating our shareholders further on these activities in due course."

[soulsauce] 03/11/2016 09:04

effiert I'm hoping the old adage of no news is good news comes true here.

Depending on the scale of what is happening there could be a lot of i's to dot and t's to cross, so the longer it takes and all that.

Hopefully news will be soon and we are another day nearer.

[effiert] 03/11/2016 08:59

the news considering it was supposed to be soon seems to be taking forever

[mr roper] 01/11/2016 07:36

indeed it is squire. A serious bowl, if it plays out fully it could see 10p or so..

[squiresquire] 01/11/2016 07:23

AFTER 1P ITS TAKE OFF TIME, THE CHART IS STUNNING.

[blueball] 31/10/2016 21:12

I am convinced it will be 1p by Friday.

[soulsauce] 31/10/2016 21:02

Another 1m thrown in at the end there. Fingers crossed for a good week ;-)