Well all the directors are going to do very nicely out of this. The Co has just announced that all the directors are going to get share options at 5.0p, to the tune of 16 million shares, further diltion just as it was starting to look good. Also someone on another BB highlighted this rather ominous end of statement
"Should additional working capital be required the Directors consider that further sources of finance could be secured within the required timescale. On this basis the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. However there is no certainty that such additional funds either for working capital or for future development will be forthcoming and these conditions indicate the existence of a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern." Im out
Serabi Gold plc
("Serabi" or the "Company")
Unaudited Interim Financial Results for the three month period to 31 March 2016 and Management's Discussion and Analysis
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, today releases its unaudited interim financial results for the three month period ending 31 March 2016 and at the same time has published its Management's Discussion and Analysis for the same period.
Key Financial Information(1)
SUMMARY FINANCIAL STATISTICS FOR THE FIRST QUARTER ENDING 31 MARCH 2016
3 months to
31 Mar 2016
US$ 3 months to
31 Mar 2015
Revenue (1) 11,679,089 7.484,215
Cost of Sales (1) (6,689,506) (4,859,909)
Depreciation and amortisation charges (1,216,727) (1,117,720)
Gross profit 3,772,856 1,506,586
Profit / (loss) before tax 1,501,304 191,398
Profit after tax 1,347,665 191,398
Earnings per ordinary share (diluted) 0.195 cents 0.024 cents
Average gold price received 1,165 1,212
31 Mar 2016 As at
31 Dec 2015
Cash and cash equivalents 4,410,589 2,191,759
Net assets 52,524,555 46,783,645
Cash Cost and All-In Sustaining Cost ("AISC")
3 months to
31 Mar 2016 3 months to
31 Mar 2015
Gold production for cash cost and AISC purposes 9,771 7,759
Total Cash Cost of production (per ounce) US$662 US$599
Total AISC of production (per ounce) US$858 US$759
The Sao Chico Mine was only declared to be in Commercial Production with effect from 1 January 2016 and all costs and revenues relating to this mine were capitalised prior to this date. The Income Statements for 2015 therefore only reflect the revenues and costs arising from the gold produced from the Palito Mine and the Cash Cost and AISC for the 2015 comparative period therefore also only reflect the activities from the Palito Mine.
Key Operational Information
SUMMARY PRODUCTION STATISTICS FOR THE FIRST QUARTER ENDING 31 MARCH 2016 (PALITO AND SAO CHICO)
Quarter 1 2016 Quarter 1
Horizontal development Metres 2,925 1,825
Gold production (1) Ounces 9,771 7,389
(1) Gold production figures are subject to amendment pending final agreed assays of the gold content of the copper/gold concentrate and gold doré that is delivered to the refineries.
Cash Cost for the first quarter of 2015 of US$662
All-In Sustaining Cost for the first quarter of 2016 of US$858.
Gross profit from operations has increased by over 140% from US$1.57 million to US$3.77 million compared to the fourth quarter of 2015 and by over 150% compared to the first quarter of 2015.
Post tax profit of US$1.35 million compared with US$0.19 million for the same quarter in 2015
Earnings per share increased to 0.195 cents.
Cash holdings of US$4.4 million at 31 March 2016.
Average gold price of US$1,165 received on gold sales in the first quarter of 2016.
Forecast gold production for 2016 of approximately 37,000 ounces with All-In Sustaining Cost between US$840 to US$870 per ounce.
9,771 ounces of gold produced for the first quarter of 2016 (fourth quarter of 2015 - 7,924 ounces).
Mine production totalled 37,546 tonnes.
26,752 tonnes at a grade of 11.84 grammes per tonne (g/t) of gold from the Palito Mine.
10,794 tonnes at 9.00 g/t of gold from the Sao Chico Mine.
36,615 tonnes of ore processed through the plant for the combined mining operations.
