HMG for me.... Hopeless .. as hopeless as the new HMG |
Well, they could just drop the 't'?
How does 'Alas' Metals Group sound?? |
Yes. Most embarrassing indeed. I wonder what they will call themselves next. Any suggestions :) |
Pathetic volume doesn't accord with the %age drops |
Pathetic volume doesn't accord with the %age drops |
Certainly they should have got the finance completely sorted before the name change.
Embarrassing. |
Unfortunately management credibility is shot to pieces, it really is beyond belief that they hadn't got concrete finance in place. It will take a long time for the market to forget. |
Can't really see what 'stinks', as you say.
Ultimately the funding did not arrive in time.
So, Managem went elsewhere.
That's quite a simple, and a commercial decision on their part.
Time for MNRG/AMG to move on. |
Have read this clause from the original RNS.Something stinks. Read the first 16 words The Company along with its funders and advisers have carried out an extensive due diligence process on the Oumejrane mine and CMO. This comprehensive evaluation included on-site visits, involving participants from Orion's commercial and technical teams, alongside external consultants. Orion and the Company were impressed by the operation, as well as the team responsible for managing it and remain supportive as the Company advances the transaction towards completion.Managem |
There's not been a definitive statement from the company as yet except to say that the deal collapsed. I think pi's especially G,S and P deserve some meat on the bones . I smell a court case |
“The completion of this sale marks an important milestone, with the selection of a strong buyer capable of financing both the acquisition and the development of the Oumejrane mine. We will uphold the high standards of health, safety, and environmental protection that have always been our priority,” said Imad Toumi, Chairman and CEO of Managem.
Ouch. |
Quite.
It was VERY quick.
However, the fact remains: MNRG failed to get the finance in place.
And it was really silly to do the name change before the deal had gone through.
Would I be surprised if it turns out the Moroccans were having parallel chats with the other lot, on the qt?
It almost seems like the other deal was oven ready.
I don't know. |
But it went to a Moroccan company sooooo quick after the MRG deal fell apart. These deals take months to set up. Something stinks |
As I said, the Moroccans would have been embarrassed: deal was made public!
What it also did was to alert rivals: and one of them was clearly waiting in the wings and ready to pounce, it would seem.
I did wonder why on earth would the Moroccans give the mine (a national asset) to a little known Company from far off Blighty! But I went along with the tale anyway.
As it is, it's gone to ........ a Moroccan outfit.
Quelle surprise! |
Oh no! Spare us yet ANOTHER court case...!!
MNRG failed to have the finance in place, in good time. Plain and simple.
Premature name change? I should say. |
I'd love to see the contract and small print between MRG and Orion. And what have MRG's nomads got to say about it. No deal should have gone ahead without them scrutinizing the proposals. I'm not convinced that there's not another court case on the horizon |
It IS possible that the shambles is already in the price.
(the news is a week old, after all).
If so, a good arbitration result re the Uranium situation could have outstanding share price action. |
Absolutely the fault lies with MNRG ... no question of Arbitration.
The Moroccans absolutely not to blame.
They must have felt embarrassed.
As I said, back to Gold Ridge and Uranium. |
There's nothing from MRG that indicates arbitration. So I'm going to assume until I hear otherwise , that they entered a contract to purchase a mine without having funding in place . If that's the case then they are effing idiots . Inexcusable . |
I see that the deal was actually announced on Jan 8th.
So the market(?) has known about this for a whole week? |
So, now we wait for the arbitration ruling for the uranium mine.
(which COULD, still, turn out to be enormously positive) |
Back to Gold Ridge and Uranium.
The Moroccans were not going to forgive AMG for the let down.
Will the name change again? |
Managem sells Oumejrane copper mine for $30m to Purple Hedge Resources, Morocco
Managem reports the sale of the Oumejrane copper in the Eastern Anti-Atlas of Morocco for $30m in cash plus a further $2m to be made within 12 months of the transaction.
Purple Hedge DWC is a private mining company which is active in Africa, is based in the UAE and is backed by a private investor and a NY investment fund.
The mine is located in the Draa-Tafilalt region which hosts other copper-silver and barite deposits with small-scale and artisanal mining activities.
Oumejrane copper mine sales to end -December 2023 were US$28.0m
Managem is looking further afield these days with the recent acquisition of the Karita gold project in Guinea from IAMGOLD.
Atlas Metals Group (formerly MetalNRG) had agreed to acquire Oumejrane but were forced to withdraw due to funding issues. |
https://x.com/AdvisorShares/status/1873765434652041527?t=GT74ZMfSiZt2bh4ootNcLQ&s=08Don't know who they are but hope they take a position |
Looking at the size of the late trades Friday I'd say yes |
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