Ian Telfer isn’t the only one sniffing round the DMM trainwreck.
IKN hears today that Keith Piggott and Gregg Sedun, the failed team that turned Goldgroup Mining (GGA.to) into the mess it is today, are trying to buy at least a part of Dynasty Metals & Mining (DMM.to). They’re working on a deal with the Special Committee to get their hands on the mill and plant, with a figure of around U$3m cash for 30% or 35% of equity being bandied about. There are plenty of ways this might work but with 46.7m share out at present, the most obvious is issuing new shares.
As a rough example, if DMM runs a $3m placement at 12c with GGA.to as the only taker, it would put the shares out total at 71.7m. GGA.to would then own 25m shares, or just under 35% of the company.
Worth noting that Vertex doesn’t have any liens on the mill complex.