Condor Gold Share Discussion Threads

[coachsailor] 21/12/2022 18:29

From the maths approx 46% (!2.5M) of the original 26.4m shares available were taken up in the open offer. A further 3m shares were taken up in the excess and Jim`s 6.8m shares provided the balance of the £3.3m raised. I had hoped with the excess offer available, that the full £5m would be achieved.

I have averaged down by taking up the open offer plus some excess, so somewhat relieved to see the price still above 15p, so fingers crossed it stays that way.

With only 46% of shares taking up the open offer it appears the directors did not take it up, which is not surprising as JM certainly had the advantage of his deferred interest share payments, which we did not.

[sherwood58] 21/12/2022 18:25

Book, why would it be disclosed? Anything over 3% needs to be declared. Mark had 2.7% prior to the new shares. Even if he took his full entitlement, with the new allocation of shares, he wouldn't go above the 3% threshold.

[book5] 21/12/2022 17:12

Correct directors took few or none shares otherwise it would have been disclosed. Now my detractors should explain why they directors did not buy any share when they were saying there are offers of min $100 million

the reality here is that calibre assets in nicaragua are valued by the market as a tiny fraction of its comercial valué (NOV of all its reserves), ours should not be different. Any potential buyer would look how much are the neighbouring miners priced before making an offer for cnr.

This is why the only way to get a good return is to mine gold, either by selling for paper in calibre shares, or doing a toll deal with calibre, and wait for the comandante to die in the hope sanctions are lifted

Good thing It is that the share price is so cheap that a 20000 oz per year toll mining deal would give us a PE ratio of less than 5 with no debt. We have enough reserves in la mestiza for At least for 4 years of toll deal.

I believe it was JM’s greed what prevented the toll deal in 2021, he may have wanted to increase its ownership so he preferred keep printing and buying shares. A shark ending with indigestion? If we have one now , when we have even less bargaining power, then it will be an indication that it was indeed his greed…if so rest of the directors are probably not very please with JM…too late now…

I hope the directors got it wrong and there is a successful way out of this. Some times it is better not to sell the house and rent it till the market recovers….

We will see what the government does if we do not build the plant, the 3% of royalties paid from the toll deal may help

For a toll deal from la mestiza chaps, and very soon please . In the mid time let’s try to sell la india and accumulate cash reserves from the toll deal which would be very helpful.

Gla

[dexdringle] 21/12/2022 17:00

The announcement was titled "Fund raise of £3.3 million, Results of Open Offer, Placing and EGM Directors Shareholding"

But then no mention of Director Shareholding in the body of the text ?

I assume they aren't talking about Jim's holding through his investment vehicle as that isn't a directors shareholding.

We have to assume that MC and the rest didn't cough up - which is surely a massive negative indictment of the situation. They'd surely have declared their involvement had they applied for shares.

[hms_trader] 21/12/2022 16:06

Corrientes - for your love interest - apparently Luc English married a local whilst he was with CNR back in the day

[corrientes1] 21/12/2022 15:54

A good TV soap could be made out of this with a bit of love interest thrown in for good measure, Say MC playing a starring role, but who'd play the female lead ; the wife of one of the miners ?

[book5] 21/12/2022 15:12

ok
so i believe, in the worst case to buy the coop land and mill we need:
0.92 + 0.25 = £1.17 M
say another 0.18 to by any other little property around
total £1.35M
say 1 million on wages to sell
we have approx 1 million to set up a toll mining
probably achievable , not looking too bad

my contacts say associates want between $6K and $3K per each of them, there are 180. In the best case it would cost us around £0.46 million. In this case we would have around 1.5 million to start the toll mining

also we could postpone buying the land of the coop till we have the toll mining agreement, that would give up 2 million to set up a potential toll mining which should be plenty.

lots of rain in the coop land miners have not been able to mine properly for a couple of months, they are struggling with poor grades, some blame the use on bentonite by condor ( :) )which i believe is a rubbish argument. Truth is the coop land is not so good for artisanal mining for 6 months of the year

[zangdook] 21/12/2022 15:04

The previous RNS said $300k for the balance of the mill, IIRC

[book5] 21/12/2022 14:58

they were looking to raise 3.9 million in addition to the 1 million by JM put, for an aggregate 4.965M
they have raised only 2.3M in the OO + 1 million from JM = 3.3M
they are 1.6 million short
there is not mention to what directors have bought, i would not expect much....

not too bad, not good, ok to buy land (0.92 to 0.46 M depending on option perhaps?), pay the mill balance, less wages than before...

what is the balance of the mill we need to pay?

lets hope we have toll mining agreement to raise the difference, it can happen if we are just a bit lucky

[diggybee] 21/12/2022 14:55

Remember what we talked about my sweet young squib of ambition. Do not let yourself or your family down by being a bit of a pr1ck.

[morrgan] 21/12/2022 14:55

Dexdringle is 35K in the hole,
Soon he will be signing on the dole.
He said '35K is not big deal',
As he entered Tesco's to steal.
Oh well, I guess there's always
McDonald's for his 99p deal.

Haha!

[zangdook] 21/12/2022 14:51

I would have expected the announcement to say clearly how excess applications are being dealt with. At a glance I expect they'll be met in full as they don't seem to have raised the maximum £3.9m they were looking for, but they ought to say explicitly what they're doing.

It also doesn't say anything about the directors' participation in the offer. I presume therefore that Mark preferred to spend his pocket money on a packet of figgy biscuits from Aldi.

[morrgan] 21/12/2022 14:47

Looks like Dexdringle's 35K losses aren't going to get better any time soon lol.

[zangdook] 21/12/2022 10:58

Where is Calibre listed? I'm a home-loving type, not very comfortable outside the LSE.

[book5] 21/12/2022 10:43

But we are valued at around $30 million?
This is very low.

Key here are negotiations with possible buyers, they could go fast, and change offers in a matter of days.

the directors should be in the know and probably adjusted their purchase of new shares as per the last info they got before the deadline .

I am just praying we have a 2x1 paper offer, 2 cnr shares from 1 calibre share, or a toll deal

[zangdook] 21/12/2022 07:43

I meant the open offer for shares at 15p, not the attempted sale of the assets.

The offer result is announced today, after which people may dump shares because they'll see how much they've got, and they'll see how much confidence the directors have shown. So I'm curious to see how low the share price will fall over the next few days.

[oldiegoldie] 21/12/2022 07:35

Zangdook, once more, the OO for the asset has nothing to do with the share price.
CNR wants to have 106M, my guess for the offer is in the area of 30-40M.

In any case, irrespective of the price the asset is sold for, the share price will plummet as soon as the sale is agreed, because CNR has no significant asset anymore but just some cash.

[zangdook] 21/12/2022 07:05

Extraordinary General Meeting 11 a.m. on 21 December

Announcement of result of Open Offer and EGM Voting Results 21 December 2022

I suppose we have to wait until after the meeting to get the OO results.

Any guesses how low the price will go before Christmas? 13p?

[book5] 20/12/2022 22:43

Common cnr deliver us a significant good rns.

[connect5] 20/12/2022 15:02

I have tried to engage and ask a genuine question but he/she/it or whatever never responds?

[oldiegoldie] 20/12/2022 13:30

DiggyBee, 888 strongly believes that his consultancy invoice will be paid at the end of the month

[septblues] 20/12/2022 12:39

how many shareholders does Gondor Gold have?

[diggybee] 20/12/2022 12:33

You've probably blocked me anyway!