What an interesting year it has been and we are by far not done yet. So we will just spend little time to comment the oil price pointing out that the 2019 range of $50 to $65 range is comfortable for us. Economic forecasts and the expected geopolitical environment suggest that crude prices will likely stay in this range over the next many months.
Recent history has shown that straight Oil & Gas producers have enjoyed very prosperous times but the sector is obviously dependent on a single underlying asset. In fact every company of a certain size that is focused on one single product or service is exposed to fluctuations that are often caused by outside events. That is the case for energy but just as much for Information technology, entertainment and transportation just to name a couple. Many companies are looking for a second or a third leg to stand on all the while keeping their sector focus.
With that in mind we have decided to expand our footprint by adding interests in precious metal mining and semi precious stones to the companies portfolio. We believe that with a sensible diversification we can add considerable value to the group and insure a more stable structure. By adding the Gold and Emerald properties we are currently targeting we expect to become much less dependent on the energy sector, which gives the group a solid perspective for the mid- and longer term when non-energy related activities should by far outperform the results from oil & gas. We have reached an agreement with Thunder Mountain Gold Inc. of Boise ID, a publicly listed company with over 60 years of mining experience, to manage all our Gold Mining activities. Thunder Mountain Gold’s expertise and network may also level the path to explore opportunities in base metals such as copper, zinc and lithium. The latter two already today present huge opportunities due to the steadily increasing demand for batteries. For our semi precious stones target projects in Zambia and Colombia we will also seek cooperation agreements with experienced and reputed companies for the management of the respective mines.
As a logical consequence of the above we have changed the name of our company to Carraigmore Resources Group (CRG) as well as the colour scheme of our logo in order to properly reflect the change and broadening of our focus. A fully redesigned website will be launched shortly.
We have repeatedly been talking about a possible exit strategy for our group and just recently targeted the year 2020 for the said exit. We will now deliver and have decided to propose to our shareholders to take the company public on a mid level exchange most likely in Europe or the USA. We are currently also evaluating exchanges in other areas and will present the chosen candidate upon our upcoming shareholder meeting for which you will soon receive an invitation.
We have engaged Bluestone Quinette Ltd, London as our financial advisor to take the company public and the listing is expected within three to four months after the shareholder meeting has sanctioned the board’s proposals.
Carraigmore Resources Group has just launched its first bond issue, a three-year convertible bond with a very aggressive 8% annual coupon and interesting conversion terms. Until early next year we are also still offering shares at very attractive valuations especially in view of the expected listing prices. Should you have any interest in our current opportunities please contact any one of us or write to firstname.lastname@example.org.
We have already started preparations by scouting for suitable partners for our planned public listing. The complete list of partners will be announced shortly and will be introduced to you in detail in our upcoming shareholder meeting.
The shareholder meeting will take place towards the end of November and you will soon be receiving an invitation.
Apart from approving our choice/s for one or multiple stock exchange/s you will also be asked to approve the different changes to the company’s status and articles all related to the switch from a private limited company (LTD) to a public limited company (PLC).
So as you can see we still have a lot to do in the remaining two months of 2019. We are looking forward to your support and thank you for your trust in the new Carraigmore Resources Group.