BMR Mining Share Discussion Threads

[fireplace22] 16/9/2018 07:48

Don't forget our share of profits from Kabwe, if any on us live that long!

[wiggle1] 14/9/2018 11:19

nothing left at all now !!!

[sleveen] 06/9/2018 16:33

I prefer Bay Watch.

[plat hunter] 25/8/2018 21:10

BMR Watch.. It's been put together by the same people who were telling you all not to worry because they had assurances from Borllie about new investors and everything is going to be okay.

they distracted you from doing anything for the last 6 months and they going to do it for another 6 months

[fireball xl5] 24/8/2018 23:06

Please join the ranks of BMR watch. We need to be coordinated in our efforts to safeguard the remaining assets and to protect the royalty on offer.

Join here.


Increasing our Membership
Are you a member on another share discussion forum ?

We really do need to increase our membership, and make other likeminded private shareholders aware of our existence.

I’m only a member on LSE, and would very much like respected members to share my Pooling our Shares post on as many other share discussion forums.

I have currently received emails proving some 32 MILLION shares... but we need more !!!

Increased numbers gives us more power of negotiation... so please get the word out there,,,

TIA



PROOF OF HOLDINGS
PROOF OF HOLDINGS

Dear BMR Watch Members,

I have been appointed by BMR Watch committee as our share records keeper.

I have been tasked by them to collate details of all current members with a view to us all proving our holdings.

I have created an email address to facilitate this.

[e-mail]

Please only use this email address for this purpose.

It is important that when you send your email, you use the same email address you registered with on BMR Watch.

It would be a great assistance if you could provide the relevant details in the following order...

1. Shareholder name
2. Email address you registered with on BMR Watch.
3. BMR Watch name.
4. Number of shares held.
5. Stockbroker or Platform used.
6. Attach documentary proof of holdings.

Documentary proof should show your name and number of shares held. It can be a scanned copy of your paper certificate, or a screenshot / scanned / saved copy of a print out from your online account.

Any additional detail is not required, so actual account number, other share details etc should be redacted before sending.

Thank you
Peter

[the bull] 22/8/2018 10:52

If they sacked the existing BOD and installed someone maybe. But no probably not, risky enough holding the serialy dissapointing JLP

[plat hunter] 22/8/2018 08:29

Would you honestly buy BMR at 2p if you could?

I bet you wound't find it hard to find a match.

[the bull] 21/8/2018 20:10

shame you cant buy a few more at this price, trouble is, your CEO will just blow it on expenses. You should call an EGM and oust him and then just sit tight. Your expenses should be cut to the bone

