# SL1 - Symbol Mining



## System (18 April 2013)

Swala Energy Limited (SWE) is an Australian independent oil and gas exploration company actively exploring the East African Rift System. Swala currently holds substantial equity in assets in Tanzania and Kenya and has an active business development program in Sub-Saharan Africa.

http://www.swala-energy.com


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## Crows (13 June 2013)

Here's a quick overview of Swala, which I have pulled from their May presentation:
http://www.swala-energy.com/documents/May-Corporate-Update.pdf

• Listed on Australian Securities Exchange (ASX) on 18th April 2013;
• Raised $11MM in a tough and difficult market;
• 15,300km² (net) in East African Rift System, where there have already been 2 billion-
4 billion barrels of oil discovered;
• High quality partners in Tullow Oil plc and Otto Energy Limited;
• Company has a Management team with proven track record of value realisation in 
East African oil and gas;
• Active work programme ahead in three licences, with near term low-risk and value-adding activity - Seismic, build prospect inventory – can we identify drillable targets?;
• Significant regional activity planned around our assets.

They also have 134.2 million shares in issue with 158.2 million shares fully diluted. Of the 134.2 million shares, 67.5 million are currently tradable with 21.7 million coming out of escrow after 1 year and a further 45 million after 2 years. There are also 15 million performance shares which can be earned if milestones are met, along with 9 million options (mainly broker) exercisable at 30c over 5 years.


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## Crows (14 June 2013)

http://swala-energy.com/documents/2013-06-14ExclusivenegotiationsEyasi.pdf

*ADDITIONAL OIL EXPLORATION LICENCE IN THE EAST AFRICAN RIFT SYSTEM*

Swala Energy Limited (ASX:SWE) (“Swala”), the oil and gas explorer with assets along the East African Rift System, is pleased to announce that it has been invited into exclusive negotiations with the Tanzanian Petroleum Development Corporation (TPDC) for the award of a 32.5% interest in the Eyasi licence, onshore Northern Tanzania. If the interest in the Eyasi licence is awarded then Swala will become the operator of the license.

Reviews of vintage gravity and magnetic data, together with surface geology investigations undertaken by Swala suggest that the Eyasi licence area may contain 4 separate basins with potential sediment thicknesses of around 3,000m (Figure 2). Each of these basins has an area of approximately 2,000 km², and has the potential to provide the source materials for hydrocarbon generation.

Swala believes the Eyasi licence to be a highly prospective area located on the southern extreme of the eastern branch of the East African Rift System (EARS) (Figure 1). The western branch of the EARS has already proven to be a major oil province with around 2 billion barrels of discovered oil in Lake Albert in Uganda. More recently the eastern branch has seen a number of oil discoveries announced in northern Kenya in the Lokichar basin where Tullow Oil (TLW: LSE) and Africa Oil (TSX.V:AOI) have recently been so successful with the Twiga South-1 and Ngamia-1 wells. These wells have now proven that prospective hydrocarbon basins lie within the eastern branch of the EARS. The Lokichar basin is around half the size of each of Swala’s four separate basins in Eyasi.

With the award of this licence, Swala continues to develop its significant regional presence and now has some 21,000 km² under licence along the EARS.


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## Crows (15 June 2013)

http://www.nextoilrush.com/index.ph...p-800-in-a-matter-of-months/?utm_source=NORML

The above is a great read if you have the spare time. Sums up SWE and it's partners nicely.


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## Crows (17 June 2013)

Seems people were able to do a little research over the weekend and jump on board today. Up almost 15% on ~4.25m volume from a tradable 67.5m shares. Only half a cent from the IPO of 20c now. Seems as if some people are getting out for a small tax loss before the end of the month, though this is only a guess.

Are there any chartists out there who can shed some light on what the charts are saying?


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## Crows (29 June 2013)

http://swala-energy.com/documents/SwalaEnergyBidsforthreeexplorationlicencesinZambia.pdf

*SWALA BIDS FOR EXPLORATION PERMITS IN THE REPUBLIC OF ZAMBIA*

Swala Energy Limited (ASX:SWE) (“Swala”), the oil and gas explorer with assets along the East African Rift System (“EARS”), is pleased to announce that it submitted bids for three hydrocarbon exploration permits in the Republic of Zambia on the 28th June 2013. 

The bids are for permits known as Block 31 (Lake Tanganyika and a section of the EARS), Block 42 and Block 44 (covering significant tracts in the under-explored Rift systems of the Permo-Triassic Karoo). If the applications are successful, Swala will have an 83% equity interest in any block awarded.

