FP curious why you've changed you're position so quick to abstain and what was said (or deal done) at these so called meetings to make you all of a sudden think share holder dilution and adding another 100m optional shares is a good thing. Is there any way you can ellaborate why?You asked for my reasoning here it is
@encc1701. I apologise for the length of my response.
I didn't say it was a good thing. Never have. And to clarify I think it sucks balls and like you I hate dilution. Especially when PG stated they would try to cap the shares on issue to 500 - 550 million over the years. Dismal fail on his behalf.
However I need to move forward and move on and concentrate on what is in my best interest right now. Not just me but all my family and friends that also invested here. With JS steering the ship I finally see a light at the end of the tunnel. And for the first time in a long time, I finally have faith in seeing a return on my investment here. And everyone else who listened to and followed said brokers over exaggerated BS over the years.
CAY is 60% of mine and my brothers portfolios and 95% of our SMSF's, so we have a lot at stake here. Combined puts me top 5 or thereabouts. I didn't partake in the CR, and don't have any free options coming my way so you can rule that out of my reasoning. My average is slightly under 12 cents so I also want to see a return on my investment and thank F%$$ that broker won't be getting 1 cent of my commission when I sell.
Serms a bit strange, you've been the loudest squwaking bird in the cage these last few weeks, a big vocal NO to options and now all of a sudden you've gone quiet like someone put a big plate of bird seed in front of you keeping you quiet.Refer to above @encc1701. Don't know what your inferring but I can assure you I haven't been fed any birdseed.
Its my understanding once they have MC and ML, if there were a take over these options IF voted in WILL count as a share and be converted before TO, even although in that event no extra cash would be required and the reason for the options redundant. Same same if they do a financing deal. So at the moment it looks plane and simply like a money grab and someones going to make alot of money cutting into the shareholder pie. Theres not too many ways someone could spin that being a good thing - unless you were participating or they're actually going to need extra cash and the whole sh!t show drags on and on past the end of the year?My reasoning is this, once the SP rerates back to the 10-15 cent range, which should happen on the MC being issued, I would suggest most ppl will fund these unlisted options and convert them into shares. This feeds money back into the company providing extra funds into the kitty. We already know spending will be less because the BFS which consumed most of the previous raise has been finalised. I would suggest if this occurs, we won't need to consider raising cash again (If at all) for approx 12 months or longer.
It is anticipated the MC will be in this Q and the ML which I'm told is a given once the MC is signed off, will be soon after. (Possibly even this trip as TT has inferred could happen). I know once the MC is signed or in worst case scenario it is the issuance of the ML, the funds will want to come and play. How could they not especially with our Market Cap being so low atm. And It has been suggested, some funds are waiting for this to occur to see the company de-risked, before committing to buying into Canyon. There is an appetite as @
@tiptruck has pointed out with some funds that only got a taste of $500K out of the $5 Mill they wanted in this CR.
So if, and I say if we receive the MC this Q and the ML soon after, (As suggested by JS), besides funding the project which a few wiser than I posters have suggested would be easily achieved with this project, and we have cash in the bank, then the
ONLY way these funds will be able to buy in is either on market OR through a raising which 1 could argue would be done on our terms and at a premium. However if we don't need cash then you would think they will buy on market.
So my logic, whether rightly or wrongly is this, allow the options to go through this very last time knowing we finally have someone in charge that can actually run a company AND has the
CONTACTS, KNOWEDGE, SMARTS and PREVIOUS EXPERIENCE to finally do what his predecessor was trying to do but unable to do. Why cut his feet off before he can execute his plan? If the options don't get through on this occasion, I think that's quite possibly what could happen. And some of the funds may dump and not deal with us again. Plus so far I have seen positive change with PG stepping down and I'm sure as we progress, more positive changes will occur. We have to, to enable our company to grow.
I believe there is a much bigger plan in play here which will see the likes of Ashanti prove their worth.
I believe if a T/O offer came, would they not have to convert the options for them to come into play? Any T/O in my books is a minimum 12 months away, however I'd love to see something sooner.
The options are not a done deal, they don't affect cash already raised. They are not a fair deal to other retail shareholders which is why Managememt put it to shareholders to vote so SH are to blame if its passed, not management. I still stand by ALL SHAREHOLDERS VOTING NO to options unless you could share some of that special piss they put in your pocket. You were spruiking the same thoughts only two days ago, are you able to share a reason why its abstain now?Please refer to my above reasons. I agree with you it's not really a fair deal and once again, I'm trying to look at the bigger picture here and the future, not just this shitty deal or what has happened in the past. At some point we all have to make a decision to back JS and Cliff, or we sell and take a loss. I'm choosing to back them in and after meeting both, I believe we have the right team now.
Remember Ashanti played a big part in getting JS over to CAY and I believe 100% JS is the right man to change the reputation and credibility of Canyon Resources. Big shoes to fill and he knows he has a challenge, but he's the right guy to do it. And he's enthusiastic to get the job done and has the belief not only in this project, but also himself.
I'm certainly not telling any of you how to vote. I'm simply stating my sentiment has changed due to the above. Take anger aside, when you look at everything in the bigger picture moving forward and as much as I hate to admit it, I feel these options have to be voted in to see a much safer and secure future for all concerned. It also allows JS to not have to worry about the money side of things and concentrate on what he has to do to serve us shareholders in the best way, as our CEO. His specialty for those that don't know is securing offtakes, finance etc. He's a gun IMO and getting loaded to fire.
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