Sula Iron Share Discussion Threads

[bigjames2] 05/12/2016 10:38

Fantastic. Great announcement. More money for additional drilling?

Sula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce that, following a comprehensive adjudication and tender process, Equity Drilling Ltd (“EQD”) has been selected for its upcoming drill programme. Drilling is scheduled to commence in January 2017 and two of EQD’s state of the art diamond drill rigs are being mobilised from South Africa, with drill pads and camp organisation being carried out in Sierra Leone, ahead of the drill programme.

As part of the agreement, over 50 per cent. of the Sula’s standard costs to drill will be settled via the issue of new ordinary shares in the capital of Sula (the “Fee Shares”) to EQD. The Fee Shares will be issued by Sula within one month of the completion of, and release of drill results from, an initial planned programme of 2,400m of drilling. The issue price will be the higher of the prevailing share price after the release of results from the drill programme and a pre-agreed floor price being 0.35p. This innovative financing should enable Sula to drill additional metres in excess of the planned programme of 2,400m depending on the initial results of the drilling campaign.

Furthermore, the Company is pleased to announce that EQD has agreed to waive all mobilisation costs associated with the transportation of the two drill rigs and ancillary equipment from South Africa to the Company’s wholly owned flagship Ferensola Gold Project, located in central Sierra Leone.

Sula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce that, following a comprehensive adjudication and tender process, Equity Drilling Ltd (“EQD”) has been selected for its upcoming drill programme. Drilling is scheduled to commence in January 2017 and two of EQD’s state of the art diamond drill rigs are being mobilised from South Africa, with drill pads and camp organisation being carried out in Sierra Leone, ahead of the drill programme.

As part of the agreement, over 50 per cent. of the Sula’s standard costs to drill will be settled via the issue of new ordinary shares in the capital of Sula (the “Fee Shares”) to EQD. The Fee Shares will be issued by Sula within one month of the completion of, and release of drill results from, an initial planned programme of 2,400m of drilling. The issue price will be the higher of the prevailing share price after the release of results from the drill programme and a pre-agreed floor price being 0.35p. This innovative financing should enable Sula to drill additional metres in excess of the planned programme of 2,400m depending on the initial results of the drilling campaign.

Furthermore, the Company is pleased to announce that EQD has agreed to waive all mobilisation costs associated with the transportation of the two drill rigs and ancillary equipment from South Africa to the Company’s wholly owned flagship Ferensola Gold Project, located in central Sierra Leone.

[deanroberthunt] 05/12/2016 07:49

it is very refreshing to see a company on AIM for the comapny and shareholders and not just to line the pockets of the BOD an pals..

drilling contractor taking 50% in shares at a floor of 0.35p.....after drilling results announced.

drilling to start Jan 2017

[temmujin] 05/12/2016 07:16

lovely rns... 0.35 minimum today

[bernieboy] 02/12/2016 11:36

Thanks escapetohome. Looks like a good plan from the company to get in extra cash without diluting current holdings so much and giving PI's the opportunity to increase......

[escapetohome] 02/12/2016 10:54

Yes it shows the max amount.
The basic entitlement shows 1 new for every 13 held.

Then there is an 'extra' entitlement , which is not guaranteed , but is for a lot more shares - 13 new for every 1 held. But there is no guarantee you will get all the shares you apply for on the ' extra' quantity.

[bernieboy] 02/12/2016 10:37

Thanks escapetohome. Mine aren't shown with TDWaterhouse yet. Does it show a maximum extra amount that one can buy? Thanks Bernie

[escapetohome] 02/12/2016 10:02

Yes i can, they are greyed out at the moment , and i have to respond by email how much i want to take up.

Ive a basic and extra entitlement, so 2 amounts.

[bernieboy] 02/12/2016 10:00

Anyone see their open offer rights in their accounts yet?

[bernieboy] 30/11/2016 08:02

See the RNS escapetohome. You can apply today. ;-)

[escapetohome] 29/11/2016 12:30

Does anyone know when the corporate action will be issued?

I havent got mine yet.

[temmujin] 29/11/2016 06:39

this is why i'm buying more sula : hxxp://www.fool.com.au/2016/11/10/mining-boom-iron-ore-prices-are-going-berserk-as-miners-rocket/

[deanroberthunt] 28/11/2016 12:15

next leg up ?

[welshben84] 27/11/2016 15:20

My thoughts on SULA:

[tidy 2] 24/11/2016 00:04

Note the 0.25p 4.9m delayed buy. Hence the good sell price they would give then I take it.

[tidy 2] 23/11/2016 15:55

MMS will give a good price to sell 3.6m, 0.247.

[tidy 2] 23/11/2016 12:55

Cheers dean. Sp saying 3.1p here.

[deanroberthunt] 23/11/2016 12:18

could re-rate any time.

[deanroberthunt] 23/11/2016 12:17

Recent market conditions(iron ore slump, Ebola epidemic, challenging markets)have resulted in a market capitalisation which is misaligned with the Net Asset Value (‘NAV’) per share of 4.7p. The present NAV equates to $56M(£42.7M) being the Technical Value placed on the Company by Independent Consultants SRK Exploration Services (based on 902,681,924 shares in issue)

[deanroberthunt] 23/11/2016 11:47

doesn't need ramping this one, great asset with top mgt, value will sort itself out in good time.....buy the dips take up the offers

[113mike] 23/11/2016 09:20

Whys that then? and when?