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BLK, BLACKHAM RESOURCES LIMITED
blacksheep
post Posted: Sep 25 2018, 09:12 PM
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In Reply To: blacksheep's post @ Jul 31 2018, 01:04 PM

The Lind Partners has agreed to invest up to A$23 million

Good deal, or bad deal? Below are the T&C for BLK/Lind funding agreement and further below are T&C for similar "loan" NTU/Lind taken from Ben Kramer Miller's seeking alpha article - he gives his views on the Lind/NTU deal, which are interesting to say the least
QUOTE
Key Aspects of the Funding Agreement:
The Funding Agreement is underpinned by the ability to draw up to A$23,000,000 in a number of tranches
from Lind. The terms of the Funding Agreement expressly allow Blackham to carry out additional private
placements of equity and debt funding or engage in other financing transactions.

Lind will initially advance A$7.5 million to Blackham who will issue a secured redeemable convertible note
with a face value amount of $9 million (‘Note 1’), inclusive of interest Blackham has the right to redeem
Note 1 at any time which, if repaid within six months, can be redeemed at a discounted face value of A$8.25
million. Lind cannot convert Note 1 into Shares prior to 14 February 2019.

After 14 February 2019, the Company willrepay the amounts owed to Lind via monthly instalments of 1/12th
of the face value, which can be paid, at the Company’s option each month, in cash or Shares; if in Shares,
at a price being the minimum of $0.08 per share or 90% of five daily VWAPs during a specified period of
time (‘Conversion Price’).
Additionally, the Company can use cash to redeem the entire outstanding
amount at any time for no penalty, subject to the Investor having the right to elect to convert 30% of the
Face Value at the Conversion Price.

As part of the consideration payable for this Funding Agreement, the Company will issue 72 million
Blackham options to the Investor with an exercise price of 8 cents and an expiry of 5 years from issue.
Security will be provided to Lind by way of the issue of 50 million collateral Shares that will be credited at
the end of the Funding Agreement.

The parties have agreed that no more than 114,000,000 Shares (‘Initial Maximum Share Number’) can be
issued under Note 1 without shareholder approval. As the Initial Maximum Share Number is within the
Company’s ASX Listing Rule 7.1 placement capacity, shareholder approval is not required for Note 1 to
proceed. The Company will ratify the issue of Note 1 at its annual general meeting and seek shareholder
approval for the issue of Note 1 to the extent it can convert into Shares above the Initial Maximum Share
Number.

Drawdown of $6 million is expected within seven business days with the remaining $1.5 million of Note 1
to be received within 20 business days of the date of the Funding Agreement.

Further drawdowns via convertible securities under the Financing Agreement would provide Blackham with
the option to obtain additional funding, if necessary, and would be subject to prior shareholder approvals,
mutual agreement by both parties and Blackham maintaining a minimum market capitalisation of A$80
million. Any further drawdowns would be funded, on equivalent terms to Note 1, including the issue of
further options in connection with each tranche (also subject to prior shareholder approvals). Lind has the
right to reinvest up to A$3 million in a convertible note on similar terms to Note 1, subject to shareholder
approval. The Investor has agreed not to acquire 10% or more of the total fully paid ordinary Shares in the
capital of the Company.


NTU/Lind
Attached Image

extract - https://seekingalpha.com/instablog/6546411-...rn-minerals-can
QUOTE
So Lind will be acquiring stock, but what the PR doesn't tell you is that this stock will be used to cover short positions. The Lind payments to Northern will be dependent upon how much capital it can raise by shorting Northern shares because it will only want payment from Northern reflecting its short position. Of course Northern has to make the share payment no matter what the share price is, and the more Lind shorts Northern stock into the market (in dollar amounts) the bigger its payment (it gets stock for 92.5% of the recent value so it is profiting from a spread). It gets better--for Lind. The share price on which the 92.5% figure is based is determined by the VWAP over any three consecutive days Lind chooses from the 20 trading days prior to the payment. So Lind can pick the lowest VWAP out of a possible 18 3-day periods! If the stock were to spike on a REE shortage in the West then Lind would be able to get stock at the pre-spike price and cover any shorts without reason for concern. It also holds 2 million shares and 2.5 million warrants at A$0.25/share to protect it from a share price spike. It can easily sell more stock into the market than it makes available to Northern without leaving itself exposed heavily on the short side, if at all.


