Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Armadale Capital fund raise: disappointing but Buy ( we have)

By HotStockRockets

20 December 2015 01:10

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Armadale Capital (ACP) has announced a 3p per share placing to raise gross proceeds of £0.42 million to support the next steps in the development of the company’s Mpokoto gold project, “including completion of the definitive feasibility study, continued ground works at the site, as well as providing general working capital”

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Comments

G man

20 December 2015, 09:11

What happened to your 8p target by Xmas??
Tom Winnifrith

20 December 2015, 09:27

Debt funding not announced as we anticipated. Its delayed so too is price target

t
Craig

13 January 2016, 05:26

Pictures of the site in question from ACP? Prove it’s valid. Spoken with them recently, all genuinely on track for a DFS soon? What is Mark’s track record for delivering?
Craig

14 January 2016, 05:27

Thoughts TW on my questions? Can’t see any pictures of the Mpokoto project online.
alcira16247

18 January 2016, 02:29

Tom

I’m more than disappointed that once again the company finds it necessary to make yet another placing so soon after the £700,000 raised in August ’14.

The old excuse of “ completion of the Definitive Feasibility Study (‘DFS)” is being used, once more! How come its taking so long to complete? How come its costing so much? Wasn’t a contract with agreed timelines and budget in place when engaging the undertaking to Bara Consulting?

Remember, until the Definitive Feasibility Study is completed the economic viability of the project can’t even be properly assessed!

Then there is this much heralded ‘funding agreement’……… so I’m offering loan notes secured over the Project at an interest rate of 12.5 per cent. and repayable anytime up to 36 months after the provision of the loan, plus warrants. ( RNS Monday, 8th June 2015 Agreement to fund and develop the Mpokoto Gold Project).

And still no punters keen to make an investment! Instead of relying on A-MCS to find investors….. a bank might have been a better bet, eh?

So far this LowCap – LowOP project has cost £4 million approx. I wonder if Armadale Capital shareholders are going to do as well as the Netcom Global Inc shareholders?

As for gold production the first half of this year…… I’ve got a better chance of digging up gold in my back garden!