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'Post-RNS exclusive interview with Independent Oil & Gas (IOG)' Watch here

'Post-RNS exclusive interview with Independent Oil & Gas (IOG)'


Red Rock Resources Share Chat (RRR)



Share Price: 0.70Bid: 0.00Ask: 0.00Change: 0.00 (0.00%)No Movement on Red Rock
Spread: 0.00Spread as %: 0.00%Open: 0.70High: 0.70Low: 0.70Yesterday’s Close: 0.70


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stephen_pearce
Posts: 3,545
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.925
Met Coal
23 Jun '17
"Key input costs such as metallurgical coal are also closely correlated to realized ferrosilicon prices."

Anyone know another AIM company with interests in Met Coal???????
 
zumore
Posts: 3,946
Off Topic
Opinion:No Opinion
Price:0.925
MrMagic said last night
23 Jun '17
"AB has gotten back into bed with old friends Yorkville over at RGM, establishing a $1m discounted Convertible Loan Note. I'll stick my neck out and predict/speculate that the same will happen here,"
PINMAN
Posts: 244
Off Topic
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
Stephen trying to get some on here to look forward and understand the potential is akin to pushing water up hill.
matlot
Posts: 21,417
Off Topic
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
and before anyone tells me how it is funded i am fully aware - i am thinking ahead to the knock on affect as per usual here
stephen_pearce
Posts: 3,545
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
Ahh but Colin... Steelmin DO use Rosa type coal
stephen_pearce
Posts: 3,545
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
Not completely accurate

RGM can pay more, all of the loan back, but there's an additional 5%
colinH100
Posts: 1,639
Observation
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
Shame the smelter doesn't require coking coal because that would provide Rosa Mine with a customer when production starts.
matlot
Posts: 21,417
Off Topic
Opinion:No Opinion
Price:0.925
RE: Only quickly looked at the RNS
23 Jun '17
the confetti machine will be going into overtime for this one imo
matlot
Posts: 21,417
Off Topic
Opinion:No Opinion
Price:0.925
hahaha
23 Jun '17
lol - mac just cant help himself - more of our money down the drain!

RNS Number : 9519I
Red Rock Resources plc
23 June 2017

Red Rock Resources PLC
("Red Rock" or the "Company")
Acquisition of Interest in Steelmin Limited
Back to Back Financing Agreements Completed

23 June 2017
Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and oil production, announces that it has entered into financing agreements under which it will fund Steelmin Limited ("Steelmin") to complete the refurbishment and recommissioning of a ferrosilicon smelter in Jajce, Bosnia, and acquire an interest in Steelmin.
Highlights:
o Red Rock has issued an 8 month secured loan note for €3,874,560 to Steelmin ("Loan"), bearing interest at 13% p.a. and extendable for a further 8 months for a fee

o The first tranche of €2,737,712.96 has been paid with a balance due in one week

o Red Rock has been issued 16% of the share capital of Steelmin ("SL Shares"), and this will increase to a maximum 30% depending on the date of full repayment of the Loan

o Red Rock will hold one board seat and one observer seat on the Steelmin board, with two seats if the loan is extended

o Security in the form of a fixed and floating charge of Steelmin and a mortgage over the Bosnian assets

o Loan enables Steelmin to complete refurbishment of ferrosilicon smelter complex in Jajce, Bosnia with production expected Q1 2018

o Steelmin's plant consists of two electric arc furnaces with a combined annual capacity of 48,720 tonnes ferrosilicon (FeSi 75) and 9,700 tonnes of microsilica and expected initial capacity from Furnace V of 29,000t of ferrosilicon p.a. and 5,800t of microsilica

o Steelmin's targets annual revenues on initial production levels of €36m and EBITDA of €7m

o To fund the Loan, Red Rock has borrowed from YA 11 PN Ltd, on behalf of a group of institutional investors, $4,230,750 on a secured basis for a term of one year bearing interest at 13% p.a. with a renewal option for a further 8 months for a fee (the "Note")

o First tranche of the Note, amounting to $3,069,250, has been received, with the balance due in one week

o 20m warrants with a 2 year life and exercisable at 2.2 pence per share have been issued to the Noteholders

o The Note is secured against the Company's Jupiter Mines ("Jupiter" or "JMS") holding, the Loan and the Shares

o Investment offers Red Rock a substantial stake in a quality near-term producing asset in the Company's familiar steel-feed space

Andrew Bell, Chairman of Red Rock comments: "This transaction gives us a stake in a brownfield ferrosilicon asset on which significant funds have been spent over several years. A land dispute which caused delay has been resolved, and so we are providing the final slice of money before productio
zumore
Posts: 3,946
Off Topic
Opinion:No Opinion
Price:0.925
Only quickly looked at the RNS
23 Jun '17
but it doesn't seem to be to the advantage of the RRR shareholders. Because RRR make a €3,874,560 loan to Steelmin and Steelmin will eventually pay this money back to RRR; on the otherhand RRR get a $4,230,750 loan from YA (which they lend to Steelmin) but if RRR get cash from JMS then RRR will only pay YA 30% to 50% of the loan back from the JMS money. So i'm assuming the rest of the YA loan would be paid back by giving them RRR shares?




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