Guess one has to keep an eye on Shortman in coming weeks/months to see if history repeats with BLK - Current position @ 19th September, 2018 0.05%



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 31 2018, 01:04 PM
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In Reply To: blacksheep's post @ Jul 18 2018, 07:42 PM

BLK down another 6.45% - @ 4.5c (long way off that superstar broker's BIG $5.00 call)

Haven't had time to read quarterly, but SP tells me it didn't enthuse.


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 18 2018, 07:42 PM
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Posts: 6,791
Thanks: 2304


In Reply To: blacksheep's post @ Apr 12 2018, 12:08 PM

QUOTE
Was the superstar broker http://bwequities.com.au/transactions? Did he put a timeframe on it reaching $5.00? Currently looking more like a 5c stock. Hope he sold some on the high


Currently SP = 5.4c sad.gif
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Apr 12 2018, 12:08 PM
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Posts: 6,791
Thanks: 2304


Can recall a year ago some" heart" on HC saying - >

QUOTE
My superstar broker has made a big call today, saying its a $5 stock (which would make it a 100 bagger for him!). I'm a bit more conservative, my spreadsheet cal shows $2.44- $3.50 depending on NPV or PE (different PEs) approach using some pretty conservative assumptions, but I'll be happy with that.


Was the superstar broker http://bwequities.com.au/transactions? Did he put a timeframe on it reaching $5.00? Currently looking more like a 5c stock. Hope he sold some on the high smile.gif
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 26 2018, 08:35 PM
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For what it's worth - Shortlist Announced: Mines and Money Asia Outstanding Achievement Awards
Mines and Money Asia | about 3 hours ago

QUOTE
Considered to be Asia’s most prestigious mining investment awards and a highlight in the Asian mining calendar, the annual Mines and Money Outstanding Achievement Awards are where ‘the best of the best’ in the Asia Pacific region receive recognition for their achievements in the past year.

Nominated by industry peers and chosen by an esteemed panel of judges, these awards are designed to recognize excellence and outstanding achievement over a wide cross-section of the Asia Pacific mining and investment sector.

Sponsored by Argonaut, AER and the Canadian Chamber of Commerece in Hong Kong this year there are five awards recognising excellence in Asia-Pacific mining as well as a new award, North-American Mining Executive of the Year, in recognition of the importance of Canadian and TSX listed companies.

The 2018 Shortlisted Nominees are:
Asia Pacific Mining Exploration Company of the Year

Blackham Resources
Ceylon Graphite
CleanTeQ[
New Century Resources
Novo Resources
SolGold
http://www.mining.com/web/shortlist-announ..._medium=twitter




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 19 2018, 07:44 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Feb 21 2018, 10:01 PM

RFM didn't hang around very long as a substantial holder - circa 18 mil shares offloaded within a week.

Once again, smart money getting in on the "cheap" selling to retail investors on the high

