Neue Wolfram Perle - ALL&WOF Fusion (Seite 283)

[Nuggeteer]

Am 01.04.2016 kommentierte Herr Black “We would like to thank all shareholders who participated in the equity offering and apologise to those shareholders who we were unable to accept into the raise once our need for capital decreased with the extension of the TaeguTec loan until year end."

Als Aprilscherz sicher sehr gelungen. In Punkto Wahrheitsgehalt eher nicht. Hier wird der Einruck erweckt, bereitstehende Investoren wären abgewiesen worden, weil nicht genügend Kapitalbedarf bestünde. Weiter von der Wahrheit entfernt hätte er kaum sein können. Die angekündigte Aufrüstung von Panasqueira, der Abschluss der Aufrüstung von Wolframcamp und die Entwicklung von Sangdong verlangen Investitionen in Höhe mehrerer 10M Dollar Eigenkapital. So nachzulesen in Almontys eigenen Berichten. Angesichts dieser lange bekannten Tatsachen kann ich sein Kommentar nur als Falschdarstellung werten.

In Wirklichkeit ist die Eigenkapitaldecke von Almonty sogar so dünn, dass die Firma beim Aufnahmetest der australischen Börse ASX durchgefallen ist und das angekündigte Listing deshalb wieder abblasen musste: "Despite Almonty’s best efforts, that defeating condition cannot be fulfilled under the terms of the Original Offer due to the anticipated inability for the merged group to satisfy ASX’s working capital requirements forming part of the ASX admission tests." http://almonty.com/_resources/news/AII-PR--ATC-Alloys-takeov…

Seit dem angeblichen Nicht-Bedarf kam es bereits zu einer Reihe weiterer Finanzierungsrunden:
- Am 03.06. wurde die Ausgabe von 5 Millionen neuen Aktien für C$1,5M bekannt gegeben,
- am 26.07. die Ausgabe eines convertible bonds in Höhe von C$1M,
- ebenfalls am 27.07. die Ausgabe neuer Aktien zur Bezahlung ausstehender Rechnungen und
- am 12.08. die Ausgabe von noch einmal 5,6 Millionen neuer Aktien für C$2M.

Alles nachzulesen auf Almontys website oder in ihren filings: http://almonty.com/investors/news/

Bestand im April also wirklich kein Kapitalbedarf? Musste man bereitstehende Investoren tatsächlich abweisen wie Herr Black behauptete? Hätte man nicht das Geld sehr gut gebrauchen können, z.B. um davon zumindest einen Teil des TaeguTec Kredits zurückzuzahlen, dessen Tilgung statt dessen zum x-ten Mail auf jetzt Ende 2016 verschoben werden musste? Oder die ausstehenden Rechnungen, die man kurz danach ohnehin mit neuen Aktien bezahlte? Ist nicht seit Jahren klar, dass zur Finanzierung von Sangdong mehrere $10M Eigenkapital benötigt werden?

Wie kann Herr Black angesichts der Tatsachen behaupten, er habe bereitstehende Investoren abweisen müssen? Zu einer tatsachengetreuen Darstellung der Lage fühlt er sich anscheinend nur sehr lose verpflichtet.

[psycho214]

Antwort auf Beitrag Nr.: 53.021.191 von psycho214 am 09.08.16 15:26:37

News


Almonty Industries arranges $1.96-million financing

2016-08-12 09:23 ET - News Release

Mr. Lewis Black reports

ALMONTY ANNOUNCES $1.96 MILLION BROKERED PRIVATE PLACEMENT FINANCING

Almonty Industries Inc. intends to proceed with a private placement of 5.6 million common shares at a price of 35 cents per common share for gross proceeds to Almonty of $1.96-million.

The offering forms part of the capital raising previously announced by Almonty in connection with the revised off-market takeover offer to be made by Almonty under the Australia Corporations Act 2001 (Cth) for all of the issued, and to be issued, shares of ATC Alloys Ltd. announced by Almonty by press release dated July 26, 2016.

Closing of the offering is subject to the approval of the TSX Venture Exchange.

All securities issued pursuant to the offering are subject to resale restrictions for a period of four months and a day as prescribed by the TSX Venture Exchange and applicable securities laws.

Somers and Partners Pty. Ltd. has been appointed as lead manager of the offering. Almonty will pay a commission equal to 4 per cent of the gross proceeds raised on the financing.

Almonty intends to use the net proceeds of the offering to finance working capital and general corporate purposes and to assist with financing the acquisition of ATC Alloys Ltd.

