Same old Simba nonsense and disregard
The placing was expected just as The Merlion predicted.
Just $3M and it seems as though they had to try to push it through as a NON-BROKERED placement because I suspect the brokers would not go anywhere near it due to poor reputation Simba and its mis-management has amongst the broker houses.
Yet again they plan to use some of the $3M (if they get it!) to pay a debt. This was they same story in Febuary 2014 when they had to issue shares as payment for debt which again shows how broke they really are when the debt in Feburary was just $70K!
Also, I see another slap in the face with a 7% finders fee and 7% share purchase warrant which, although not heard of, is not exactly the best deal and a more reasonable % would have been nearer 5% given the current state of the market.
Tapping the public up for just $3M is the act a very desperate company and I remember very clearly Mark Sommer informing the investors that there would be no placing and the Calgary Group would cough up soon and that is still a million miles away just like the AJAX deal which was supposed to push through. NONSENSE, just like The Merlion told you it would be. I was spot on with AJAX and now I will be spot on again with the Calgery Group because it will just be another failure which Simba has become famous for.
Simba do there best to butter up and sweeten the market but they are known as habitual failures and nobody believes a word they say anymore.
Maybe the Calgary Group have seen the PSC for Kenya is not in the correct name just as AJAX did which The Merlion informed you all about and this is why there has been no news from them and I again suspect that they are not interested. How would be interested when the PSC is not valid and not in the correct name......the majors are busy buying into others but steer well clea of Simba and their NONSENSE.
What about the $5.5M they still owe Chad for the blocks they have yet to pay for. The company is broke and on it knees and it is very probable the Chad blocks will be taken from them for non payment. Why should Chad have to wait for payment from a lowly mis-managed company when they have Glencore and Caracol making big news in the blocks next door.
I see Hassan has disaapered again and still has not answered any of the countless questions put to him in public. He disappers because he can not answer the question in public and for the record. He always runs away like a cowardly dog with his tail between his legs.
The placement has sent the SP nosediving again and yet again Simba has shown complete disregard for its shareholders. All the shareholders are doing is keeping this sick tiny lion afloat before it drowns.
Simba have made years of promises and strung its investors along for all that time with mis-managed nonsense and bullchit about potential farm-ins, fantasy LOI's and "we just have to do another little bit more before we are drill ready" which is all nonsense and a pure play for time.
The recent attempt at a placement tells you all you need to know. The brokers are not interested because of the mis-management in place and they have seen enough nonsense over the years to see straight through it.
The majors are not interested because the mis-management have bulled it up far beyond what is possible. Read the realistic numbers of the Spoule report and not the high end lofty nonsense which they have to include.
As for the other blocks elsewhere in Africa....well Hassan, your investors are still waiting for you to honour your countless broken promises.
Its all a fiasco and a simple play for time before the mis-managed company eventually drowns taking the shareholders money with it. The only winner will have been the mis-management who still made profit from their undeserved salary who do not have any skin in the game because they know the outcome.
The Merlion has been entirely correct and he will be yet again and again and again.