Today another 100 mil shares traded - total on ASX (60 m) & ChiX (40 m). The following are daily volumes for ASX only
Mar 19, 2018 0.090 0.090 0.083 0.085 0.085 59,960,811
Mar 14, 2018 0.084 0.097 0.082 0.094 0.094 159,400,456
Mar 13, 2018 0.079 0.086 0.077 0.084 0.084 79,087,553
Mar 12, 2018 0.083 0.086 0.079 0.079 0.079 68,882,311
Mar 09, 2018 0.086 0.092 0.081 0.081 0.081 235,626,538
Mar 08, 2018 0.061 0.081 0.061 0.081 0.081 338,832,029
Mar 07, 2018 0.053 0.054 0.053 0.053 0.053 13,700,756
Mar 06, 2018 0.054 0.056 0.052 0.053 0.053 21,642,316
Mar 05, 2018 0.053 0.055 0.052 0.053 0.053 31,434,019
Mar 02, 2018 0.048 0.051 0.047 0.050 0.050 18,137,245
Mar 01, 2018 0.047 0.049 0.047 0.047 0.047 16,851,684
Feb 28, 2018 0.046 0.047 0.045 0.047 0.047 6,957,941
Feb 27, 2018 0.049 0.049 0.047 0.047 0.047 8,452,590
Feb 26, 2018 0.045 0.048 0.044 0.048 0.048 10,065,192
Feb 23, 2018 0.045 0.046 0.044 0.044 0.044 6,836,469
Feb 22, 2018 0.047 0.047 0.045 0.045 0.045 15,401,114
Feb 21, 2018 0.044 0.048 0.044 0.046 0.046 34,828,116
Feb 20, 2018 0.043 0.045 0.043 0.044 0.044 18,463,639
Feb 19, 2018 0.051 0.051 0.043 0.045 0.045 23,362,295
Feb 16, 2018 0.051 0.053 0.050 0.051 0.051 8,804,449
Feb 15, 2018 0.060 0.060 0.053 0.055 0.055 6,331,466
Feb 14, 2018 0.061 0.061 0.058 0.060 0.060 2,700,812
Feb 13, 2018 0.061 0.064 0.059 0.061 0.061 3,468,016
Feb 12, 2018 0.061 0.062 0.059 0.059 0.059 2,966,183
Feb 09, 2018 0.058 0.064 0.056 0.060 0.060 7,372,400
Feb 08, 2018 0.051 0.072 0.051 0.061 0.061 34,395,336
Feb 07, 2018 0.050 0.051 0.049 0.050 0.050 2,715,394
Feb 06, 2018 0.050 0.051 0.047 0.051 0.051 790,451
Feb 05, 2018 0.055 0.055 0.046 0.051 0.051 4,891,324
Feb 02, 2018 0.055 0.058 0.055 0.056 0.056 3,093,472
Feb 01, 2018 0.057 0.059 0.054 0.056 0.056 4,175,711
Jan 31, 2018 0.060 0.060 0.053 0.053 0.053 4,323,055
Jan 30, 2018 0.060 0.064 0.056 0.060 0.060 4,146,541
Jan 29, 2018 0.070 0.070 0.061 0.061 0.061 3,384,644
Jan 25, 2018 0.060 0.075 0.056 0.070 0.070 10,624,236
Jan 24, 2018 0.050 0.051 0.047 0.049 0.049 5,549,332
Jan 23, 2018 0.039 0.056 0.032 0.051 0.051 23,125,705
Jan 22, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 19, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 18, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 17, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 16, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 15, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 12, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 11, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 10, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 09, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 08, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 05, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 04, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 03, 2018 0.072 0.072 0.072 0.072 0.072 -
Jan 02, 2018 0.072 0.072 0.072 0.072 0.072 -
Dec 29, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 28, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 27, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 22, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 21, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 20, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 19, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 18, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 15, 2017 0.072 0.072 0.072 0.072 0.072 -
Dec 14, 2017 0.072 0.076 0.072 0.072 0.072 1,841,771
Dec 13, 2017 0.069 0.072 0.069 0.069 0.069 5,682,896
Dec 12, 2017 0.072 0.076 0.069 0.069 0.069 3,853,327
Dec 11, 2017 0.076 0.077 0.072 0.072 0.072 3,158,752
Dec 08, 2017 0.072 0.076 0.069 0.076 0.076 5,409,838
Dec 07, 2017 0.076 0.079 0.072 0.072 0.072 4,921,371
Dec 06, 2017 0.083 0.083 0.076 0.076 0.076 5,030,255
Dec 05, 2017 0.083 0.083 0.076 0.079 0.079 4,891,314
Dec 04, 2017 0.083 0.086 0.079 0.079 0.079 3,250,341
Dec 01, 2017 0.083 0.083 0.076 0.083 0.083 6,049,920
Nov 30, 2017 0.089 0.089 0.079 0.079 0.079 7,053,076
Nov 29, 2017 0.096 0.096 0.086 0.086 0.086 4,673,540
Nov 28, 2017 0.103 0.103 0.093 0.093 0.093 3,458,272
Nov 27, 2017 0.079 0.100 0.079 0.100 0.100 8,265,911
Nov 24, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 23, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 22, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 21, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 20, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 17, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 16, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 15, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 14, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 13, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 10, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 09, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 08, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 07, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 06, 2017 0.096 0.096 0.096 0.096 0.096 -
Nov 03, 2017 0.096 0.103 0.096 0.096 0.096 1,675,885
Nov 02, 2017 0.110 0.110 0.093 0.096 0.096 9,630,117
Nov 01, 2017 0.086 0.110 0.076 0.107 0.107 24,010,776
Oct 31, 2017 0.114 0.114 0.086 0.089 0.089 18,303,635
Oct 30, 2017 0.117 0.120 0.110 0.114 0.114 4,379,297
Oct 27, 2017 0.120 0.124 0.110 0.114 0.114 12,030,183
Oct 26, 2017 0.148 0.151 0.145 0.145 0.145 1,349,705
Oct 25, 2017 0.148 0.150 0.145 0.145 0.145 641,027
Oct 24, 2017 0.148 0.155 0.145 0.148 0.148 1,343,549
Oct 23, 2017 0.151 0.151 0.145 0.145 0.145 1,149,956
*Close price adjusted for splits.**Adjusted close price adjusted for both dividends and splits.
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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JSB
post Posted: Feb 22 2018, 09:03 AM
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In Reply To: blacksheep's post @ Feb 21 2018, 10:01 PM

