Tuesday, June 09, 2009

From Croesus to Sirius

The news is coming thick and fast this morning. Croesus Mining is to be renamed Sirius Resources and become a base metal explorer rather than a gold explorer which once was a gold miner. There will be a capital raising via private placement. I own 2666 shares which were valued at less than 2 cents each prior to this announcement. The placement is at 0.85 cents - about half price and will increase the shares on issue by 200%. At the same time Croesus is acquiring the nickel assets of a company called Apex Minerals. Apex will receive 67 million shares and 600 million options with an exercise price of 3 cents. Mark Creasy (self-styled (?) "prospector of the century")who currently owns 45% of Croesus and some fraction of Apex will receive 267 million shares. The management of Croesus is also being changed.

The image shows the binary system of Sirius. Sirius A is the brightest star in the sky as seen from Earth. Sirius B is a white dwarf which can be seen at lower left.


Revanche said...

Totally OT: I'm sort of amused by the choice of names.

mOOm said...

They are a bit megalomaniacal :)