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18/05/22
20:54
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Originally posted by dc1234:
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Well I am happy to give credit where it is due, but the whole Marvis thing could have been handled better. Including selling of 14m shares at 7.3c. Don't take my post negative way, I am just stating my thoughts. As always, in hindsight we may look at things differently, at that time it may have been different. We got: Initial payment of 0.75m We will get 0.75m + 0.75m in future if CRR reach certain stage - if we got 34m shares of which we sold 14m for 7.3c to net 1m So we got till now: 1.75m Potential another 1.5m (if CRR reach certain stage) If we sell 20m at current sp, another 1.7m So total 3.5m + 1.5m possible CRR is running away with Marvis drilling, still early stage but its looking good. I know we have focus on Dome, but to be honest our drilling is very sparse - its not aggressive. Like in one whole year we are going to do 1 good drill. Sometimes I feel we are being set up to be sold, so no aggressive drilling. I could be wrong though. Previous history shows that the tendency has been to give to others. I have been following ESS since last November, so don't know much history. There seems to be around 6 joint ventures currently in place where ESS have got 20-30% interest. I have a feeling those may have gone similar way to CRR - giving it to others to drill etc. Just making a guess though. Also, we sold 14m shares at 7.3c. The deal with CRR was done on 5th Jan. Since 5th Jan, out of around 90 trading days. CRR has failed to reach 7.3c high in those 90 days only I think 6 times. And we sold it at that price. So not a very good trade I would say. Anyway, current things are looking good and lets hope ESS reaches its potential as currently it is way under valued. Also, lets hope those 20m CRR shares bring us a bigger amount.
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I agree it would have been good if management could have sold for a the shares for a higher price. I’ve held PIO/ESS for a few years now, the company acquired 51% of mavis after spending $1.5 M Canadian ~1.6M Aud so potentially getting $5M isn’t a bad outcome considering the company hasn’t done anything there since 2018/19. Also has meant there’s no need for a CR for a few more quarters.