I remember looking into these guys last year as part of a broader look into Lanstead Capital and their funding agreements - they look to have not learned their lesson and engaged in more round robin financing in August last year. A few months in to the two year agreement and the 3Bs seem to have stopped! Could be worth having a sniff again to figure out what Regal see (or don't, based on their recent rack record!)

 
blacksheep
post Posted: Feb 21 2018, 10:01 PM
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In Reply To: blacksheep's post @ Nov 1 2017, 01:44 PM

Interesting - Regal Funds Management appeared today as a substantial s/holder with 65 mil shares - 5.19%.

Not that their track record of late has been that good. Hope this one works out better for them.

BLK hasn't been with out it's challenges of late either SP currently at a 52 week low.
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 1 2017, 01:44 PM
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Posts: 6,791
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In Reply To: nipper's post @ May 1 2017, 01:15 PM

An interesting read - Blackham production costs show the risks in buying gold hype
https://stockhead.com.au/resources/blackham...ying-gold-hype/

And yet analysts gave it a target of 80c and 92c back in July - http://blackhamresources.com.au/

Company update today re finance has sent the SP back up 11.54% @ 14.5c - not that I'm interested in joining the buy queue

QUOTE
Blackham is now in a position to confirm it has a credit approved term sheet to
fully re-finance the A$36.7 million current secured debt position. The term
sheet has the first repayment in June 2020 which means the Company’s
working capital position would be improved by the $14.8M currently repayable
by 31 Dec 2017 under the existing financing facility. Technical due diligence
has now been completed and the legal documentation is currently well
advanced. The term sheet remains subject to legal due diligence which is also
well advanced.

The Company expects operations to be cash flow positive in the December
2017 quarter due to access to higher grade ore to be mined from the open pits.


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: May 1 2017, 01:15 PM
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Posts: 6,453
Thanks: 2245


QUOTE
Shares in Blackham Resources fell further today after the gold miner again lowered its full-year production guidance, citing the impact of wet weather at its Matilda gold project near Wiluna.

Blackham's March quarter report released on Friday revealed full-year production was expected to come in at 40,000-45,000oz, down from a range of 42,000-51,000oz announced on April 3. That revised forecast was down on original full-year production forecasts of 64,000-71,000oz after Blackham began mining at Matilda in October last year.

Production has also been hampered by lower than expected gold grades and a small fire in the company's gold room. The problems sent Blackham's all-in sustaining costs up to $2002/oz in the third quarter. "Production issues as a result of wet weather affecting mining, haulage and crushing have also slowed production in April," the miner conceded.

However Blackham said its operations were still modestly profitable and it expected to ramp-up production in the June quarter on higher mill throughput and mill head grade.

The company held $24.8 million in cash at the end of the quarter and $39.1 million in debt (including accrued interest).




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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