18 Jul | Norseman Gold Update
Following on from Friday’s announcement that Kevin Maloney – Chairman of the Tulla Resources Group of companies – has now fronted up as Norseman Gold’s Executive Chairman to the Board, Norseman has announced details of an A$20 million private placement, including the conversion of A$8 million of debt to equity.
It’s been a turbulent week on the Norseman share price front with shares trading in a wide band between highs of 3.6 pence and lows of 2.65 pence (ouch) – where it stands at the time of writing. A change of Chairman and a placement announcement will do that to a share, I guess.
But after the 18 month downhill slide that Norseman Gold has endured, turbulent is good, especially when it’s accompanied by a touch of optimism, there’s new company direction, procedures, personnel and volume is on the up.
There’s a lot to like in a recent interview with Kevin Maloney over at Proactive Investor (read the full article here).
He (Maloney) is focused on the here and now – getting the production up to 100-120,000 ounces a year and costs below the magic $1,000 an ounce.
And judging from the last investor update, team Tulla is enjoying some success.
The production target is achievable in the next year, Maloney said, while Norseman is on course to hit its cost target in the “next three months or so”.
If you’re anything like me, the problem becomes finding anything in your portfolio with an ounce of value to sell in order to fund up a top-up in NGL. Ho-hum, I guess it’s the lot of your average AIM investor. Good luck to all and thanks again for dropping by.