Canisp Share Discussion Threads

[redimp98] 03/8/2010 20:35

To get the sp, forget all about 0.005p, It is quite simple really, look at the CPR and estimate the mcap of such a Co. at the present time. If you think its mineral resources in the ground are such that the Co value is £13.7m, go on to divide that total by the no. of shares in issue. That gives you the break-even open price of 0.345p, put 0.005 out of your mind.

However, it is not this stage that is particularly important. The people in the know reckon they have come across a world class asset, to date relatively unexplored, capable of production of metals and minerals which are going to make that £13.7m valuation look like small change.

Canisp shareholders have exchanged their holding in an ex-airtime provider-turned-shell into a quarter holding of a most interesting mine full of valuable resources. No wonder the owner clings on to three quarters of it, because he now knows the potential. Did you really think he would give it away?

Lots of moaning and groaning going on from those typical iii types who seek a 200% profit within 48 hours. That's why 90% of pis make a loss. Buy as many Tristar shares as you can afford on reopen, anything less than 1p is an abs bargain.

[humbugg] 03/8/2010 20:27

stevow,
just a wild stab in the dark but, have you considered that maybe the mine is only worth that much??

[humbugg] 03/8/2010 20:25

sharecriuse,
nice of you to tell us you've only a couple of quid invested. there was me thinking you were one of the big investors after all the pomp from your lips. im never surprised by the pin money that follows certain posters.

[share_cruise] 03/8/2010 20:25

legia this will open higher than 0.005p, which is why alll the subscribers have got an instant profit. Hirschfield has the added bonus of seeing for sure where the company is going before buy 90 mil shares at the rate ofm 0.005p

[legia1916] 03/8/2010 20:17

wendy, so are you certain this will open around 0.005p?

[riggerbeautz] 03/8/2010 20:13

Humbugg no worries. Personally try not to call anyone, but either panic first or don't panic, still a lot of guessing going on here from what I can read.

Mind i've sent comedy my regards lol

[jimmyjagger] 03/8/2010 20:12

share_cruise, where do you get £11m from?

SP Angel Corporate Finance has effectively taken control of this shell for £0.15m

[wdurham] 03/8/2010 20:10

Legia - quite simple, you have been diluted virtually out of existence. A share that was once worth 0.1 penny is now worth only 0.005 pennies. i.e 95% of its value has disappeared.

[share_cruise] 03/8/2010 20:10

I also think everyone is missing the boat here. Canisp bought the new mine with paper for almost £11mil, this is a huge amount of money for a mine which has only previously been mined on a very small scale by hand. The new technology available now and the funds which canisp can bring to the table, will bring this mine into production and the real stuff they are looking for in the ground will become more clear. The people in the know, really do know the potential here, and although the turkish owner of the mine could not bring the mine into production canisp have completed this takeover at a very good price and the real potential is only given via the ad in clue form. As i said before i will be purchasing on relist

[share_cruise] 03/8/2010 20:06

The mine is much much bigger than everyone realises. I only have almost £400 currently tied up in canisp before the suspension, I know now that this is worthless pretty much as its just over 100k shares, but with all the documentation in place now and the outlook from here on in looking bright, the savings and profit I have made waiting for canisp to relist will be going straight into tri-star, there is much more upside to this. I do feel sorry for everyone who has a large amount of money invested here as the dilution is much more than I expected but the share price dropping on re-open is not uncommon with a cash shell. With everyone complaining they have been screwed over, you invested on your own will and I am glad I invested when I did and now have the chance to purchase shares when the company relists and the the results from the drilling are released. I am heavily invested in sirius which is also going major places upon relist, both these companies are going places, but as i said before the heavy dilution is more than anyone on these BB or quite close to the action expected.

[legia1916] 03/8/2010 20:03

what do make of this:
The Company is proposing to subdivide each Existing Ordinary Share into one New Ordinary Share
and one New Deferred Share.