Read more at http://www.stockhouse.com/companies/bullboard/v.aii/almonty-…

[psycho214]

Antwort auf Beitrag Nr.: 52.928.077 von psycho214 am 27.07.16 15:33:19

[psycho214]

hi,

hier mal ne meinung eines stockhouse members , bin ich soweit auch dacore und möchte es als INFO sharen ;-)


Comments on news of the past week


1. Korean financing and extension of reserves for the Sangdong mine.
This is good news, particularly if the Tungsten market continues to improve. Looks like the price drop in May-June is over and July rebound is being sustained by price guidance increase from Chinese providers. Opening the mine in 2018 is a delay from what was hinted previously (late 2017), but should be doable on a reasonable time schedule and will likely dovetail with construction for the Winter Olympics in nearby Pyeongchang.
- KDB commits to provide 50B KRW loan for construction. It is a good start. Now there are a few questions to be answered, including the following: What are the conditions for the loan? A commercial loan is good because it does not dilute the shares of the company, but it requires guarantees and it will need to be repaid.
- If this is a vanilla tyoe commercial loan, the interest rates should be around 5% with a repayment schedule to match the expected life of the mine, so it is important that the reserves of Sangdong have been substantially expanded (implying a longer commercial life for the mine). I would like to see if the Korean government (central or provincial) has placed any guarantees, favorable rates or other incentives to the loan.
- From the announcement, the loan will require the fulfillment of conditions, including EPC contract, off-take agreement and raising equity-linked facilities for the rest of the development cost. These are my quick thoughts on the requirements:
a) EPC contract. Pre-EPC contract was given to POSCO E&C, which is a large Korean construction firm, with good mining expertise. So I expect POSCO E&C will get the EPC contract.
b) Off-take agreement. TaeguTec (IMC) will probably get the off-take agreement, just because it is physically close to the mine and it has a long history of working at the Sangdong site (TaeguTec, former Korea Tungsten, operated the Sangdong mine originally). If that happens, I expect the remainder of the loan owed by Almonty to IMC will be paid in tungsten from the off-take.
c) Equity-linked facility to complement the loan. Almonty has done the latest placement of 2-year 5% convertibles at 55c. Assuming the remainder of the funding needed to develop the mine is 25B KRW (30M CAD). Raising 30M CAD will require selling 85M shares at 35c (current share price) or 55M shares at 55c (price of ATC-linked placement). Mr. Black promised a favorable (not too dilutive) deal. I have to think that a mixed equity / off-take deal is at least being considered.
- Extension of Sangdong reserves. The updated reserve estimate of 7,900,000 tons at a grade of 0.45% WO3 is an increase of almost 80%. It is a large increase and will extend the life of the mine to well over 20 years. Increase in reserves was obtained by extending the mine assessment to level -6 (was limited to level -2 in the previous assessment). There are 7 levels below -6 that were historically mined. So if the mine is restored to its original vertical extension it is not unreasonable that its life would be pushed to 40 years, as indicated by Mr. Black in several occasions. In September there will be an updated NI 43-101 technical report on the mine that includes levels -3 to -6. These used to be indicated as flooded levels.

2. Developments in the ATC acquisition.
The acquisition of ATC (majority owner of the ATC Vietnam ferro-tungsten plant) is proceeding, but in a non-linear way. Short story: I don't know quite what to make of this deal yet.
Here is a quick look at the development of this transaction, through news released recently:
- At first it looked like Almonty wanted to unload the unprofitable Australian mine (Wolfram Camp) to the ATC company: cut the losses, get equity in the ATC company just in case it works out and move on.
- One month later Almonty proposed to acquire the ATC company and to open a trading position in the ASX. The Almonty PR said: "The acquisition will provide Almonty with the ATC’s interest in the Ferro-tungsten Project in Vietnam and thereby a downstream ferrotungsten production capability". OK. I can understand Almonty is looking to more value added and a growing market for the final product. But Ferro-tungsten is new territory and some questions should obviously be asked, like who is ATC? and why is this acquisition a good bargain?
- ATC used to be called Hazelwood and had some Tungsten exploration properties in Australia, in addition to a 60% partnership on the Vietnam Ferro-tungsten plant. The properties were sold one year ago. Also late last year Hazelwood changed its name into ATC. The Ferro-tungsten plant is owned in partnership (60/40) with a local metal company. The plant started production 2 years ago and has off-take customers in Japan, and lately the plant has also been working with tolling customers on off-spec product. These are customers that bring in their own material and take away the finished product made to their own specifications. Nothing wrong with that: a company should take the business wherever it can find it. however there has been apparently some less than straight business going with these tolling customers.
- From the latest quarterly: Ferro-tungsten plant is currently shut down due to concerns have risen as to the operation and performance of the plant under the ATC's 40% joint venture partner, in particular the amount of off-spec Ferro-tungsten produced and the connection of the 40% partner to the tolling customers. The plant has stopped production pending a full review of operations. In the meantime, the long-term off-takers are not being serviced.
- Why would Almonty still want the burden of taking in recently troubled and presently money-losing ATC on top of the yet unprofitable Australian mine? How does Mr. Black plan to make the combination of these two work? The Australian mine seems to have problems with the quality control (impurities) of its product. A plausible way to address that would be to use it in a dedicated facility that is designed to use it without problems. This is my speculatoin and may or may not be what Mr. Black has in mind. Either way I think he should explain the objectives of the acquisition and provide a plan.

