Xtract Resources – Calamity Bird does it again: another forward sold placing with spiv bucket shop Novum plus dirty dealings by ex Beaufort boss and there was just no need! Read from The Sheriff of AIM HERE
Shares in Bluebird Merchant Ventures (BMV) have raced ahead to 5.35p (well up on our 2.5p offer share tip) but there is every reason to hang on for even bigger gains. The latest news is very exciting indeed for we loyal shareholders...
Firstly we are told that the process to decide how much Bluebird must pay to double its stake in the Gubong and Kochang mines to 100% has moved forward. Southern Gold has notified the company that it has elected to go to the Institute of Arbitrators and Mediators Australia (IAMA) in order for an Independent Expert to be appointed. The Expert must within 30 days of appointment determine the value. Remember that value is on a pre-determined formula which relates not to Bluebird’s market cap or the value of the mines but to what the two parties have spent on them, which is not a lot. So we may get a number by the end of October but both sides know roughly what it will be and Bluebird had already stated it has non-equity funding lined up and ready.
Meanwhile, we also learn of an acceleration of the funding needed to bring both mines back into production (total cost $4.4 million). The first tranche we are told has been received and a total of between $5 million and $20 million is on offer. Essentially this is an offtake deal with the loans to be repaid with gold from the mines sold back at a 20% discount to spot. So without any need for equity, this is a company that within two years will be producing at 30,000 oz per annum (with scope to go to 100,000 oz) at a low cost. Yet the market cap is still only £21 million (plausibly less than 1 year’s free cashflow within 24 months).
With a lot of news between now and November, hang on tight, we see this at well over 7p by early November and, if gold has another push which we do expect, it could well be heading for double figures. To understand the massive potential of Bluebird watch its boss Aidan Bishop on the 2nd of my new video shows HERE
Filed under: Bluebird Merchant Ventures, Xtract Resources, The Hut Group, Air Partner, URU Metals
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