Canisp Share Discussion Threads

[jimmyjagger] 03/8/2010 19:19

The deal benefits Emin Eyi, his ma and pa, the cronies at share price Angel Corporate Finance and Corvus who can finally convert their debt and get the heck out of dodge

[wdurham] 03/8/2010 19:14

Re: the Corvus debt, it will, as specified, convert at the OLD par - i.e. 383,500,000 shares.

That's about the only blessing of this lot.

"After the Subscription and subsequent conversion of the Corvus Convertible Debt, 4,377,547,275 Ordinary Shares will be issued fully paid or credited as fully paid."

Existing shares in issue: 856,547,275

[keya5000] 03/8/2010 19:14

Saf that was my thoughts, this would surely dilute the new subscribers out of the water also.

Must be missing something here, at the moment I cant see who this deal benefits!!

[safman] 03/8/2010 19:10

The Company subsequently intends to carry out the Proposed Placing or draw down under the EMMEF Facility. This would give gross proceeds of £905,000 (£632,000 net of expenses).

Will the drawdown facility be at the same placing price at the ORD?

Saffy..

[share_cruise] 03/8/2010 19:01

sorry havent posted sooner, just trawling through the Competent persons report at the moment. You may have all lost hope, but as said before these shares will soon show the potential. will post when ive finished the documents.

[jimmyjagger] 03/8/2010 18:58

By Jove I think he's got it, the debt will convert at 0.1p

[keya5000] 03/8/2010 18:58

If the RNS reads in the way it comes across in its simplistic terms have Corvus and MH not stuffed themselves.

Surely there is more here than meets the eye at this stage of the game.

[zaitoon] 03/8/2010 18:53

boricom is absolutely right isnt he wendy.

[safman] 03/8/2010 18:48

Those are old documents guys, the new ORD is 0.005p. i.e 1/20th of the OLD ORD of 0.1p.

saffy..

[safman] 03/8/2010 18:44

i.e in order to get to:

0.1p in old = 20 bagger
0.2p in old = 40 bagger
0.3 in old = 60 bagger

get it!

saffy..

[boricom] 03/8/2010 18:43

The Corvus Convertible is not convertible at the new par into 7 billion shares but into 383,500,000 shares - see the definition of "Conversion shares" on page 5 of the AIM Document

[safman] 03/8/2010 18:43

Welshgoat let me re-iterate and make it simple for you.

0.1p was the last ord.
0.05p is half of that.
0.005p is less than 0.01p.

Your new ord is @ 0.005p. i.e. you have been wiped out. How difficult is that..

saffy..

[welshgoat2] 03/8/2010 18:41

someone got the maths werong, 5 bagger to breakeven not 60, the dilution is the way we have paid for the mine £11m, mkt cap £14m is break-even, you have lot to lern my friend, the mine might be worth much more £60-£100m see bhr for examples, was in bhr with mkt cap £1m it £20 today and still cheap,not that i made 20 bagger im breakeven, the mine itself bhr is worth £50m just with minerals in the ground,wait and see but i do think this is much bigger deal,

[humbugg] 03/8/2010 18:39

dimimp,
you still dont get it after reading that RNS??
will all of the muppets finally realise that you're not gonna get 5m oz for 300k worth of paper.
it beggars belief. "fool and his money" springs to mind.

[safman] 03/8/2010 18:35

Redimp, Corvus can convert their loan at ord to over 7 billion shares. Like i said, it could be a good RTO, but it won't be for current shareholders..

saffy..

[redimp98] 03/8/2010 18:32

One billion what? Wait for the drill.

[redimp98] 03/8/2010 18:31

One billion.

[ditb13] 03/8/2010 18:29

good shout redimp!!!!
any one goning to go to the AGM???

[safman] 03/8/2010 18:24

Welshgoat it might be a good deal, buy certainly NOT for you and other shareholders alike. If you're average is 0.3p, you'd have to get a 60 bagger from placing price to break even. So, is it a good deal?

saffy..

[welshgoat2] 03/8/2010 18:21

this is the score, we are paying £11m for the mine through shares, has onyone stopped and think, we just might be reversing into a much bigger mine than we first thought, if the finace are in place and there is 5m oz of gold then it just might be a good deal?????

[zaitoon] 03/8/2010 18:16

Bonkers .... lets talk again on 26 Aug.Even at the worst case some are suggesting with 10 billion shares in issue at a share price of 0.00345 that would be a market cap of 34.5 million. What is so outrageous about that to provide a breakeven position for even those in at 0.00345 Bye

[humbugg] 03/8/2010 18:10

well well well just got in top read that bombshell.

where are dimimp,fight,hooter,rich,comedy, et al now :-))

i told you all that corvus were a bunch of thieves, past, present, and now you've seen it at first hand. looks like you've been had by the corvus mob yet again waldof.
nice dilution for the uber-bulls to get their smelly breath round.

looking forward to some replies.