Read more at http://www.stockhouse.com/companies/bullboard/v.aii/almonty-…

[Nuggeteer]

Antwort auf Beitrag Nr.: 52.943.644 von superbulle88 am 29.07.16 09:24:59

Wie gesagt, Deppen-Rallye. Befördert zusätzlich von der "sensationellen" Übernahme von ATC, an deren reibungsloser Durchführung ich große Zweifel habe . Diese Anlage, die ATC nur zu 60% behört, hat zu keinem Zeitpunkt seit ihrer Fertigstellung einen Gewinn erwirtschaftet. Almonty hat keinerlei Expertise im Betrieb einer FeW Schmelze. Ich kann den "Sinn" hinter diesem Deal nicht erkennen. Dazu Interessantes aus dem Q-Bericht:

"However, concerns have arisen as to the operation and performance of the plant under the operatorship of ATA’s 40% joint venture partner, the amount of off-spec Ferrotungsten[davon war bisher in keinem einzigen Q-Bericht je etwas erwähnt worden] produced and their ties to the tolling parties. As a result, ATA ceased production pending a full review of operations which is currently ongoing. ATA will keep the market advised as to this review and will recommence production as soon as this has been resolved to ATA’s satisfaction. [Und was, wenn es gar nicht zu ihrer Zufriedenheit gelöst wird?]
ATA is cognisant of its ongoing obligations to its three Japanese customers [sind das etwa die gefürchteten Strafzahlungen bei Nichtlieferung?] and has put arrangements in place to protect these relationships during this period.

Sieht mir nach einem zerrütteten Verhältnis zwischen dem 40%- und dem 60%-owner aus, das sogar zu einem kompletten Produktions-Stopp geführt hat. Macht den Laden zusätzlich zu einem absoluten must-have! Genau das Richtige für ein "Qualitäts-management" wie das von Almonty. Die erste Version des Deals [ATC kauf WCM] ist ja schon krachend zusammengebrochen. Der nächste Lacher in dieser Komödie könnte nicht lange auf sich warten lassen.

[psycho214]

Antwort auf Beitrag Nr.: 52.944.997 von psycho214 am 29.07.16 11:31:23

Zitat von psycho214: 0,30 ist pari
und ob es steigt oder nicht werden wir sehen.....

ich war bin bleib positiv gestimmt


für mich werden die bebedingungen klarer und besser
wie weit die reise geht weiss keiner.

70-90% waren in den letzten monaten ja schon drin;-)

ging ja schnell aber 33 ist ja fast zu gut ;-)

[psycho214]

Antwort auf Beitrag Nr.: 52.943.644 von superbulle88 am 29.07.16 09:24:59

0,30 ist pari
und ob es steigt oder nicht werden wir sehen.....

ich war bin bleib positiv gestimmt


für mich werden die bebedingungen klarer und besser
wie weit die reise geht weiss keiner.

70-90% waren in den letzten monaten ja schon drin;-)

[superbulle88]

Vielleicht steigt der Kurs da man weiss dass EK benötigt wird und man nun verschärft versucht Investoren zu finden. Interessant dass der Kusr jetzt anspringt - Meinungen ?

[Nuggeteer]

Antwort auf Beitrag Nr.: 52.928.077 von psycho214 am 27.07.16 15:33:19

Wer nur auf den Kurs schaut, übersieht das Wesentliche.

[psycho214]

Antwort auf Beitrag Nr.: 52.918.660 von psycho214 am 26.07.16 15:42:09

na siehst du nuggi , schon geht es wieder abwärts