Dr. David Mestres Ridge, Swala’s CEO said “We are delighted to have been given the opportunity of bidding for these blocks by the Government of the Republic of Zambia. Block 31 offers a frontier opportunity in the East African Rift System where hydrocarbon generation and accumulation has been proven elsewhere. Blocks 42 and 44 are Karoo Blocks that offer an opportunity to investigate basins where Swala believes there is potential for large structural traps”

Block 31:
A portion of the western branch of the EARS lies within Block 31 including part of Lake Tanganyika where indications of a working hydrocarbon system have been reported in the open literature. The block also lies adjacent to the Beach Petroleum (subsidiary of Beach Energy BPT: ASX) acreage where they are currently carrying out extensive exploration activity in the Tanzanian part of the Lake. No wells have been drilled in the Lake to date, but existing 2D seismic indicates there is potential to generate and trap hydrocarbons. 

Block 42:
Block 42 lies within the older Karoo-age, Luangwa Basin. The Karoo sequence contains potential reservoir rocks and lacustrine source rocks. Two wells were drilled by Placid Oil in the mid 1980’s but these were drilled on very recent, in geological time, structures post-dating any hydrocarbon charge. Study of the seismic data acquired during the 1980’s demonstrates that any source rocks would certainly have reached sufficient depths to have generated hydrocarbons. The data also shows older structures that would have formed during hydrocarbon generation and therefore have a higher chance of retaining trapped hydrocarbons. These structures were not tested in the earlier drilling programme. Swala plans to reprocess and reinterpret the legacy seismic data as part of its work programme.

Block 44:
Block 44 lies in the southern part of the country, located on the margins of another Karoo aged basin – the Kariba basin. Gravity and seismic data suggest that the basin has a thick sequence of Karooaged sediments. The basin was explored by Mobil in the late 1980’s and a large volume of 2D seismic data was acquired at that time but no wells were drilled. It is evident from the data that the Kariba Basin has a significant sedimentary fill and large structural traps. Swala plans to reprocess and reinterpret the legacy seismic data as part of its work programme.


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## Crows (6 August 2013)

Surely this has come up on some people's radars by now.. Huge volume (in the millions each day when there's a mere 67.5m tradable shares) and been making some very nice gains over the past week or two. Up more than 50% since a week or so ago so have been expecting comments from some Chartists but all has been quiet! Anyone taken any interest yet? Surely people have heard about the recent success Tullow and Africa Oil have had with the neighboring permits... Well I guess some have, but no one here!

Will sit back and watch how this pans out over the next few months!


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## Country Lad (6 August 2013)

Crows said:


> Surely this has come up on some people's radars by now..




Yep, got my attention when it broke above 19 after your posts.  Didn't buy it though, for no real reason.

Cheers
Country Lad


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## Crows (7 August 2013)

Country Lad said:


> Yep, got my attention when it broke above 19 after your posts.  Didn't buy it though, for no real reason.
> 
> Cheers
> Country Lad
> ...




Well at least I know some people on here know the company exists now  Some others may just be keeping quiet while they take a position, I know plenty of people do that... Anyway hopefully for my (greedy) sake, the SP pulls back as I've got a little extra cash I can put into it and sure enough I'm a week late and the SP surges!

If this pulls back to sub 20, I'll add to my position, but if not oh well I'm happy either way!


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## trader8888 (3 September 2013)

im here to mate, looking good this one, looking for $1 in a matter of months.


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## Crows (17 September 2013)

The Eyasi licence excites me a lot. Look at the number of basins it has and size of them! They're double the size of the basin Tullow found oil in and there's four of them! I can see this re-rating much like PVD (2012's best performing IPO) did last year. The 2D seismic results could be juicy and the drilling could start sometime in 2014.


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## Crows (15 October 2013)

http://swala-energy.com/documents/2...POSITIVERESULTSFROMKIDATUSEISMICPROGRAMME.pdf

Swala Oil & Gas (Tanzania) Limited (“SOGTL”) is pleased to provide an update on the 2D 
seismic programme underway on the Kilosa-Kilombero licence (“License”) in Tanzania. Swala has 
an direct 50% interest in the license. 

The programme over the Kidatu basin area in the License has been completed and the preliminary 
interpretation of the results is positive. These results follow those observed from the programme in 
the Kilosa basin to the north that were also positive as announced by Swala in its ASX release on 18 
September. The seismic survey has now commenced over the Kilombero basin, south of the Kidatu 
basin. 

A total of 143km of 2D seismic were acquired over the Kidatu basin. The initial results based on 
preliminary processed data indicate the presence of large-scale structures along the edges of the 
basin together with a major intra-basin high identified on dip and strike lines. The structure may be 
as large as 30 to 60 square kilometres. 