[deme1] 21/8/2018 10:18

20 August 2018
BMR Group PLC (“BMR” and the “Company”;)
Background to Delisting and Strategy
Background
The Company had initially intended to raise its own funding and employ its own resources at its
Kabwe project for the construction, commissioning and operation of the intended pilot plant for
processing the tailings stockpiles (the “Kabwe Project”). To reduce the inherent risks, and thereby
enhance the outcome, the Company subsequently determined that it should enter into the
agreement with Jubilee Metals Group PLC (“Jubilee̶1;), announced on 23 October 2017, so as to
access Jubilee’s more extensive funding and engineering capabilities and expertise.
In furtherance of the relationship with Jubilee, the Company announced on 15 January 2018 that
Jubilee had subscribed for new BMR shares representing a 29.01% holding in the Company, in
exchange for £500,000 in cash and the allotment to the Company of new Jubilee shares representing
a holding for the Company of 4.83% of Jubilee’s capital. Lock-in arrangements were also announced,
but the Company has been able to utilise some of its holding of Jubilee shares towards its operating
costs, and the balance of the holding represents a significant balance sheet asset for the Company.
On 7 February 2018, the Company announced the suspension of trading of its securities on AIM
following receipt of a letter from the Mining Cadastre Department of Zambia terminating its mining
right in respect of the Kabwe Project. This licence was re-instated on 5 April 2018, with conditions
attached. The new conditions included: (i) plant construction commencing within three months of 3
April 2018; (ii) completing plant construction and commissioning by 30 September 2018; and (iii)
commencing production by 30 December 2018. In addition, the Company is to submit a detailed
employment and training plan; contribute to the Environmental Protection Fund in accordance with
the Environmental Management Act, No. 12 of 2011; and comply with the Mines and Minerals
Development Act 2015 and other relevant laws of Zambia.
Jubilee announced on 2 July 2018 the completion of its initial detailed technical and engineering
review of the Kabwe Project and determined a revised process for the recovery of lead and zinc in
the surface material, with enhanced processing flows and increased through-flow capacity. Jubilee
determined as a consequence that a larger plant should be built at a significantly increased cost. The
enhanced process flowsheet offers the potential for improved capital efficiency and reduced circuit
complexity. It targets the recovery of zinc ahead of, and independently of, lead and vanadium. The
construction of the zinc recovery circuit has been prioritised and is expected to commission well in
advance of the lead and vanadium recovery circuits. This approach allows the construction of the
zinc recovery circuit to progress while the development and design of the lead and vanadium
recovery circuits are further refined. It is now anticipated that the process flowsheet design will be
completed during Q3 2018 targeting commissioning of the zinc recovery circuit by mid-2019.
As a result of these changes, the expected costs of construction and commissioning of the
processing facility have increased. This gives the potential for greater net returns, even after taking
into account the price of acid which has increased significantly since the time of BMR’s original
costings and would have had a significant adverse impact on the Company’s former plans.
Under the terms of the agreements with Jubilee announced on 2 May 2018, a proportion of the
costs of the enlarged processing facility in excess of the £2.3 million committed by Jubilee would
have fallen to be borne by the Company. As events in Zambia unfolded, BMR determined that it was
unable to commit to its share of the uncertain level of increased costs (the amount of which remains
to be determined in light of the finalisation by Jubilee of its plans for the larger plant referred to
above) and decided to eliminate its capital risk for the certainty of returns, choosing to dispose of
the Kabwe Project to Jubilee in return for a 12.5% royalty arrangement (the “Disposal̶1;), thereby
substantially de-risking its position for the benefit of shareholders and on terms that, as Jubilee
announced on 6 August 2018, “should the total capital investment of Jubilee to fully execute the
project exceed US$15 million, BMR's shareholding shall immediately dilute to a fixed 11%
shareholding”.
Appointment of a new nominated adviser (“nomad”)
WH Ireland, BMR’s nomad, resigned on 2 July 2018 and therefore the Company had one month to
appoint a new nomad or the Company would be de-listed from AIM. BMR had secured the
agreement to act of a replacement nomad for the Company, subject to shareholder approval of the
Disposal. The Disposal was a condition precedent due to continued uncertainty regarding the
renewal of the Kabwe mining licence and the uncertainty as to whether BMR could fund its share of
the increased costs required to maintain the plant and on-going project expenditure.
The proposed new nomad had visited Kabwe and had wholly completed its due diligence. The
related circular for the Disposal was finalised and on the point of being despatched, subject to
agreements being entered into. While the proposed new nomad had been in contact with AIM on
the proposals with a view to being appointed by 3 August 2018, it became apparent that delisting
would nonetheless occur on 8 August 2018 because the Disposal would not have been approved by
shareholders before that date (being the date six-months from the date of suspension) due to the
time-scale for convening the General Meeting. As a result, BMR’s admission to AIM was cancelled
on 3 August 2018.
Notwithstanding the suspension, following the Disposal the Company would have become an AIM
Rule 15 shell company and the Directors believe that AIM’s position was related to the continued
uncertainty over the licence conditions for the Kabwe project as well as the ongoing financial
commitments associated with the project.
Reasons for the Disposal
The Directors’ objective was to maintain an ongoing financial interest in the Kabwe Project without
further financial obligations, to increase the level of certainty that BMR would be able to deliver a
successful conclusion for its shareholders. The terms of the Disposal, retaining for the Company a
12.5% interest in the significantly enlarged project, achieved that objective on the best terms at that
time available to BMR. The Directors completed the Disposal subsequent to the delisting obviating
the need for shareholder approval and the delay in holding a General Meeting.
The Directors believe this was a successful outcome for BMR in the circumstances as they rapidly
evolved, and that the Disposal is in the best interests of the Company, having considered other
potential sources of funds and partners for the project, due to the following reasons: 1. As a result
of the changes to the planned processing methodology, with consequently increased flow-through
capacity and requiring a larger plant, the expected costs of construction and commissioning of the
processing facility have increased significantly (the
final level still being uncertain), and the Directors had no certainty that BMR would have been able
to fund its share of these as yet unquantified costs; 2. The revised plans require further negotiation
over the Company’s licence and there is a risk of that process not being successfully concluded or
the Company being able to meet the current licence conditions. The Directors believe this risk is
substantially reduced by the Disposal. 3. The Directors did not believe, given the respective positions
of the Company and Jubilee, (and remain of the same view) that the terms of the Disposal could
have been materially improved to the Company’s benefit by further negotiation attempts.
The Company’s status following the Disposal
The Directors have been in continued discussions with the potential investors for the proposed
subscription of £1m, last announced on 2 May 2018, whose position and willingness to proceed
became subject as matters evolved to clarification of the licence conditions. Following the Disposal
and while these licence conditions remain unclarified, the potential investors have withdrawn their
proposed subscription.
The Directors will now re-set BMR’s strategy as it continues its path as a junior mining company,
supported by its interests in Kabwe (as above) without any obligations to fund the plant going
forward, the Large-Scale Mining Licence, Star Zinc and the Ester project in Portugal.
Alongside that, with the full support of Jubilee as the largest holder of the Company’s shares, the
Directors have already begun reviewing alternative trading platforms for the Company’s shares.
As a result of the share subscription announced on 15 January 2018, Jubilee holds 97,371,298
ordinary shares in BMR (the “BMR Subscription Shares”) representing 29.01% of the issued share
capital. BMR initially held 63,166,969 ordinary shares in Jubilee (the “Jubilee Subscription Shares”)
and, as announced on 11 June 2018, BMR holds 46,503,697 ordinary shares in Jubilee representing
3.55% of the issued share capital, valued at £1.116 million based on Jubilee’s current share price of
2.4p per share.
Both the Company and Jubilee are subject to lock-in and orderly market arrangements on the same
terms: (a) following admission of the shares, 25% of both the BMR Subscription Shares and the
Jubilee Subscription Shares will be free-trading with the balance subject to lock-ins by, respectively,
the Company and Jubilee; (b) after 6 months, a further 25% of both the BMR Subscription Shares
and the Jubilee Subscription Shares will be released from the lock-in and will be free-trading; (c)
after 12 months the balance of shares (being 50% of both the BMR Subscription Shares and the
Jubilee Subscription Shares) will be released from the lock-in and will be free-trading; and (d) for the
initial 12 months following completion, any free-trading shares shall be subject to an orderly market
agreement whereby, before any disposal, the selling party must give the broker of the respective
company, not less than 20 business days to provide matching buyers for the shares offered for sale.
The Directors expect to announce further up-dates as events materialise to be available on
hxxp://www.bmrplc.com

