ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

QRES Q Resources

16.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Q Resources LSE:QRES London Ordinary Share JE00B3MJTG49 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 16.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 16.00 GBX

Q Resources (QRES) Latest News

Real-Time news about Q Resources (London Stock Exchange): 0 recent articles

Q Resources (QRES) Discussions and Chat

Q Resources Forums and Chat

Date Time Title Posts
24/4/201208:28Q Resources83

Add a New Thread

Q Resources (QRES) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Q Resources (QRES) Top Chat Posts

Top Posts
Posted at 13/4/2011 09:16 by orgasmicbeef
Q Resources Plc
Potential acquisition and equity fundraising
RNS Number : 8172E
Q Resources Plc
13 April 2011


Q Resources Plc

Potential acquisition and equity fundraising

Q Resources Plc ("QRES" or "Company") announces that it has entered into a Memorandum of Understanding and 12 week exclusivity undertaking (the "MOU") with HPC Maria Ltd, a wholly-owned subsidiary of Pentagon Bernini Fund Ltd, Gottex ABL (Cayman) Limited, and Antofagasta Ltd (BVI) (together the "Vendors"), in relation to the potential purchase of the Montecristo Copper Mine and the Santo Domingo processing plant (together the "Montecristo Copper Project" or "MCP"), located in the Antofagasta Province of Chile, approximately 140km south of Antofogasta.

The MOU covers the potential acquisition of mining licences and all mining assets of the MCP for a consideration of US$110m (the "Potential Transaction"). The consideration for the acquisition of MCP will be satisfied by the issue of new ordinary shares of QRES and the issue of loan notes in QRES to the Vendors.

MCP operated as a copper mine for 11 years until 2008, at which point the mine was placed on care and maintenance as a result of the global financial crisis.

An exploration programme in 2008 provided a resource estimate and a project design for production of 10,000 tonnes per annum of copper in concentrate, and approximately 0.5 million tonnes of iron ore concentrate per annum at 68% Fe. The underground mine design comprises open stope mining with ore requiring conventional crushing, milling, floatation, and magnetic separation prior to delivery to the market. The existing Santo Domingo process plant would be acquired from the Vendors and comprises the substantial part of the required operating facilities. A dedicated small port will be required to be built to export the iron ore concentrate.

Simultaneous with the completion of the Potential Transaction, QRES intends to raise approximately US$110m from a placing of new ordinary shares of the Company.

It is expected that early production of copper will be achievable and, subject to permitting and modifications to the plant, treatment of existing tailings at the MCP will assist with the environmental clean up of the site. Applications for permits for treatment of the tailings and construction of the port have already been submitted.

The Potential Transactionremains subject to completion of satisfactory due diligence by QRES and the approval of the Company's shareholders.

The Company notes that the Potential Transaction contemplated would constitute a reverse takeover under the AIM Rules for Companies and will require the publication of an admission document in respect of QRES as enlarged by the acquisition of MCP and the consent of QRES shareholders in a general meeting.

The Company is not currently in a position to comply with the requirements of AIM Rule 14 insofar as publication of an admission document and convening of a general meeting are concerned. Consequently, the Company has requested that its securities are suspended from trading on AIM until such time as either the Company is able to publish an admission document or the Potential Transaction is no longer in contemplation.

Under the terms of the MOU QRES has agreed to pay to the Vendors £150,000 to cover their transaction costs and a further US$260,000 which may be recouped by QRES to the extent it incurs project-specific due diligence costs. Additionally, the MOU provides for a US$1.1m break fee which in certain circumstances the Vendors may be required to pay to QRES, or QRES may be required to pay to the Vendors.

Completion of the Potential Transaction is conditional (inter alia) upon agreement of formal documentation, QRES being satisfied with its legal, technical and commercial due diligence on the Montecristo Copper Project and the obtaining of any necessary government consents and QRES shareholder approval in accordance with the AIM Rules, and there is therefore no guarantee that the Potential Transaction will complete.