The seismic team has now relocated to Kilombero where the programme is expected to take a 
further three weeks to complete. Upon conclusion of the Kilombero survey the seismic crew will 
mobilise to the Pangani Licence in the north of Tanzania to acquire up to 200km of 2D seismic in the 
two potential basins that were identified in 2012. 

Dr. David Mestres Ridge (CEO) said, “The results from the Kidatu survey have already shown the 
potential presence of very large structural traps, an encouraging result and one that underscores our 
team’s geological understanding of the area. Whilst additional processing and interpretation of the 
recorded data is still needed, the positive results to date give us growing confidence in our 
continued exploration activities within the Kilosa-Kilombero Licence.”


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## Crows (13 November 2013)

http://swala-energy.com/documents/SWE_SeismicShowsLokicharAnalogue_20131113.pdf

Interesting research report from Argonauts. Highlights the recent seismic results from the Kilosa-Kilombero licence and certainly looks positive with one of the basins sowing an analogue to Kenya's Lokichar basin.


http://swala-energy.com/documents/ASXAnnouncementEquityplacement13November2013.pdf



> Swala Energy Limited (“Swala” or “the Company”) is pleased to announce that it has agreed to a
> private placement of 19.5 million shares to two sophisticated investors to raise AU$4.4 million
> before costs (“Placement”). The Placement is within the Company’s 15% capacity pursuant to ASX
> Listing Rule 7.1. The Placement, which followed an unsolicited approach, was made at a price of
> ...




Also good to see that international investors are coming to the company offering cash at a premium. I can only imagine what will be thrown at them once more development has been done on the licences!


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## Crows (9 December 2013)

It surprises me no one else is talking about this... SWE up to a new intraday high of 39c today and the ball just keeps rolling.. The sell side looking sick and the buy side strengthening... Surely even a chartist or two is looking at this?


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## pixel (14 March 2014)

Crows said:


> It surprises me no one else is talking about this... SWE up to a new intraday high of 39c today and the ball just keeps rolling.. The sell side looking sick and the buy side strengthening... Surely even a chartist or two is looking at this?




At the time, it was probably too young for most chartists to hang a hat on. It's also dropped off the Highs that impressed you; but now it's regaining ground, moving back above the mid point of last year's trading range. My scanner gave me a tentative uptick and I've taken a small entry position.


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## IFocus (5 July 2014)

SWE has had a move up to minor resistance anyone have any news why



.


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## pixel (25 September 2014)

Trading Halt, pending news from the Kenya JV 

If "someone knew" beforehand and influenced the trading direction, it could be scary...


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## pixel (22 December 2017)

It *was* scary.
Now, after almost two years in suspenders, they're reborn at 4c.
Soon to be renamed SL1.


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## System (29 December 2017)

On December 29th, 2017, Swala Energy Limited (SWE) changed its name and ASX code to Symbol Mining Limited (SL1).


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## greggles (29 June 2018)

Symbol Mining moving up yesterday in anticipation of the commencement of mining at the Macy Deposit at the company's 60% owned Imperial Project in Nigeria.

The mine has a capital cost of $3.2 million and is expected to generate a base case of $20 million free cash flow in 12 months. Current market cap is $14 million.


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## greggles (6 July 2018)

Huge volume for Symbol Mining today after the company announced that its 60% owned high-grade zinc and lead Macy Project has received final approval of the Mining Lease from the Nigerian Mining Cadastral Office and full scale mining operations are now underway.

4c looks like resistance for SL1, so it will be interesting to see if it can hold above that level now it has moved up to 4.1c.


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## barney (6 July 2018)

Been busy today but I knew you'd be all over this one Greg!!

Had a quick search but I cant seem to find any numbers on what the Macy Project is worth in dollar terms to SL1 ??  ….. 

Its good news for the Company of they can generate early cashflow and with their modest Market Cap it makes perfect sense for the SP to rise on the news …

Could well be a great Spec to take a longer term position in but I need to do a bit more research …


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## barney (13 July 2018)

Made the Top Risers thread the other day ……. low volume retrace currently under way.

I have taken a punt that we will have another leg up and now hold a small position.


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## barney (17 July 2018)

Have taken an additional position in this one ……… 

Recent Cap Raise at $0.03 plus they have a small loan facility so reasonably well funded leading up to potential production.

SP retracing as expected after recent spike ….. Just get the feeling it will pop its head up again soon … 

Its just the vibe


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## barney (31 August 2018)

SL1 not performing as expected as the price of Zinc went south.  

