Investors who have lost £900,000 on the Paragon Diamonds (PRG) fraud and bust are now lined up to sue the hapless Nomad ( Northland with QEs Gerry Beaney and David Hignell overseeing the shambles) as an update from class action litigation arranger Peter Petyt sent this morning, makes clear. However we need more folks who were conned to join the party URGENTLY and for two reasons:
Did you lose money on the wipeout at AIM Casino Paragon Diamonds (PRG) run by Philip Manduca? If so there is, perhaps, a chance to get it back from Nomad and broker Northland which made a killing on fees from Paragon and signed off on all of its statements, the veracity of which has been questioned.
AIM-listed (until Tuesday) Paragon Diamonds has updated the market on its search for a Nomad and the ongoing funding crisis. Merry Christmas, the shares are to be booted off the Casino next Tuesday as it can't find a Nomad to take it on - because the long-promised funding has still not arrived.
You just could not make this up. Out of cash, out of a Nomad and now it seems out of vendors AIM-listed Paragon Diamonds (PRG) has announced (last night - after hours, natch) that the deal to buy the Mothae diamond project has hit a bit of a snag because the vendor has pulled out. But not to worry, they're off to negotiate directly with the government of Lesotho. What with? Fresh air?
On Friday 20 November, cash-strapped and suspended from trading on AIM pending financial clarification (and now also for having no Nomad or broker) Paragon Diamonds (PRG) announced it had rolled a previous £500,000 loan over into a convertible loan note of £638,750. The terms revealed included that if the company's shares remained suspended for ten consecutive trading days as 16 November 2015 from an event of default could be called by the lender. My calendar says that day ten was Monday of this week.
This morning AIM-listed (pro tem) Patagon Diamonds (PRG) announced that its erstwhile Nomad and Broker, Northland Capital Partners, had resigned with immediate effect. If no new Nomad is found within a month then Paragon will be booted off the Casino and in the meantime regardless of any resolution to the comapny's financial problems (if that ever happens) the suspension will continue.
Oh dear. Oh dearie, dearie me. AIM-listed, but suspended pending clarification, Paragon Diamonds (PRG) has released an update on its financial position. It reads very badly, and rather suggests that a previous RNS was, ahem, not wholly aligned with the truth. But the financial position of the company looks terrible. Will Paragon soon be a goner?
John Meyer of SP Angel this morning comments on Bacanora Minerals (BCN), Dalradian Resources (DALR), Minera IRL (MIRL), Paragon Diamonds (PRG) and Polymetal International (POLY) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Gem hopeful Paragon Diamonds (PRG) has lined up private South African mining investment group Acrux Resources to provide a $15 million (£9.9 million) financing and revenue-sharing package for the purchase and development of the Mothae kimberlite prospect in the southern African kingdom of Lesotho, holding an estimated 39 million carats with 2.7 carat per hundred tonnes of rock.
If you want me to analyse a stock for you just drop me a line at sqmir@hotmail.com - Today I look at Copper Development (CDC), Pantheon Resources (PANR) , Paragon Diamonds (PRG)
John Meyer of SP Angel this morning comments on Aquarius Platinum (AQP) and Paragon Diamonds (PRG) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
I've had it double sourced this afternoon that Paragon Diamonds (PRG) is arranging a placing. The company released its interim numbers this morning and confirmed its intention to buy the Mothae Kimberlite mine from Lucara Diamond Corporation. It is my understanding that the company will need £8million to finalise this deal, which it will not be able to cover fully through debt financing. There is also the small matter of the £500,000 loan Paragon needs to repay in the next two weeks as well as the money it needs to keep the PLC lights on.
Gem hopeful Paragon Diamonds (PRG) is celebrating two reports by independent consultant MSA Group on its Mothae project in the southern African kingdom of Lesotho, as it negotiates funding with several potential providers, besides hitherto favoured backer, International Triangle General Trading (ITRGT) of Dubai, for its $8.5 million (£5.6 million) acquisition of the project. Guernsey-based and AIM-quoted Paragon, which is developing its flagship Lemphane kimberlite deposit in the same area, recently received approval from the Lesotho government to buy 75% of Mothae from Swedish tycoon Lukas Lundin’s Lucara Diamonds and says the MSA studies ‘exceed management expectations’ for Mothae, which holds an estimated 39 million tonnes of rock with 2.7 carats per hundred tonnes.
