Condor Gold Share Discussion Threads

[zangdook] 23/12/2022 08:02

50 pence, not 50c

[book5] 23/12/2022 07:52

I don’t understand why tge consideration was not 6million shares
4.3 million shares x 0.5a is less than tge $3 million had to be paid in shares??

[zangdook] 23/12/2022 07:23

So they were expecting to pay in full within four months of March 2021, and 21 months later they still haven't paid. Meanwhile they've done a huge placing at 30% of the share price they used to calculate the payment to FM.

Remind me never to do business with Mark Child.

[book5] 23/12/2022 07:11

Zongdook,

Very interesting theory. in Canadá we probably have FM’s shares.

Hopefully First Majestic bought its entitlement . Or may be even more…..will CNR lets us know ?

From rns mill purchase:
Purchase Consideration
The purchase consideration of US$6,500,208 is to be satisfied as follows:
• US$3.0 million by the issue to First Majestic of new ordinary shares of Condor Gold Plc at
an issue price of 0.50 pence per ordinary share: being 4,304,778 Consideration Shares,
which will be admitted to trading on AIM on or around 18 March 2021.
• US$1,448,570 in cash on completion, being defined as the date of the acquisition
agreement.
• US$2,051, 638 in a deferred cash consideration upon certain milestones including shipment
and delivery of the SAG Mill and associated equipment. Payment is expected to be made over the next 3-4 months.
The Consideration Shares will ran

[zangdook] 22/12/2022 23:04

coachsailor

Thanks. I've had another look, and I think it's more complicated than that. The way I read it the 12,156,374 includes both basic and excess entitlements, and the 3,004,999 went to shareholders who for some reason did not qualify for the open offer.

Part of the excess entitlements not taken up by Qualifying Shareholders under the Open Offer have been placed by the Company and its broker, share price Angel, with non-Qualifying Shareholders at the Issue Price (the "Placing").

The Open Offer has now closed for acceptances and the Company advises that valid applications, including pursuant to the Excess Application Facility, were received in respect of a total of 12,156,374 Open Offer Shares. 3,004,999 New Ordinary Shares have been placed with existing shareholders.

The only explanation I can see for saying the "existing shareholders" didn't qualify is that

"The Open Offer Shares have not been and are not intended to be registered or qualified for sale in any jurisdiction other than the United Kingdom.......The Open Offer is not being made in Canada or to Canadian Shareholders and is not available for acceptance by any shareholder in Canada." (5 Dec RNS)

In other words, the Open Offer didn't meet some requirement of Canadian law (or US, or anywhere except the UK), but the company didn't want to respect that and let some Canadians or others in through the back door by calling it a "placing".


From the 5 Dec RNS:
If and to the extent that the Open Offer is not fully taken up by Qualifying Shareholders, the Company may place any Open Offer Shares that have not been subscribed for with non-Qualifying Shareholders or institutional investors at the Issue Price.

[oldiegoldie] 22/12/2022 21:48

Bomber thanks for the post. I agree with the numbers regarding Jims shares/warrants/ prices, but what you did not mention are the „grey channels“ Jim is able to use to channel cash out of the CNR account (mainly the infamous consultancy fees).

The asset deal for La India gives me a strong hint that this is what he is doing. Selling at a loss the shares (also good for taxes :-)) and at the same time grabbing the cash off the bank account via consultants.

[book5] 22/12/2022 19:44

Bomber
Thanks for ur informative post
What would u do in this two options:
1st option: If u dont raise capital u would lose 80 million (we invested 100 million, but they would buy us only for 20).
2nd option: If you raise capital , say 4 millón, you would reduce loses to 60 million (you invested 100+4 , but u can sell for 44)?
U will try to go for option 2, still big losses but less that in option 1
Imho JM is trying to minimise potential huge losses by buying the rest of the land, and making it construction ready. His hope is to make a decent profit, but he can’t change the bad market conditions we are in.
directors may accept an offer none of us is happy with, they have lower averages than us.
Question is, did they buy any share at 15p? Tomorrow we may know
Hopefully, as a minimum, we get a decent toll deal

[bomber13] 22/12/2022 19:25

In the thick of the pandemic in 2020 , and with spare time on my hands , I did a historic audit of Jim Mellon's holding in Condor . I hope some here may remember my post , it was no 2482 dated 1st June , 2020 .

I have taken the liberty of updating the data to the present day post this recent fundraising , and herewith are the findings FYI -

Jim Mellon has been an NED since 2011 , and started increasing his holding in Condor big time from 2017 onwards . By the end of May 2020 he had invested £5.8m in Condor controlling 15.5% of the equity or 18.03m shares at an average cost of 32p per share . Since that time he has invested almost the same again in money terms such that he now controls 20.2% of the equity in 36.4m shares at an average cost of around 30.4p per share .