Picked in this months Stock tipping competition.

Their current Project will still earn the Company some handy cash over the next 12 months so there should be some signs of life especially if Zinc bounces a little.


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## barney (31 August 2018)

As soon as I pick it, it goes up 15% the day before the Stock Tipping starts
Still holding till they get into Production/Cash flow.


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## barney (10 October 2018)

SL1 is still ranging between 2.2 and 2.4 cents but looks to have found a bottom.

Warehouse Inventories of Zinc are near 2 year lows and the spot price looks like moving north again. 

Zinc movement will increase the cash inflow from their near term Macy Project … potentially undervalued at the moment. Happy to hold this for a while yet.


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## barney (10 October 2018)

As I typed above, more Supply appeared at the 2.4 level …. Still Sellers looking to exit at this level.


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## barney (10 October 2018)

barney said:


> As I typed above, more Supply appeared at the 2.4 level …. Still Sellers looking to exit at this level.




And that 1+ million shares got snapped up as quick as Usain Bolt puts his garbage bin out  …… Definite accumulation going on which is a good sign ….. Still only modest Volume but it could be "watch this space" not too far down the track.


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## HelloU (10 October 2018)

i appreciate ur multi-post efforts here .... i would love to tick tack ideas on this with u but i cannot, as i thought it was called silver mining (that is my knowledge on this one). It is the tossing around of thoughts that I like, and I get frustrated that conversations are so difficult to have.


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## barney (11 October 2018)

HelloU said:


> i appreciate ur multi-post efforts here .... i would love to tick tack ideas on this with u but i cannot, as i thought it was called silver mining (that is my knowledge on this one). It is the tossing around of thoughts that I like, and I get frustrated that conversations are so difficult to have.



All good @HelloU  ……. No conversations necessary …. I have a small interest in this one so keep an eye on it and post for my own benefit.

Down day on the market in general so SL1 back to 2.2 this morning …. Ground Hog Day until further notice


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## barney (12 October 2018)

May as well keep updating this while its looking interesting ……. Almost a candidate for the Potential Breakout thread but more Volume would give it more credibility.


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## andymac (15 October 2018)

cheers Barney for the heads up,


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## barney (15 October 2018)

andymac said:


> cheers Barney for the heads up,




Thanks @andymac ….. behaving as expected in the sort term … 

There is a fair bit more water to go under the bridge with this one but the last few days indicate a possible sentiment change.

This is basically the first real bump off the lows so it will likely have some more ebbing and flowing for a few months … I have a medium term view on the Stock but todays rise was definitely welcome


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## barney (15 October 2018)

Today's Chart ….


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## barney (18 October 2018)

Back to Groundhog day ….. retrace back to .024 level needs to become Support which looks likely given current price action.  If it holds, there should be more upward movement in the not too distant future … we shall see.


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## barney (26 October 2018)

The recent bounce for SL1 has fizzled out in the short term … groundhog day returned but Volume is almost non existent.  

Zinc inventories are at incredibly low levels and the price of Zinc is ranging around its 3 month highs and looks like it will eventually move higher given the lack of stock.

News on their first shipment of ore should be announced very soon and SL1 looks well placed if the plan comes together ….. I hold.


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## barney (15 November 2018)

barney said:


> *Zinc inventories are at incredibly low levels* and the price of Zinc is ranging around its 3 month highs and looks like it will eventually move higher given the lack of stock.
> 
> *News on their first shipment of ore should be announced very soon *and SL1 looks well placed if the plan comes together ….. I hold.




Just reminding myself that nothing has changed the Fundamental reasons why I bought this Stock … even though the Technicals have been slow moving

First Shipment of ore I expect mid to late December so a bit more time for some price manipulation

I'll be very surprised if this doesn't get some day trader interest early to mid December .. we shall see.


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## barney (6 December 2018)

SL1 finally got their first Shipment of ore away to Port … Only small amount but on track for further shipments.

Day Trader interest was nil …. lol … good call Barney!

They still have to be paid yet so until they get a couple of shipments completed and paid for its ground hog day.

Fundamentals still the same … technical treading water … continue to hold until something changes


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## Krkelly (25 January 2019)

They may be bouncing back to 4c now


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## barney (25 January 2019)

Krkelly said:


> They may be bouncing back to 4c now




Yesterday was more positive but still needs more Buyers/Volume. Fundamentals remain the same until proven otherwise ….. literally a slow boat to China this one


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## HelloU (12 February 2019)

so ...when i open my wallet and i need more ......... luckily i can get some ........ i live a charmed life.


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## barney (12 February 2019)

HelloU said:


> so ...when i open my wallet and i need more ......... luckily i can get some ........ i live a charmed life.




Share price is very unhappy at the moment …. I'm expecting a final dummy spit around the lows before this moves, but who knows.

They have some potential cashflow not far down the track but it looks like most buyers and sellers are spectators until something concrete eventuates.


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## HelloU (12 February 2019)

luv ur work barney

 i meant to post that in the silver mining thread ..... but i could not find it.












lol
double triple lol
been reading up ........


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## barney (12 February 2019)

HelloU said:


> luv ur work barney
> 
> i meant to post that in the silver mining thread ..... but i could not find it.
> 
> ...




 …. Thought you had become a closet Symbol shareholder for a second …. 

So I'm still alone in here with my losses ….. not one of my better trades but I'll survive!  12 months from now I'll be rolling in the cash you just wait


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## HelloU (8 March 2019)

barney said:


> …. Thought you had become a closet Symbol shareholder for a second ….
> 
> So I'm still alone in here with my losses ….. not one of my better trades but I'll survive!  12 months from now I'll be rolling in the cash you just wait



i am sure it was just a clerical error that little grade issue .....lol (2days ann - laughing with u mate, not at u)

...... and my wallet post above ...............
(i see sya would have given me a smaller loss for the sake of 1 more day but i think more downside there so whatevs ....happy to be off my mind)
see ya


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## barney (10 March 2019)

HelloU said:


> i am sure it was *just a clerical error that little grade issue* .....lol (2days ann - laughing with u mate, not at u)




Indeed "H" …… that little clerical issue, amongst other unanswered questions, has become a bit costly

Again, not one of my better trades over the last year …. but such is life …… We shall fight them on the beaches etc etc

I hate to admit that due to the lack of liquidity, this has now become a "bottom draw trade" …. haven't had one of those for a while ….

note to self …. "lift your game"!!!


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## HelloU (18 March 2019)




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## HelloU (18 March 2019)

https://www.freshequities.com/ASX/SL1


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## barney (19 March 2019)

HelloU said:


> https://www.freshequities.com/ASX/SL1




I've seen those numbers bandies around H …. Was it leaked, or is it just someone's guess on the CR price?

If it is correct I'm gona need a lower bottom drawer


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## HelloU (19 March 2019)

barney said:


> I've seen those numbers bandies around H …. Was it leaked, or is it just someone's guess on the CR price?
> 
> If it is correct I'm gona need a lower bottom drawer



These numbers are real...... fresh are part of the supply chain for getting equity done for sophhs (708 certified) investors. Ur spp or whateves will come later with a prospectus paid for out of this raise money (non-prsopectus)

I still know nothing about this but very gun shy generally of late ....too many other sad stories ..... sad for me, not the dir's or related parties, that is.


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## barney (19 March 2019)

HelloU said:


> These numbers are real...... fresh are part of the supply chain for getting equity done for sophhs (708 certified) investors. Ur spp or whateves will come later with a prospectus paid for out of this raise money (non-prsopectus)
> 
> I still know nothing about this but very gun shy generally of late ....too many other sad stories ..... sad for me, not the dir's or related parties, that is.




Thanks for the info.    Looks like SL1 are being nailed to the wall given the CR price.  Not long ago they raised at 3 cents ……  Be a long haul for this to come back now, if ever.

Specs and sad stories often go together unfortunately (This is one of mine) …. hope things pick up a bit for you


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## HelloU (19 March 2019)

yep
its all in the wording for me .....
if my wife happens to ask how we are getting on ........I do not tell her that we lost 20% last week and lost another 10% this week ..... i just tell her that we are doing 10% better this week compared to last week. 

She seems happy with that ..... happy wife, happy life. Lol.

See ya


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## HelloU (27 June 2019)

barney .... this is the one i meant (in the other 2day)
i think they r just stroking peeps with that ann ...... there is no intention of a happy ending. 

same at gascoyne i reckon ...... just fluff for the restless crowd, until they lose interest and move on.


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## barney (28 June 2019)

HelloU said:


> barney .... this is the one i meant (in the other 2day)
> i think they r just stroking peeps with that ann ...... there is no intention of a happy ending.
> 
> same at gascoyne i reckon ...... just fluff for the restless crowd, until they lose interest and move on.




Bit of a sad end to old Symbol Mining ……. I sold 95% of what I had left a while back and fortunately before the administrators got involved …….. Still did about 10K overall though so one of my worst losses for 3 or 4 years …. Fortunately I've had a few winners along the way to help the ledger


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