Minera Share Discussion Threads

[investment dave] 15/6/2017 23:19

Up 61% lol

[andy] 15/6/2017 19:24

A trade of 21c has just gone through!

Surely a mistake?

Under a lot size, 2898 shares.

[andy] 08/6/2017 13:07

Dave,

"temporarily suspends" are the two key words there, IMO.


If COFIDE covets Ollachea, they will be patient, $70 million is a bog ask.

If they don't they may agree to extend, we shall see.

[investment dave] 08/6/2017 12:50

Posted: 07 Jun 2017 04:54 AM PDTPeople seem to think IRL is going to lose Ollachea. People are crazy, there's no way. All you need to do is read the terms of contract. This today:Minera IRL Seeks Arbitration Regarding Bridge Financing LIMA, PERU - (Marketwired - June 06, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") wishes to advise that it has obtained an order from the Superior Court of Justice of Lima as a precautionary measure to preserve the value of the Company's assets and investment in favour of its shareholders, communities and employees. The order temporarily suspends any enforcement proceedings against the Company due to the expiry of the repayment period for the US$70 million Bridge Loan granted by the Corporación Financiera de Desarrollo ("COFIDE"). In order to keep the court order in place, the Company must request arbitration with COFIDE within 10 days. The Company has requested a meeting with the members of COFIDE Board, to reach an agreement regarding the extension of the Bridge Loan payment term, within which the Company expects to finalize a new financial structuring plan with banks and/or investment funds. The Bridge Loan was part of the Exclusive Structuring Mandate of a senior debt facility for up to US$240 million maximum, which was unilaterally revoked by COFIDE with an announcement made in early March 2017 that became effective on April 01, 2017. "Within 60 days after COFIDE's announcement of its decision not to continue with the loan structuring, the company has identified new financing options and is in active dialogue with a number of parties interested in considering an investment. We also maintain the local community's support for construction of a mine. We are confident we will resolve this matter and unlock the value of our flagship Ollachea Gold Project." stated Gerardo Perez, Chairman of Minera

[andy] 08/6/2017 09:39

investment Dave7 Jun '17 - 09:19 - 5387 of 5390 0 0
Can't they seek other funding such as a part fund raise as equity and a bank loan etc? Mining assets are as good as they get

==========

Well now you see the disadvantage of being listed on the CSE!

Now maybe people will understand why an AIM listing was still being talked about, but even then $70 million is a huge ask for a company of this size, especially when around another $170 million is required to construct the mine!

Mining assets are considered fairly risky, Minera are based in Peru for instance, where there are frequently problems associated with mining and the local communities.

[minera] 08/6/2017 09:28

Potter magic. I Agree with you regarding financing it would be very difficult to raise $70m in such a short time frame.
I however do not agree with you Ollachea is a fantastic deposit in grading and will be in extension
When finally developed.
Tread your own path people

[pottermagic2310] 07/6/2017 09:24

If you refer back to the most recent Ollochea exploration results and do the maths relating to how much Gold might be accessible, total investment needed to develop facilities and a move into full production, then ongoing Costs to get Product to Market, you will find it wasn't a particularly attractive proposition afterall and the existing £70m debt was always going to eat into any profitability.

The Facts & Figures have been there for some months now... if you were ever at break-even or in +ve territory based on CSE SPs, you needed to get out between Xmas & March, especially as the COFIDE news surfaced.

Don't look at this with wishful thinking, protect your own £s & pennies.

[investment dave] 07/6/2017 09:19

Can't they seek other funding such as a part fund raise as equity and a bank loan etc? Mining assets are as good as they get

[gosoftly7] 07/6/2017 09:09

Update on company website.

The agreement was unilaterally cancelled by COFIDE two months before payment due date. The argument has obviously been made and believed by the courts that this was not a fair period of time to find an alternative.

I am still not very hopeful, but the can has been kicked.

Fingers crossed.

[andy] 07/6/2017 08:39

Sergio,

Thanks for the link, and not looking too good, the $70 million always looked a big ask in this market, IMO.

Quite how they can go into court to protect the assets when they entered into a fair agreement in the first place, and have had 2 years to resolve, is difficult to understand.

They are, in effect, trying to bend rules they themselves freely entered into!

And the price rises on the CSE?

[sergiosifuentes] 07/6/2017 07:45

More information: "hecho de importancia" at 9pm Lima time

[maxoscar1] 07/6/2017 07:42

Told ya all..............Pottermagic I owe u an apology as for IKN and Diego benavides complete morons we have been scammed

[gosoftly7] 07/6/2017 07:25

New monthly report out.

USD 70 million was due 5 June, MIRL have not been able to raise the cash, but have got a court injunction preventing COFIDE from exercising the terms of the loan ie. taking Ollachea. The injunction calls for an arbitration between MIRL and COFIDE.

This gives MIRL more time to raise the funds. The best view that I can take is that management do want to hold onto Ollachea under the current ownership of MIRL. A good outcome would be a rollover of the debt by COFIDE subject to a fund raise and a new very positive DFS.

The bid price on the CSE is up 1c to 14c - although not huge volumes.

Good Luck.

[investment dave] 06/6/2017 10:12

Gold price flying recently so hopefully for all shareholders sake this comes back to life as rewards could be massive

[minera] 06/6/2017 09:11

Ahhhh Maxo, I knew you would pop up
Thought you sold out?
Maybe the previous 2 boards were always acting in the best interest of shareholders....!!!!!

Let's see what happens, you were always so full of information or should I say so full of......

[andy] 04/6/2017 21:43

Green,

From their website:

If you still don’t feel that you have the information you need, please contact any of the individuals listed below. They will be happy to answer your questions and will make certain that you get the information you need:

In South America and Globally:
Minera IRL
Diego Benavides, Director & CEO
[phone]

[investment dave] 04/6/2017 21:31

Andy look forward to finding this finale out! Reckon after this much it will be a success story however will be far more interested once we commence trading on the London market

[greenrookie] 04/6/2017 20:43

The company has gone totally silent on me at least. My new broker (TD) tried to contac t in relation to my AIM share certificates that I wish to sell on the CSE.

The email address used is [e-mail]

Does anyone have better contact information or an alternative email address please?

[andy] 04/6/2017 20:32

Dave,

Within the next 26 days I suppose



In March 2017 COFIDE terminated the letter of mandate. The Company is currently evaluating its options for the repayment of the Bridge Loan which is due in June 2017.

[investment dave] 04/6/2017 20:02

When will we find out?

[andy] 04/6/2017 18:30

max,

I would wait and see, we need to know whether the COFIDE loan will be resheduled, or bought out by someone else, or the assets taken.

I believe the IKN guy is genuine, let's hope this turns out well.

[maxoscar1] 04/6/2017 12:41

Gosoftly7......I am afraid u are wrong Pottermagic and Andy have been correct regarding the new board cofide and drilling......I myself called this wrong I listened to that prat IKN and was drawn into his bulls.... no funding will happen cofide will take the assets we have been Scammed again I'm afraid

[gosoftly7] 31/5/2017 12:20

June tomorrow. Monthly report is normally issued within the first week.

Will a deal be done for the USD 70 million or will COFIDE exercise their rights to Ollachea in lieu of the USD 70 million.

We should find out this month.

Shareprice does not appear to be indicating anything disastrous.

Hoping for a good deal for MIRL.

Good luck.

[pottermagic2310] 19/5/2017 08:22

This was filed on 5th May on the CSE. Supposed to be 1 a month, every month.

hxxp://thecse.com/sites/default/files/IRL-_CSE_Form_7_-_Monthly_Progress_Report-April-2017.pdf