Speaking of the agreement, Bernie Pryor, CEO of Q Resources said:

"This is a unique opportunity for Q Resources. The Montecristo copper and iron ore project will provide low cost copper and iron ore from an existing facility that will be expanded to meet the desired production levels. The ability to utilise the tailings enhances early cash flow and the combination of copper and iron concentrates offer a mixed revenue stream for two strong commodities. We are delighted with this project which is well established and in a country with a strong mining history.
Posted at 31/3/2011 18:09 by nailpunch
No real trades today showing up and a drop in the share price.
Market makers getting nervous or is some news brewing.
Judging by the share activity recently suggests no real acquisition on the horizon for the time being although they were hinting in the final results something would be concluded soon.
I'm not so sure but aren't they supposed to make an investment/acquisition within a year of coming to the market?
Posted at 01/2/2011 08:11 by andrbea
why don't the MMs open this share up for once?

play on punters' reaction to the news?
Posted at 26/10/2010 18:17 by andrbea
wonder when we'll get some news on their investments....

the only advantage of this share to date, it's illiquid, so moves fast.
and a big disadvantage: the ugly spread
Posted at 08/7/2010 12:44 by goz1986
I am afraid I know very little about GCM (I see it's up 25% today)..... a share I ve been trying to flog to people since the start of the year is ABTX! however, I am yet to find a single person who finds it in the slightest bit interesting despite it being up 100% since my campaign started! maybe I could convince you :-))
Posted at 08/7/2010 12:02 by bert31
andrbea hi,
seems like that,
you're keeping a keen eye on QRES here, invested?
i got late in on the rally and out again with a small profit, on watchlist ever since, was tempted to buy in on the movement this morning but guess its perhaps better to wait and see... your take?
Bert
Posted at 28/5/2010 11:25 by on the up
Baobab (LSE:BAO) is actively seeking JV partners for two of its five licence areas in Moz - Changara & Mundonguara - and discussions have passed CA's with news expected very shortly.

Does QRES fit the bill perhaps? I believe the two have spoken and I need to dig deeper to understand some of the personnel connections between the two Co's.

BAO's two licence areas for JV focus are an array of base metals along with some precious. Largely under explored areas, but on the Co's track record with its current scout drilling ops on the Tete project the signs are promising - let alone aeromagnetic that's been shot, etc etc.

Anyway, perhaps anyone lurking here will have a view?

Gla, OTU
Posted at 05/5/2010 21:24 by goz1986
i have a watch list of about 30 (abtx, cls, mcil, mcii, osu etc) shares just 3 of them went down today... Stocks like this and those do not attract the chumps luckily which means that you don't have lots of numptys running for the door at bad news in the outside world (lots of good old fashioned long term holders rather than fickle private investors). However, thats not to say that consistently bad news from the continent or for that matter from this dear country (hung parliament etc) will not eventually bring the price down here!!!
Posted at 13/4/2010 12:56 by roughandtumbleone
Reading between the lines regarding Q Resources investment strategy, I wonder who they are looking at in Mozambique? I am heavily involved with Baobab Resources and know they are in discussions with several JV partners with several of their projects...

It certainly seems to fit with QRES synergy and investment criteria. Would be superb to see an announcement over the coming few weeks?

Best wishes,

R&T
Posted at 09/4/2010 17:50 by goz1986
Q Resources is a newly incorporated Jersey public limited company which has been established for the purpose of identifying and acquiring, or making investments in, Resources assets. 
 
Q Resources is seeking to make a sizeable acquisition within a year of Admission, which willrequire Shareholder approval. The Company may acquire either operating, or close to operating, assets or licences.


 
The Investment Strategy
 
·     The Company's strategy is to take advantage of opportunities to acquire assets that need capital and possess potentially valuable resources and operations with an initial focus on the African region.

·     Q Resources has entered into a consultancy agreement with Gazprombank-Invest MENA who have extensive experience of operating in the African natural resources arena.

·     The Company will ultimately aim to acquire and/or invest in up to five metals and/or minerals projects, but may also consider suitable acquisitions in the oil and gas sector.

·     The Company is backed and advised by the same team that brought the assets (Mozambique & Tanzania) and partner (Maurel & Prom www.maureletprom.com) to Cove Energy PLC (www.cove-energy.com).

·     It is intended that Q Resources will be a value and growth oriented investor, targeting opportunities where there is ability for the Company to add value either through its access to capital, its network of contacts or by recruiting high quality personnel.

·     Q Resources will aim to identify investments where the current management and operational teams have the relevant experience and technical skills, but may lack the capital, or commercial acumen to maximise the potential of their resource assets.

·     The Company has placed 54,583,333 shares at 6p and 13,645,833 2010 Warrants to subscribers for Placing Shares with investors. Warrants have been issued to investors on the basis of one 2010 Warrant for every four Placing Shares subscribed (rounded down to the nearest whole number of 2010 Warrants).

·     The Company has raised £2.955 million of capital net of expenses. On Admission the Company has 54,583,335 Ordinary Shares in issue and a market capitalisation of approximately £3.28 million at the Placing Price.

