Just when you thought it was safe to stop reading the news... Pic via Getty Images.
LAST ORDERS: A frantic look back at the news you might have missed today
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One more working day to go, and then it’s rest easy until Santa Claus comes down your chimney and you have to clean up the mess.
But to get you prepared for a knock-down, drag-out brawl with your in-laws who seem to think they know more about the markets than you do, here’s a look back at the stuff you might have missed, from the markets and elsewhere today, which we 100% make zero guarantees about making you look smarter than you are.
FROM THE HEADLINES
From the Crazy World of Crypto, comes news that another huge industry stalwart has bitten the dust, after the largest Bitcoin miner in the US has gone bust.
Texas-based Core Scientific has filed all the paperwork for Chapter 11 bankruptcy in its home state, with a staggering loss on the books – which is not just a disaster for everyone involved, but also crypto mining in the US and Texas, as well.
You see, Texas is already home to a quarter of all bitcoin mining and eats up about 9% of all the mining power across the globe, and that number was expected to grow to around 20% by the end of 2023, according to industry insiders cited by Texas Monthly in August.
But now Core Scientific has gone and piddled on everyone’s parade, by very inconveniently going broke after losing $648.1 million in the three months to October, with just $5.96 million) in liquidity, according to news.com.au.
That loss was despite Texas working its guts out from the political side to position itself as the Most Miningest State in the Union, with the state’s energy grid controllers in very, very cosy with the mining companies that routinely gobble up astonishing quantities of power to do the maths required to mint a new coin.
It left Core Scientific owing an estimated 1000 to 5000 creditors, holding – wait for it… – somewhere between $1 billion and $10 billion in liabilities, which is just preposterous – but might explain why, by its own admissions, the company had “stopped paying the bills”.
And when you add to the mix that somehow, between the end of September and the end of October, the company’s stash of 1051 bitcoins and approximately $29.5 million in cash had all but disappeared, leaving just 24 bitcoins and approximately $26.6 million in cash behind… this is starting to stink more than just a little bit.
Meanwhile, Core Scientific’s share price has fallen by 98 per cent this year, down from its all-time high of $14.32 in November last year.
Even the losses are bigger in Texas!
LAST ORDERS
Nuheara’s (ASX:NUH) back in the news today, thanks to the successful completion of a $3 million (before costs) placement to sophisticated and professional investors, at $0.18 per share.
“Placement funds will provide working capital to ramp up production for the over the counter roll out of our US FDA cleared hearing aids in the US,” Managing Director and Co-Founder, Justin Miller said. “The Nuheara team are excited by the potential opportunity in the US and look forward to updating investors on the Company’s ongoing progress.”
Argo (ASX:ARG) has announced that it intends to work through an on-market but-back, aiming at bringing 37,643,336 shares back in-house, kicking off on 03 January, 2023.
The buy-back will be managed by Macquarie Securities, and is being undertaken by Argo as a means of renewing the Company’s on-market buy-back facility for another 12 months for capital management purposes.
And rounding out the little-guy market news, Caprice Resources (ASX:CRS) has informed the market that it’s already got part of its exploration crew out and about at its recently acquired Mukinbudin Rare Earth Element Project, located 25km northwest of Mukinbudin and 250km northeast of Perth in WA.
The Mukinbudin Project covers 380km 2 and contains several pegmatites considered prospective for REEs.
The company has commenced field mapping and sampling of these pegmatites with a view to understanding their size, distribution, and potential to host REE mineralisation, in addition to reconnaissance sampling already completed during the due diligence period prior to acquiring the Project.
“We are excited to be able to get in some initial fieldwork prior to the Christmas break,” Managing Director, Andrew Muir, commented.
“The Mukinbudin Project covers a large area, so to get boots on ground so early after acquisition is pleasing. Results from the sampling should yield some important insights into the prospectivity of the Project.”
TRADING HALTS
Range International (ASX:RAN) – update on the ITO Amended Assessment relating to FY2018.
Dreadnought Resources (ASX:DRE) – initial Yin independent JORC 2012 Mineral Resource (Mangaroon 100%).
Brightstar Resources (ASX:BTR) – capital raising and potential change of control transaction
Silver Mines (ASX:SVL) – final approval procedures for the Bowdens Silver Project
Kingwest Resources (ASX:KWR) – potential change of control transaction
