More matter with less art

The Singapore mining stocks collapse: Kip Keen on the case

Mineweb’s Kip Keen files this report on the collapsing share prices of mining companies on the Singapore stock market and does a very nice job of overview in the concise report. Here’s a snippet:
To fund acquisitions, LionGold planned back in mid August to raise S$202 million at S$1.11 a share with three firms, Platinum Partner, Carnegie Hall Group and Spring Road Adivsors. 
Of course, now trading for less than a quarter that price, it becomes improbable firms would take up LionGold shares at S$1.11 – if they already haven’t – which in turn would limit LionGold’s access to fresh cash to spend on new and ongoing acquisitions.
While a LionGold spokesperson could not be reached at presstime to comment on the financing, it does not appear to have been completed. LionGold lists the financing as pending in a corporate presentation dated September and has also said it expected to raise the S$202 million in October or November. 
Platinum Partner President Uri Landesman, reached by email Monday, declined comment on the status of the financing. Continues here
Recommended reading for all longs of Minera IRL (IRL.to) (MIRL.L) amongst others.

UPDATE: Also, check out this and especially this on the very interesting move by the fashion challenged but mine-experienced Alexander Molyneux to take over another big Singapore mining loser of recent days, Blumont. My thanks again go to Kip Keen for the headsup on these reports, via his very useful Twitter account that you can (and should) follow right here.

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