PLS, PILBARA MINERALS LIMITED

[nipper]

Pilbara Minerals and Galaxy Resources have rushed straight to the Altura Mining lender group ( note holders which include fund managers Castlelake, CarVal, Nomura and Clearwater Capital) to try and stitch up a snap deal to acquire the embattled lithium play (now under admin with Korda Mentha).

Pilbara shapes as the frontrunner in the race and has always been a logical acquirer of Altura, given its lithium project is directly adjacent to Altura at Pilgangoora, near Port Hedland in Western Australia. However if it did snap it up, fund managers reckon it would need to launch a hefty equity raising to fund the deal, somewhere in the order of $250 million. Pilbara had $83 million cash on hand as of June this year.

[nipper]

The Morrison government has thrown struggling lithium miner Pilbara Minerals a finance lifeline as the market for the key battery material remains in the doldrums.

The government’s $10 billion Clean Energy Finance Corporation and international bank BNP Paribas cleared some of the clouds hanging over Pilbara Minerals on Thursday by providing a new $US110 million ($153.5 million) debt facility. It is intended to replace an onerous Nordic bond with an interest rate of more than 12 per cent.

BNP Paribas is providing $US73.3 million, with the remainder coming from the CEFC at an average interest rate of 5 per cent as Pilbara Minerals gains more breathing space for its Pilgangoora mine in Western Australia.

This landmark refinancing of our long-term debt facilities is an outstanding achievement for Pilbara Minerals, representing the first time that a lithium raw materials player of our size has attracted conventional, syndicated project financing at such a competitive cost, CEO Ken Brinsden said. The new facilities are offered on very competitive terms, putting us in a very strong position to ride out the current soft market conditions and capitalise on the rebound in the lithium market, when that inevitably occurs.

[macdtrader]

In Reply To: macdtrader's post @ Jan 31 2020, 12:04 PM

Went long today on PLS.
Hasn't been any borrow for a couple of weeks. Perhaps many borrow returns due. Looks good for a bounce.

[macdtrader]

In Reply To: mullokintyre's post @ Nov 11 2019, 09:29 AM

Could be another cap raising soon enough.
Losing $15 million per quarter.
Borrow rate now 18% for short selling.
Was previously 12%
Tells me the market makers don't want you short, cause that's where the money will be made.

[mullokintyre]

PLS in trading halt.
Capital raising anyone??
Mick

[macdtrader]

In Reply To: crystal's post @ Sep 11 2019, 01:15 PM

Only 6.5% short yesterday

[crystal]

In Reply To: myshares's post @ Sep 9 2019, 01:09 PM

hi myshares

to the best of my knowledge short covering is when the traders who have shorted the stock or index etc
buy back in
maybe anticipating the stock will go up rather than further downcheers

[macdtrader]

In Reply To: myshares's post @ Sep 9 2019, 01:09 PM

Expect a lot more short covering today.
SQM and ALB up big overnight.

[myshares]

In Reply To: macdtrader's post @ Sep 9 2019, 11:55 AM

Interestingly almost all short sales fell by 1-2 % so not sure that is short covering yet

Not sure what the general reset was for but presume someone will know

[macdtrader]

In Reply To: macdtrader's post @ Sep 8 2019, 07:45 PM

Short sales now under 10%