However , he does hold a number of warrants and options on top of this holding .

By my reckoning he has about 20.1m warrants outstanding , the bulk of which , ie 16.666m warrants, came from the conditions attached to the very recent convertible issue , which were 2.5 warrants per converted share . These 16.666m warrants can be exercised at 15p within the next 18 months raising a potential £2.5m for Condor . The remaining 3.4m warrants are exercisable at prices of 35p , 40p , and 50p within the next 3 years . In terms of options JM has around 1.45m outstanding at exercise prices ranging between 22p and 62p , and up to 5 years hence .

In the most likely outcome that the 16.666m of warrants are exercised at 15p within the next 18 months , then Jim Mellon's holding would become 53.1m shares pro-forma , or 26.9% of the enlarged issued capital , at an average cost of 25.6p per share .

So , at the current shareprice of 16p and a market cap of £28.9m , JM's holding is definitely underwater enough to make one think he will want his cost back plus as fat a margin on top as Condor can extract ?

[coachsailor] 22/12/2022 19:06

zangdook - the split, perhaps not very well worded was given in the open offer results :- "were received in respect of a total of 12,156,374 Open Offer Shares. 3,004,999 New Ordinary Shares have been placed with existing shareholders. Accordingly, the Company has raised gross proceeds of approximately £2.3 million through the issue of a total of 15,161,373 New Ordinary Shares pursuant to the Open Offer and Placing."

Hence only 46% of the available open offer shares taken up. Hopefully those that did not take them up have dipped out, but only time will tell.

[hms_trader] 22/12/2022 16:47

grim, bashing would only make a difference if they were selling the co, they're not, they're selling the asset so ppl can say what they want, pos or neg, it makes no diff.As for what JM sells it for, same applies there, what diff does it make if he ends up putting it all in his back pocket

[grimreaper2019] 22/12/2022 16:13

I see the bashing thread is still fully active, incredible really, whoever is employing the fictitious 'names' working here need to appraise their IQ's.

It is clear as crystal what is going on, ever since Condor put themselves up for sale the bashers came to being - someone wants the project at a knockdown level, the problem is it's not going to happen.

Jim Mellon will not sell this under 40p a share plain and simple - a few are starting to smell the coffee and are buying in the market accordingly.

[bahamasoil] 22/12/2022 15:52

The link with Rivington Street on his CV warrants a closer look. Ran a tip sheet I think. Might be wrong.

[zangdook] 22/12/2022 15:37

Yes, that's his style. That will be why he's trying to sell the assets and not the company.

[hms_trader] 22/12/2022 15:12

what worries me is, even if its sold JM employing himself as a consultant on fat wages and draining all the cash away between his consultant salary and some other 'connected party' venture

[zangdook] 22/12/2022 12:23

He's Jim Mellon's man. The notes to the RNS list a couple of the other Mellon disasters he's been involved in, companies going bust with creditors owed millions while rich Jim sidles off to some other venture.

Has any of Jim's companies ever made money for PIs, apart from traders who got out in time?

[corrientes1] 22/12/2022 12:15

I sincerely hope this appointment isn't a case of the undertakers being called in.

As far as CNR is concerned, it's clear that au has been converted into iron pyrites, now in the blink of an eye. Maybe it was all just a con game from the very start and we suckers have been well and truly taken to the cleaners.

[oldiegoldie] 22/12/2022 08:09

Book5 now you are starting being naive.

[diggybee] 22/12/2022 07:54

Jm is not that guy. He is a shark in a suit.

[book5] 22/12/2022 05:25

Thanks Zangdook
Let’s see

[zangdook] 21/12/2022 23:38

coachsailor
how do you know how much of the takeup was basic entitlement and how much was excess?

The new shares will be admitted to trading on Friday 23, it's possible we'll have a directors' holdings announcement then.

[book5] 21/12/2022 21:01

that is understandable to certain point, but what about for the junior directors with very small %s, what would be the argument to dont want to multiply their money x3 (if 100 million offers are on the table) in few weeks/months ?

it would appear that they have acted as if they do not believe this will not go above 15p, or if as there are lots of risks we are unaware of

Have they got it wrong? I hope they have

All sad here

For a better and more lucky 2023

[sherwood58] 21/12/2022 20:45

To be fair, Mark already has over 4m shares and held 2.7% of the company prior to this last fundraise.

Take Darren Hall, president and CEO of calibre. He only holds 0.3% of calibre. Mark has enough skin in the game on this one!

[book5] 21/12/2022 20:36

Last two times MC took , £5000, and £7000 worth of new shares and warrants. On those two occasions, he and the rest of the junior directors did not trigger any threshold , yet all declared their small purchases.
Why should today be different? If they have bought any share why would they not say it? It would go against market transparency rules.??