Peninsula Energy (PEN)

Roswell Crash Survivor said:
If you've received the Notice of Annual General Meeting for PEN in November, pay particular notice to:

Resolution 6 - Approval of 10% Placement Capacity
Resolution 9 - Share Placement Facility

Resolution 9 in particular involves giving the current management the option to issue up to 25,000,000 Ordinary OFP (Fully Paid Ordinary) Shares.

The number of PEN shares current issued is around ~173,000,000. Thats around 14.45% increase in the number of shares issued.
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I don't particularly like increase in issued shares but theoretically since they're getting fair value for them then the balance sheet will have that much extra cash added to it and the value of each share doesn't change. Hopefully if the company is good then that money is put to good use then it actually increases the value of the company more than the dilution.

If they can issue those extra shares to fund stage 1 at karoo at a time when corperate debt raising is very hard for commodities companies then it might be a good thing. I assume they won't do this unless they have a need to, kind of line s debt facility they can choose to use our not use.
 
I bought some PLS a while back and dilution didn't seem to matter because of the funds they were receiving would enable the company to progress forward, dilution not always a bad thing if they are doing it wisely.
 
Bug news today, the NRC has given it's final approval for ISR mining to start at lance. Peninsula is now a real miner, not a discovery or development company. For years they've been "the ASX's next uranium miner", now they're the ASX's newest uranium miner.

Picked up a tiny parcel last week when they dipped at $1.03, nice little jump to $1.30 today. Will be very interesting to see how the US listing impacts things though, I think they'll get much better traction with the NYSE-MKT being in production than being lumped in that category of shares belonging to "what if" companies.

Exciting times again.
 
Nice announcement today, hasn't moved the market, but I'm proud of the guys. They shipped their first batch of uranium to one of their forward contract partners, they're a real end to end uranium miner now. Apparently production started December 2 and now they've made the first of what should be many deliveries.

Karoo is looking good, lots of high reading intercepts, lots of good looking ground left to work with.

My university internship research paper was on various startup modes for a local nuclear industry depending on the outcome of the South Australian royal commission. Seeing the rate of reactor building in China alone makes me want to look at getting more industry exposure. Even with 0% increase in electricity demand, the crazy brown coal problem (we're talkimg hundreds of thousands of deaths from respiratory disease alone) will push roll out. They're talking about building a plant every 6 weeks for decades.

Anyway, congrats to everyone at PEN, it's been a long long road to hoe, but you did it.
 
Roswell Crash Survivor said:
First trading day where PEN has closed under $1.00, that'd be under $0.025 per share in pre-40-for-1 consolidation terms.
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Much lower and I'll be in for another tasty chunk. It's not the 1.6 cents I got in for last year, but with all the good stuff coming up I'm happy to take it.
 
H1 report says they only held $2.8m cash at end of December.
Negative operating cashflow for that Dec half
 
They've gone into some cash up front deal for a potion of mined material to put the wind up production at lance with some new method of extraction, hopefully start generating some cash flow.
 
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