Cornish Metals Inc SBWFF

AFM news

[TELEMARKER]

https://www.stockwatch.com/News/Item/Z-C!AFM-3224326/C/AFM

[GoldenIdle]

Nice raise $$$$ . I expect a slight pullback .... and then HIGHER $$$$$!!!!

[OracleOfOttawa]

Well, they got a heck of a deal, absolutely no doubt about that but I guess money talks and at least the money is raised - a ton of it ! 70 mmmmmmmillion CAD$ and we have already paid for the deflooding (nice to have some progress on that...) HATE the dilution, but better than Osisko taking control. And, think about it this way - we are now in the big leagues with that kind of cash. Doubt if

[dmacd]

I am not impressed. Surely management could have done a better deal. Good to derisk with cash but a substantial hair cut and not even a rights offering for long term shareholders to stay undiluted. Surely the government could have given the company a grant or loan. Is the UK that backwards on green mining that it won't support it better, or does it's cronies rule the land still? Rhetorical

[dmacd]

As a result I will be selling when the chance occurs. Lost confidence.

[Metallic]

Ya this was a sweetheart deal for insiders. If they had opened this sort of deal up to existing shareholders it would e one thing. But existing retail shareholders were not allowed to participate. This disgraceful treatment of existing shareholders goes along way to show that mangment believes they are disposable.

[GoldenIdle]

Bought more today . While I'm not happy with the share offering and not being able to participate in it ..... they got all the $$$$ they need and I know an opportunity when I see it !! CUSN goes higher from here !! 

[dmacd]

So the float will go from 275M to 500M on close for $70M CDN proceeds, and then to 725M when the warrants are exercised for proceeds of $101M CDN. Per 2017 PEA, the capital cost of $120M USD will need to be raised but the warrants will go towards that in part plus the start up costs. NPV 5% was only $130M US with IRR of 23% though based on $10/lb Sn and $2.35/lb Cu. Prices have gone up and

[dmacd]

I bet the institutions have a good idea of the updated NPV. I do not so I am out. Sold my full position this morning at .39 .395. GLTA.