Existing Ordinary Shares the 856,547,275 ordinary shares of 0.1p each in the capital of the Company in issue at the date of this document
New Deferred Shares - deferred B shares of 0.095p each in the capital of the Company arising from the Capital Reorganisation
New Ordinary Shares - ordinary shares of 0.005p each in the capital of the Company arising from the Capital Reorganisation

[carrbradshaw] 03/8/2010 20:00

Gutted - be interesting to see Hoosters take on things - lost a lot of money on this - invested in Sirius as well and have a feeling things are not going to be great there either! I've been badly burnt!

[humbugg] 03/8/2010 19:59

rigger,
for sure mate. been slaughtered on here for pointing out that a broke company gets to buy a mine for 300k using paper (diluting holders)and for some reason the owner see's fit to give all those 5m assets away for 300k in two payments. you cant make it up.
regards H.

[riggerbeautz] 03/8/2010 19:51

Humbugg you're starting to gloat now :)

[humbugg] 03/8/2010 19:47

dimboy,fightback,
hows your prediction going???
1p open, rising to 1.5p, finishing 1.2p on re-admittance.
:-)))))))))))))))

[safman] 03/8/2010 19:43

Well it certainly is convertible at ORD but i don't think it will be, rephrased correctly..

saffy..

[safman] 03/8/2010 19:42

OK, so over 4.3 billion shares in issue. What about the drawdown facility. I don't think that is convertible at ORD because it would simply wipe out the largest shareholders.

saffy..

[redimp98] 03/8/2010 19:41

Mikey boy is calculating his share options, he knows what is around the corner.

Dont get bogged down on the 0.005p, that is simply the placement price especially for the favoured few who make an instant megaprofit, riches for the insiders. The rest of us will have to wait a little longer.

Have another glance at the S_C summary and it should be clear what is going to emerge out of this. This co. aint worth a mere £13m (sp 0.345p) on mineral prospects which are little short of phenomenal.

[share_cruise] 03/8/2010 19:40

Corvus reypayment

It is intended that the balance of the Corvus Convertible Debt will be converted into 383,500,000 Conversion Shares following Completion leaving no convertible securities in existence following conversion. 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.

[wdurham] 03/8/2010 19:38

safman - It's pretty unequivocal. Here are the numbers from the beginning of the Admission Document:

ACQUISITION AND SUBSCRIPTION STATISTICS
Number of Existing Ordinary Shares 856,547,275
Subscription Price 0.005p
Number of Subscription Shares 3,100,000,000
Number of Fee Shares 37,500,000
Number of New Ordinary Shares in issue on Admission 3,994,047,275
Percentage of the Enlarged Share Capital represented by the Subscription Shares. 77.62%
Percentage of the Enlarged Share Capital held by the Directors and Proposed
Directors at Admission 14.65%
Gross proceeds of the Subscription £155,000

Then add the Corvus conversion of 381 million.

Existing shareholders have been diluted to less than 23%.

[jimmyjagger] 03/8/2010 19:36

I'm reading it now, page 17 is a hoot. Apart from Emin Eyi and his folks (who've bought 70% of the co. for £140k) the other subscribers have invested pocket money

Bruce Fraser 2,000,000 £100
Simon Bishop 2,000,000 £100
Tercel Moore 2,000,000 £100
C. Couldrey_ 2,000,000 £100
Terry Gracey 1,000,000 £50
A. MacKinnon 1,000,000 £50
David Facey_ 900,000 £45
John Sleeman 900,000 £45

Did they organise a whip round the office or something?

[share_cruise] 03/8/2010 19:31

MH is get £12k a yr for sitting on the board, £50k one off as a success fee for fiding the mine and the option to purchase 90mil shares at the subscription price within 6 months. All the negativity here is too soon, how many have actually taken the time to read the whole document?

[safman] 03/8/2010 19:20

ok, Thanks Wdurham, little consolation, I don't have the entire documentation, from that point i don't know if the acquisition is any good or not. Keya, i don't think the drawdown facility will be at ORD and the simple reasoning from me is that it would be pointless and dilute the current major shareholder if converted at ORD. We'll have to wait and see, and regardless of that, that will be of zero consolation to current shareholders...

saffy..

ps. If corvus are converting at 0.1p, there may be options at 0.05p to compensate, don't forget hirshfield