2,926 metres of horizontal mine development completed in the quarter with 1,901 metres completed at the Palito
Knock and the door shall be opened. Here is your 4p. Broker note now for 6p. Rightly so. Revenue recently tripled + POG was hitting the high notes. No reason this should not go to 15p. It was over 5p last year before any of this good news.
I agree with you its not nice to see your holding continually diluted, many Aim Co's have done this in the past and will in the future. I think there needs to be some kind of tightening of the regulations. Presumably they did this to raise funds and to enable them to start production. As they have doubled their estimated production for last year and brought on a new mine you can see where the money has gone. The secret as always is getting in at the right time. Its the same with oil explorers wait for a gusher, then get in at the bottom but not before. I waited a long time before I bought shares in SRB. Up 8% today so not all bad news 3.25p
The main thing I don't like is the continued dilution of shares by giving options to the main shareholders in return for working capital loans.
Three years ago there were 90 million shares now there are over 600 million with more on the way.
Could somebody explain in layman's language what they have actually done?
So they have cancelled the share premium account and written off warrants as valueless....but where does the USD82m come from? Is it real money? With a market cap of £25m the sudden arrival twice that should move the shares more than 6%.
Potentially a multi bagger... SRB has made me reconsider if this company should go into my list of 'scammers' that exist only to pay wages. A long time in the making, SRB won't be on the list....yet ?
However, good news after many years could come at anytime? This tortoise COULD still deliver. No company would conceivably con so many investors for so long unless of course, they (the investors) can 'see' progress at the end of the tunnel...however, if they don't come up with better updates for much longer pi's will put this firmly into Room 101.
This post from me to danpoe after he suggested that many companies exist 'just to pay wages' >
Fri 23rd Jan
danpoe.....Total failures, just a scam to collect their wages.
danpoe.....I've been saying that for years, yet i get ridiculed for suggesting such. You are the very first poster to say what i have 'known' for years. I had clear reservations that many 'tiddlers' on AIM are just there to raise cash, keeping the coffers topped up by endless placings and progress remaining at nil bar the odd "We are pleased to announce" Rns just to keep interest at a pitch.
eg....a few that spring to mind...that have really been 'at it' for years, conning investors of their money with no real progress to becoming a cash generator from real earnings bar-placings..... NRG, VAL, HER, RRL, KRD. SOLG, MARL, MNC, WHE, SAR...etc.
The list goes on but although some AIM stocks are genuinely progressing towards production or a t/o, we must all be aware of the many companies that issue 'great updates' yet have been issuing placings for years, diluting the shares. The worst of them..consolidate the shares. A very high% of consolidations is a signal to get out and is just another facet of fooling the already fooled? gla
Always knew that North Brazil would exceed Serabi's expectations. '' Bring it On for there is Gold in them there Hills ''. Really looking forward to hearing further good news as the other veins are drilled.
Assay result of 42 g/t over 3.6 metres from Mai...
For immediate release
28 January 2015
Serabi Gold plc
("Serabi" or the "Company")
Assay result of 42 g/t over 3.6 metres from Main Vein development at Sao Chico
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, is pleased to provide a further operational update on its wholly owned Sao Chico Gold operation in the Tapajos region of Para State, Northern Brazil.
On 20 January 2015, the Company reported that underground development had just intersected the Main Vein, the principal identified structure at Sao Chico. The Company has now sampled the vein and received assay results from its in-house laboratory.
The intersection has recorded an average true width of 3.6 metres with a gold grade of 42 g/t gold. The vein is sub-vertical. The orebody has been intersected and fully exposed by a four metre high and four metre wide gallery that has crossed the Main Vein perpendicular to its strike. This development lies on the 218 metre level, approximately 30 vertical metres below the portal entrance. The Main Vein will now be developed by 'on-lode' development where the vein is followed along strike, allowing regular sampling and consequently significantly enhancing the understanding of the ore-body.
Deepening of the main ramp is continuing to the next level, planned at 178 metres, where the Main Vein will be intersected once again and similarly evaluated by 'on-lode' development. The Company plans to undertake over 750 metres of ramp development and 2,700 metres of ore development at Sao Chico during the course of 2015.
Mike Hodgson CEO said
"Obviously this is outstanding news. With a drilled resource of approaching one ounce per tonne, we expected high grades to be intersected, but most encouraging is the width we have encountered. We will now drive east and west following the Main Vein to fully evaluate its potential.
"As was mentioned earlier this month, we have now intersected some eight veins in the cutback and the ramp, all of which lie outside the declared geological resource, and with the true width of the Main Vein in this intersection in excess of three metres, we continue to be very excited with what we are finding at Sao Chico.
"With the ongoing development underway and the new drill programme set to begin early next month, I am looking forward to providing regular updates"
A photograph of the intersection of the Main Vein can be accessed using the following link http://hugin.info/137617/R/1889822/668989.jpg
Again a good update out. I like the 2 associated videos giving a hands on approach to whats happening.
Not had time to look at figures closely, but all very positive......... lets have some upward movement.
This company has a lot going for it and now needs recognition in the media.
JOHNNIES....Serabi was a favourite some yrs ago when tipped by RHPS. However, pi's lost their patience and so did i.
Now, though SRB looking in better fettle and quite possibly is ready to take off?
BUT a bit of advice with these mining minnows...price manipulation can bring down the sp by small time short-selling groups that are 'infecting' much of AIM......
Not sure yet, if SRB is being shorted all the time or some of the time....imo
This is different and in my opinion...is cause for concern? In a few more months it may be cause for ALARM.............?
Well, something strange is happening on most stocks, in particular AIM. As of the last few months it seems that many stocks are going down ON GOOD NEWS!. Apart from normal profit taking/traders , something sinister appears to be occuring and it might be because of SHORT selling raiding parties...
This can explain a lot of what's happening on AIM. It's a campaign against organised short selling syndicates?
And we've got a few bob in the bank so I don't see a need for further fundraising; with the line thanking Fratelli, i take that as implying they would lend money rather than further dilute us, should we need it. Any other thoughts on why that's included? i also read the CIP as hopefully helping to pay salaries en route to profitability.
Finally.I can't understand why more pi's aren't investing here - the story looks considerablt stronger now than much of AIM.
Plan slowly coming to fruition and by end of year should be in a decent position.
Expect a good move up when they declare the operation commercial.
2300oz produced so far which seems a little low BUT still in ramping up mode and are stating 24000oz by end of year.
Printer friendly view
SERABI GOLD PLC - Important Information
Serabi Gold PLC (Serabi) is proposing a Capital Reorganisation on the following basis:
Each Existing Ordinary GBP0.05 share will be subdivided into 1 New Ordinary GBP0.005 share and 1 Deferred GBP0.045 share.
Important Information & Other Key Dates:
On 28th January 2014, Serabi announced plans for a proposed Capital Reorganisation. This relates directly to a conditional subscription agreement into which the Company has recently entered with Fratelli Investments and is necessary in order to comply with the Companies Act 2006, which prohibits the Company from issuing shares at a discount to their nominal value.
The Capital Reorganisation is subject to shareholder approval at a General Meeting to be held on 3rd March 2014. Following such approval, the Capital Reorganisation is expected to become effective on 4th March 2014.
No application is being made for the Deferred shares to be listed on the Official List or admitted to trading on any stock market or securities exchange. These shares have extremely limited rights and benefits attached to them rendering them in effect, economically worthless and will therefore not be updated on to your account.
Should you retain your holding of Serabi Ordinary shares we will update you in due course upon receipt of any further information from the Company
Should you wish to find more information about the Capital Reorganisation, please visit the Serabi website, www.serabigold.com/.
Why has Christopher Kingsman resigned?
Very unusual for a non exec to depart just as a big fund raising is announced particularly as most other non execs are disqualified from giving an opinion on the fairness of offer to the outside shareholders.
Also are ordinary shareholders going to get the opportunity to participate in the offer or will it all be place behind closed doors?
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