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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Strategic Ret. | SRR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 1.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.50 | 1.50 |
| Top Posts |
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Posted at 19/8/2014 08:01 by the stigologist Shaw River Manganese moves ahead at Otjozondu Manganese with funding dealTuesday, August 19, 2014 Shaw River Manganese moves ahead at Otjozondu Manganese with funding deal Shaw River Manganese (ASX:SRR) has gained valuable new convertible loan debt funding from Bryve Resources Pty Ltd to enable an in fill drilling program to start at the Otjozondu Manganese Project in Namibia. Ringing in further changes, Peter Cunningham is to be appointed as Shaw River managing director. Cunningham is currently President and CEO of TSX listed mining company, Cadan Resources Corporation (CVE:CXD), and Managing Director of unlisted Auvex Manganese Limited. Bryve will acquire 9.69% of Shaw River equity held by major shareholder Atlas Iron (ASX:AGO) with an option to acquire the remaining 43.76% of Shaw River shares currently held by Atlas at a price of A$0.0035 per share. Current price is $0.013. Atlas will also grant Bryve a six month option to acquire Atlas's remaining 43.76% shareholding in Shaw River at an exercise price of A$0.0035 per share. This will potentially remove an overhang for Shaw River with the Atlas shareholding. The debt funding is under two separate, secured facilities in two tranches. The first, an amount up to A$2 million convertible loan facility and the second an amount up to A$6 million contingent working capital facility. The new funding is designed to enable Shaw River to rapidly progress development of the Otjozondu Project and bring it into production as quickly as possible. Up to 40% of the free cash flow generated from the Otjozondu Project will be used to repay Shaw River's debt. the A$4.95 million owed to Atlas under the existing loan facility is to be repaid as a priority and ahead of any repayments to the Bryve Facility. In all, these are very positive developments for Shaw River, setting it firmly on a funded development path at Otjozondu. Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China. |
Posted at 13/8/2014 21:14 by the stigologist post from hotcopperok, so let's look at the positives: new funding = "provide working capital to enable Shaw River to rapidly progress the development of the Otjozondu Project and bring it into production as quickly as possible." Otjo became SRR's focus and they always talked up near term production, but have never quite got there, in fact, they seem to have lost their way in a big way. as a result, investors lost confidence and SRR's share price has dropped into the abyss over the last year or two. It has also struggled with lack of funding to ramp-up progress at Otjo. this development could well give SRR a fresh injection of enthusiasm and a new s/holder which wants to fast-track the Otjo project to production. new funding = no CR in the foreseeable future. AGO wants out. It's loan facility is still repayable, but the interest rate will be reduced from 11 to 6% and the facility is repayable in 5 years. This is manageable. thank you, AGO. the new managing director's performance rights are dependant on progressing Otjo as quickly as possible, ie "10 million performance rights which convert to ordinary shares upon First Commercial Ore Shipment from Otjozondu" further, "Mr Cunningham will be retiring from current directorships to focus on the development of Shaw River and Otjozondu." the big question will be whether this new blood can steer SRR to where it should have been in 2013 ... producing?! ahhh, the million dollar question. I would hope to read a statement from our new managing director in the near future about how he intends to turn SRR's fortunes around. SRR has a market cap of about $7.23m at .008c. it's current known resource at Otjo (see below) alone would suggest a higher market cap is warranted. "Shaw River has successfully outlined an "at surface" manganese bulk sample of up to 265,000 tonnes from up to 8 areas with some zones >36% Manganese." (excerpt from 31 july 2014 announcement) SRR has a "Mineral Resource estimate totalling 17Mt at 22.5% Manganese" (excerpt from 11 december 2012 announcement) "The Otjo Project possesses a number of very favourable characteristics, including: * Located in Namibia, a mining friendly and low sovereign risk jurisdiction. * Excellent proximity to existing public user road, rail and port infrastructure. * Granted mining lease with environmental approvals in place. * Potential for simple open pit mining due to outcropping resource tonnes. Processing plant consisting of crushing, screening and beneficiation equipment is owned by Otjozondu Mining, currently on care and maintenance. * A resource tonnage defined in relation to global peers which could underpin a significant mining operation. * A large tenement holding covering 90% of the known Otjozondu manganese field and, * Considerable exploration potential with only 13% of the known strike of the mineralised horizon tested to date." (excerpt from 11 december 2012 announcment) the potential is there, the resource is there, we have known that for some time now, but the strategy in getting to production has not yet worked. we will have to wait for mr market to tell us what it thinks of this new funding move by SRR. |
Posted at 05/4/2014 22:47 by stockonomist A 2011 Investor Presentationwww.proactiveinvesto |
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