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SLV 74.5¢

1.6 million pounds raised so far!!!!

  1. MJR

    1,085 Posts.

    Spoke with the company secretary Grant Button today in regards current developements.

    He advised that his understanding of SLV at present and lack of market interest is because that they have an option to buy into the consortium with AQP but cannot achive this untill sufficient capital is raised of 625,000 pounds and shareholder approval is obtained.

    He further advised that 1.6 million pounds (approx. 4 million AUS) has been raised to date with the expected balance coming in over the next few days (subject to shareholder approval) and that this announcement will be made to the market within the next few days.

    The capital raised has been done at 13.5p per share and not 12p per share and no free options are attached to this placement.

    A large well known UK firm is handling the placement and see SLV as a future AQP.

    AQP will announce around mid April the commencement of RK1 construction and platinum production is expected to commence in Oct 04 with full capicity production for RK1 to be achived by Dec 04.

    So now we have a real deal happening subject to shareholder approval that will net SLV on RK1 alone a minum of 4 -5 million AUS dollars per year over an expected mine life of15 years. The company will have plenty of excess cash to farm into RK2 with AQP, clear all current debts and fund other projects that are currently being reviewed with AQP and others.

    Once this capital raising is announced let's see who wants in one of the only mid tier platinum producers in the world that is currently way undervalued with current platinum prices going through the roof.

    It certainly seems the UK wants in!

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