·     Q Resources will use the net funds received from the Placing to investigate and pursue potential acquisitions, perform due diligence, contribute towards professional costs associated with an acquisition and fund the initial working capital requirements of the Company.

·     When a suitable investment is identified, the Company would seek to raise additional equity from new and existing Shareholders or raise funds through debt finance to either purchase such investments and/or facilitate the development of such investments.

Ivan Murphy, Non-Executive Chairman, commented, "We are very pleased about today's flotation of Q Resources. The Company has excellent prospects as we see  an increasing demand for commodities generally but more specifically  in China, India and south east Asia. We have built an advisory team around Q Resources, including Gazprombank Invest MENA, that gives us access to very exciting investments for the Company. There are a number of appealing and advanced investment opportunities in the African region where we have extensive expertise."
 
Board of Directors
 
Ivan Murphy - Non-Executive Chairman, aged 37
 
Ivan Murphy is a senior executive with Gazprombank-Invest (MENA), which has been appointed as a
consultant to the Company, further details of which are set out below. He has a degree in Economics from University College Cork, Ireland and has 15 years' experience in capital markets. He started his career at Aberdeen Asset Management PLC, the FTSE 250 listed global asset manager, working in London, Miami and Singapore before returning to Ireland to become Managing Director of Aberdeen Asset Management Ireland Limited ("Aberdeen"). In 2003 he left Aberdeen to work as a consultant to a number of Irish and UK public companies assisting them in the disposal of asset management and life insurance assets. In 2005 he was one of the founders of Fairfax I.S. PLC a London based investment bank, where he focussed on business origination and developing the business in the Far East. After leaving Fairfax in 2008, he acted as a consultant to US and Ireland based property developer Shelbourne Development Limited negotiating with potential partners in China and the Middle East on the financing and construction of the Chicago Spire project. Until recently, Ivan was a non-executive director of Cove Energy PLC, an AIM quoted upstream oil and gas company.
 
Ivan is a member of the audit committee.
 
Philippe Cohen- Non-Executive Director, aged 52
 
Philippe Cohen has 30 years of experience in the energy, metals and commodity related banking and trading business. A former banker with Banque Paribas, where he spent 11 years, he went on to become a structured finance specialist, firstly with trading major Vitol S.A. and then advising various international institutions and investors in emerging markets. He is currently an independent advisor and has been an associate in a number of oil and gas and mining companies, sourcing and structuring transactions as well as commodity trading opportunities. He advises a number of oil and gas companies on finance and stock-listing strategy and is currently Chief Financial Officer of African Excellence Investments Limited, which specialises in investments in West Africa with a focus on oil and gas in Nigeria. He has also been active in fundraising for and acquisitions of, mining and metals companies, as well as being involved in listings of junior resource companies. Over the years Philippe has developed geographical expertise in West Africa, Eastern Europe and Indonesia, as well as the USA and South America. Philippe obtained a diploma from the ESCP, Ecole Superieure de Commerce de Paris, in 1978 and is fluent in French, Spanish, English, Portuguese and Italian.
 
Philippe is a member of the audit committee.
 
Paul Richards - Non-Executive Director, aged 47
 
Paul Richards is a partner of Core Capital LLP, a private equity firm. Paul qualified as a Solicitor in 1987 and worked for Theodore Goddard specialising in corporate and insolvency law. In 1996 he joined the corporate finance department of Hoare Govett. He joined Collins Stewart Limited in 1999, and left there in 2005 when he was part of the founding team at Fairfax I.S. PLC. Paul has extensive corporate finance experience and during his time at Collins Stewart and then at Fairfax, he led over 75 IPOs and secondary fundraisings on both the Official List and the AIM Market. Paul has also been involved in over 20 public takeovers acting for both the bidder and the target. He has been involved in a wide range of sectors but has particular expertise in property, financials, renewables and investment funds.
 
Paul is the Chairman of the audit committee.
 
Stephen Folland - Non-Executive Director, aged 52
 
Stephen Folland, a Jersey resident, is a fellow of the Chartered Institute of Secretaries. Since January 2008 he has been an independent non-executive director to a number of Jersey-based companies and also acts as a company secretarial consultant to offshore companies. Prior to this he was vice president of a private Swiss bank between 2005 and 2007 and before that a senior manager, latterly a divisional director, within Aberdeen Asset Management PLC, responsible for the company secretariat of listed client companies during the period 1996 to 2005. Overall, he has 20 years' experience at senior levels in the administration and compliance of investment vehicles, including private equity vehicles, in Europe, the United Kingdom and the Channel Islands.
Q Resources share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock