RE: RE: IReggie You're a four post wonderNickel77
Thanks for the post. Short of lying to the world I don't know how the LME could report nickel inventory greater [or less] than actual. There could be some accounting machinations but there would be a limit to even those given it wouldn't make sense to ship from, say, the LME to another repository. That said, we did see how the LME screwed up the nickel market by changing the rules for the benefit of the end user [China] and the owners and we got shafted. Nothing should surprise anymore.
On a different note - I found this interesting...
Mirabela Nickel to raise $65m
Finance:15-December-09 by Staff Reporters
Miner Mirabela Nickel has today unveiled plans for a $65.2 millioncapital raising which will be used as a working capital buffer.
The company today said it had already raised a more than half of thosefunds through a placement of 16.4 million shares at $2.30 each toinstitutional investors to raise $37.8 million. The placement was ledby Macquarie Capital Advisers and Argonaut Securities.
Mirabela also agreed to place 5.5 million special warrants, principallyin Canada and the US, on a private placement basis to raise $C12.27million.
The warrants convert into ordinary shares on a one for one basis, subject to conditions.
The company will also place a further 2.1 million shares to directorrelated entities, namely 1.7 million to Lancaster Park SA and 400,000to chairman Craig Burton, subject to shareholder approval.
Mirabela plans to also raise a further $10 million through a share purchase plan.
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It's a shame our management wasn't a bit more aggressive when we were on the ropes. We might still own the majority of the company. Yes, Macqaurie Capital IS greedy and tough but tougher than Jilin Jien? I don't think so. You decide....