[deme1] 07/8/2018 13:06

A mention on BMR

with Leon mentioning that the process and scale that BMR had put forward was not viable.

JLP have a more efficient solution and design plans for a significantly larger plant than the 5tph plant the BMR put forward, which will be released in this quarter.

Leon also stated that this was the best outcome for BMR compaired to if they were to try and raise funds which are significantly higher than BMR had planned for. It would have meant huge dilution to BMR shareholders and also high risk to BMR itself.

[deme1] 07/8/2018 13:02

hxxp://webcasting.brrmedia.co.uk/broadcast/5b6452137e92fe237b0e261d

[the bull] 07/8/2018 10:40

I guess the next hurdle might be that some court fees would be payable to force the EGM or some lawyer fee for advice. Once money is needed from members teaming together, thats usually when it all goes a bit quiet.

The thing is, if you listened to Leon this morning, there is some hope for you guys but if that hope is dashed by some idiot making the wrong decisions, then the hope vanishes. Maybe the best route is to sound out the non execs

[the bull] 07/8/2018 10:36

maybe more comprehensive

hxxp://www.cms-lawnow.com/ealerts/2004/01/shareholder-rights-to-requisition-a-general-meeting-and-to-propose-resolutions?cc_lang=en

[the bull] 07/8/2018 10:35

hxxp://www.fsk-ees.ru/eng/media/File/general%20meeting/Procedure_shareholders_calling.pdf

[poombear] 07/8/2018 09:15

I'm having a bad day, SEE crashing, and the dishwasher engineer has just told me that the dishwasher has a mice infestation, which apparently negates the warranty. Never rains..

[plat hunter] 07/8/2018 08:41

I think the smaller companies act stipulates a combined share ownership greater than 2.5%

Not sure what they would do though.. 12. %% double s their bubble minimum. They had no cash and would have gone bump losing everything