Brinkley Mining Share Discussion Threads

[chrismez] 03/11/2009 18:05

Papillon - I was thinking of averaging down here some time ago and discussed it with glue, but didn't get filled at the price I wanted. My thoughts are turning that way again and I'd be interested to know, now that you're back in here, what your target is over and above the cash assets, if the RTO were to go ahead. I can't see it rocketing as Akramms has posted above and my own thoughts were lining up somewhere in the 2.5p - 3p region. Is this totally off base? Cheers.

[papillon] 30/10/2009 12:26

Trouble if they de-list AKRAMMS is you could have your money tied up for up to circa 9 months, effectively doing nothing. I agree though its a very low risk investment at the moment. When I think back to when BRM floated at 50p (it didn't stay at that long, in fact it was downhill from the 1st day!!) this has been a dog of a company.

The cash has dwindled down after the money and effort spent evaluating a lousy licence in South Africa. A poster on the lse BRM bb posted a few years back that the licence was a dog!! He reckoned that BRM was just something that floated at around the height of the U boom to take advantage of the then euphoria using a very "dodgy" asset, Waterval etc.

Then the foray into the DRC, where it had an agreement to have certain rights over all U exploration in the DRC (which turned out to be both unofficial and dubious) with the DRC Ministry of Mines, but that wasn't sanctioned by a higher authority.

BRM have had so many different factions taking control of it, to get at the cash, that its been like a case of musical chairs at times.

Lets hope EUG have more success than the previous raiders and announce a decent RTO. There has been talk of an RTO here ever since Waterval turned out to be a dud after the DRC "adventure" had already turned into a complete fiasco.

[akramms] 30/10/2009 11:21

Papillion, they've re-evaluated their cash position on their quartly statement ending 30 Sep 2009 as shown on their website:



But yes they still have sufficient cash and investments in other growing companies and the extra 3m cash due to them.

Brinkley as a cash shell are already worth 1.9p/share, hence the rise back today from yesterdays fall due to the monitoring extension. The price will remain around the 1.9p mark until some good news comes which will make this share rocket.

Personally I think it would be ridiculous of Brinkley not to find an Aquisition/RTO because they have about 7m in cash, a strong board in place that are experienced in the mining sector and if they do not find an Aquisition/RTO, the company will be delisted and any funds will be distributed back to Shareholders, with no company left to run.

But don't get me wrong this is still likely to happen at this point in time. But considering the share price is equal to their cash position as a cash shell, if company does get delisted (I think 13 Dec 2009), they still have 6 months after that to make a come back or the funds will be distributed back to shareholders.

[papillon] 30/10/2009 10:49

Interesting AKRAMMS. EUG Assets of circa A$20m. circa A$16m cash + A$4m saleable assets + a further A$3m cash due from sale of Ukraine gold interest dependent on certain conditions being met. So a cash sell just like BRM and was about to be de-listed so took the opportunity to de-list earlier from AIM to save the A$150k pa AIM listing fee. EUG still keen on the gold sector so perhaps EUG have a nice gold miner lined up for BRM? African based? Just hope they do find something suitable before BRM is de-listed.

[akramms] 30/10/2009 08:28

Eurogold up 16% today, see their company info from ASX using the following link:

[akramms] 29/10/2009 13:34

I've just seen some buys go through on plus, I am holding just as you papillion



The time is shortening about 6 weeks before they delist unless an aquisition/RTO and hopefully there will be news soon. In my opinion, Yes this is speculative but High Buy, due to them having almost 7m in cash and a strong board in place, especially the last two non-exectutives they appointed just recently over the last two months and not to mensioin eurogold purchasing 29% of Brinkley at 1.85p each.

[papillon] 29/10/2009 13:28

Topped up here. Now got 150k. I think this is an excellent gamble. Could rocket on speculative demand if they announce a good RTO. Got the cushion of the cash if no RTO happens.

[gluefactory] 27/10/2009 18:18

Kevin.2 x 100k at 4.5,200k at 4.75,200k at 4.2,250k at 3.6 and 650k at 1p.And to be honest,I sold 650k to cover some losses I made elsewhere in the past couple of months(CRND being one).Total still held is 950k

[tamboerskloof] 27/10/2009 15:09

Hi Kev, yes I saw that pop up on my monitor 100k @ 1.795p
any buying under 2p just covers the NAV so hopefully you should be OK.

[kevin1962] 27/10/2009 15:04

Reminds me of my position in mta a couple of years back, had to throw a lot of capital at initial investment to bring my average down to a level that now sees a good profit. However cash ws tied in for sometime, well in profit there now but waiting for results.Glue what did you initially pay for shares here then ?

[gluefactory] 27/10/2009 13:54

Hi Kevin.One of the old gang on this share.My "investment" amounts to £42,500 going back 15 months so I am a tad out of pocket at this time! Was a lot worse when the share price was 1/2p though!

[papillon] 27/10/2009 13:48

Hi gluefactory being unlisted doesn't mean that Eurogold dont have shares and it also doesn't mean they cant issue more!! However that is very unlikely. Also I dont think existing BRM holders would want to exchange their BRM shares for unlisted shares in Eurogold!!
Hi Tam. A decent RTO could mean the re-birth of BRM.

[kevin1962] 27/10/2009 13:48

Yes its a gamble but could be good glue.. you had a punt ? I can see 2 people have bought since the cryptic clues released. lol ....kevin

[gluefactory] 27/10/2009 13:17

Hi Kevin.Saw your post on MTA and - Pap had a punt in you know what!

[kevin1962] 27/10/2009 13:09

Hello Pap took a punt got 100k , looks like it bounced up on my purchase too,lol, wide spread mind so quite speculative I can see. Fortune favours the brave....

[tamboerskloof] 27/10/2009 13:06

Hi Pap, welcome back, I am also holding, as this outfit owes me big time,
so I'm also interested to see how this all pans out, just for the
hell of it really.

[gluefactory] 27/10/2009 13:05

Eurogold are not currently listed so they could not offer shares? Eurogold are basically a cash shell but they do have interests in other mining companies and substantial at that.

My bet is still on the assets which BRM have written down to zero actually having a value and hopefully a sizeable one

[papillon] 27/10/2009 12:28

Hi gluefactory. Why would Eurogold spend their cash buying BRM whose only asset is cash? If they do take it over then it would be with an offer of shares? That way they would get cash in return for paper. Eurogold could however reverse into BRM?? However is Eurogold just a cash shell? In which case that would not be possible. More likely there will be another candidate for an RTO of BRM.

[papillon] 27/10/2009 12:25

Well I'm back in after a long time away. Only a small punt though. I'm sure they have a nice juicy RTO in prospect.

[papillon] 26/10/2009 18:41

Looking very interesting.

[gluefactory] 25/10/2009 13:27

As Akramms states Eurogold have cash to purchase the company.Additionally,even if they didnt have sufficient reserve cash,any bank would bankroll them on the basis of the cash reserves which Brinkley currently hold.There is more to this than cash,and likewise more to this than Eurogold simply wanting a shell company to work from.Either way we have two months remaining before BRM is taken off the market

[akramms] 23/10/2009 16:14

As of 30 Sep 2009 Eurogold's cash position was $10.5 million and investments in listed companies totals an additional $20.54 million. So I think they do have the money to put in an offer for Brinkley based on their cash position since they already own 29% of Brinkley.