STTCOMP EYM, FA LONG Resource shell, with a copper project. fpo:...

STTCOMP EYM, FA LONG

Resource shell, with a copper project.
fpo: 86M
cash: $475k
mc: $946k
ev: $471k

Pretty happy with this find, as you don't often see super low EV shells, with strong names on the register and an AGM resolution that resembles a ticking time bomb for action (resembles RYG EGM, just prior to Xped acquisition - see below)

# Recently consolidated down to 86M fpo
# Last placement was made to 4 soph investors, including 2 small funds, at a 2.5c equivalent price (i.e. $0.001 -> 25:1 consol)
# Placement included Chifley (David Hannon) + Suburban Holdings + Cadence Capital founder (http://cadencecapital.com.au/
# Directors have good skin in the game
# The most interesting aspect of this shell...
   - Last General Meeting resolutions:
   - Permission to place up to $5M @ a min of 1cps.
   - Any placement must be done within 3 months of meeting (ring any bells... RYG)
# Two risks with this shell:
   1) They actually plan to progress and make their current copper project the focus
   2) Raising $5M @ 1c would be quite dilutive. Note however the resolution says, "not less than". Also, they would only be diluting themselves.







Latest T20, which is just prior to consol but after the placement:
http://www.elysiumresources.com.au/2013-07-12-06-27-23/top-20-shareholders


Compare RYG EGM resolution, just prior to Xped acquisition: