Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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https://twitter.com/Borg74/status/1598382359761784832?t=W518ZOHGiyoTXmgHMsicwg&s=19
Unfortunately, this board and most BBs are full of idiots.
I was asked a question and I responded. Hawaii you are included in the aforementioned.
Try reading what I wrote. There was no promote or ramp or anything. Since when is the phase, "but who knows?" rampy?
The $3mil royalty from Soma is a RRR asset; when will royalties resume? I don't know, I doubt that even Soma knows. Currently, they say production will restart Q1 23: will it happen? No idea.
Clear enough for you now?
DYOR
as i said two weeks ago....If you had invested £37,500 in this company 12 years ago your £37,500 would have lost £37,499.65....but you would still have your 35p....which is better than some of my 100% losses....lol.
When I last spoke with Andrew Ronald McMillan Bell.....he said he felt it was difficult to make shareholders turn a profit due to capital market conditions!
He doesn't personally seem to have suffered much, however.....and I'm glad I hadn't put all my eggs in the one basket....but I did lose tens of thousands here...and RGM (sister co.)..
Hawaii conman comes to mind don't you think. Oh and wipeout is nearer 99%.
It shows how pathetic the situation is here when Helpful starts promoting Soma Gold - then suggests they will not bring back the El Limon mine (small royalties for RRR) anytime soon.
In the meantime the only matter outstanding is the upcoming fund raise, now Helpful why not speculate on that, will it be the full 250m shares Bell is asking for permission to issue or a fraction of that number and at what price?
Helpful will probably not comment because he is more than likely inside.
So far
No movement on the Kenyan Gold licences (JV or sale was suggested by Bell)
No money from the Congo (despite Bell being in country for nearly 2 months)
No Elephant Oil listing
No new IPO's (suggested by Bell in Q1)
Nothing occurring at New Ballarat Gold which was supposed to have been listed by Q4 last year.
No seed capital raised for the new 'projects' (Bell said he was going to get cash for one in his last interview)
Hardly any meaningful news this year (Bell said there would be so much news he would struggle to write it)
No movement on the Lithium project (Bell said news would be forthcoming in Q3)
It goes on, etc etc.
Bell continues to Tweet at all times of the day and night - various topics in ever eccentric fashion, it suggests he has nothing to do except draw a juicy salary and raise further cash to continue that process - do not forget Scotty boy is on £45k a year also.
The share price is in the gutter, nearly every Red Rock historic investor has been wiped out - some with losses north of 90%, but never mind - the gaggle of 'major shareholders' support everything Mr Bell does - one wonders why?
It will not be a Happy Christmas for Red Rock shareholders, is it ever though !
Soma have said that they will bring El Limon back online Q1 but who knows? Unless El Bagre is at full capacity, I can't see them bringing El Limon online. Having said that, the new management do seem to know what they are doing.
DYOR
patrick I would like to know when are we going to get large amounts of income from El Limon.
morning helpful. Soma gold lead. Colombian mine at El Limon in Antioquia.
could we start to see income after covid etc now?
https://www.newswire.ca/news-releases/soma-gold-releases-2022-q3-results-859116238.html
Given the announcement of more shares being issued I am surprised to see share price is up a bit today
Bell is seeking authority to issue up-to 250m shares, he may not issue that number but if the motion is approved (as it will be because there is no way of outvoting the 'supportive' major shareholder entities) then he can issue as often as he desires without a further GM.
You have to search hard to find the voting form on the website - here is the link
https://www.rrrplc.com/wp-content/uploads/2022/11/264796-Red-Rock-Proxy-PROOF.pdf
My bet is the shareholder group (of which Helpful is one) will take part in the fundraise and they will also try and keep the dilution to a minimum pending the outcome concerning the Congo cash situation (or Elephant Oil)
I dam well hope Bell is not being allowed to acquire yet another 'must have' project, oh by the way, Bell was supposed to be seeking seed capital for another project in his recent excursion to Africa - one assumes this failed, if the money had been raised, he would have rushed out a RNS for certain.
It's never a good idea to be optimistic when Bell is involved.
TDT
Just giving the very over optimistic case TDT!
KimiR
You're expect a placing at 0.375p? That seems a bit rich given the current share price. If they do manage to get it away at that level I'd expect a whole load of warrants to be attached.
TDT
The fact is AB has failed to convert any project into a cash generative entity, even just to cover PLC costs. This has been the case whether the commodities cycle has been in boom or bust.
So many companies are now failing to raise capital every day, really wouldn't surprise me to see this one curl up and die in the corner before any cash is realised.
Also this talk about going after "big G" is total BS. Only the underwater and desperate investors believe that horse ****.
plenty to criticize RRR/AB For the last annual report AB total compensation cost (salary, retirement, taxes etc) was 121,000 for the year. That is not a lot money for CEO at least not in North America (Canada and USA). People who pick up garbage in New York City make more than that Graduates with MBA's make that kind of money
IMO part of the problem is too many projects and the failure to manage expectations
RRR/AB do not disclose enough details on potential pitfalls to fully understand what has happened. That may because he is spread too thin or simply does not understand or communicate the problems Congo has had corruption problems for a long time. Why would RRR not suffer from those same problems?
IPO's are complex and time consuming. The news release on Australia and USA IPO's far too optimistic. I do think Elephant is close just because both the pricing and # of shares are now fixed. But why was the investment even made? There are lots of potentially good deals out available.
IMO funds from Congo will eventually happen and I hope Directors and major shareholders use that as opportunity to reset how RRR is operated going forward
Seems to me this is a prudent measure if DRC arbitration or Elephant oil listing does not come to fruition by the end of the year.
The facts are AB chose the right venture in DRC and the license was stolen. He made the right choice getting in as an early investor in Elephant Oil. The listing date he can't control. Hopefully this year.
The DRC licence was stolen. The main course will be the Big G once DRC arbitration has reached a conclusion. Hopefully sooner than later.
The RNS was exactly as I expected, Bell is good at raising cash via any method available, what he is useless at is delivery of project value, on the RRR website there is a link to an interview conducted with a media outlet in January, he said he expected to list New Ballarat imminently, he also talked about other IPO's from the RRR stable - of course none of these happened, he puffed up Kenya, nothing has happened, he puffed up this that and so on, nothing happened, it's a never ending story of failure to deliver.
As I posted a few days ago I expect nothing will happen this year now, apart from some form of cash raise, who knows whether any cash will ever come out of the Congo, I am pessimistic, will they ever list New Ballarat, who knows, will Elephant Oil ever list in the US, no idea.
In any other business Bell would have been removed years ago, possibly a decade ago but the equity structure of Red Rock, referred to by the former and ultra-critical TR1 holder of RRR (now long gone) does not allow this because circa 25% of the equity is held by a handful of 'supportive' shareholders - it's a real mess.
Think of it this way, if the assets of Red Rock were so good why has another company not bid, Bell has only managed to get the market value of RRR past £10m three times in 18 years, most of the time it has been sub £5m - a totally woeful performance, during the period he has probably taken £2m+ in salary.
Here is the link to that interview, listen and weep.
https://tinyurl.com/3aa8p4xx
Oh BTW for Mr Helpful - I have been around here for 2 years I did not buy the highs nor have I lost a packet, I simply find the situation pathetic but feel for others who have been wiped out by Bell's antics.
An absolute joke of a company and chairman.
But it’s ok helpful, coz 12 years ago a few people did ok out of this.....jeez. You’re as much a joke as Bell.
arbitration process- I think AB has been as clear as he can be. He is waiting and past due. There is no deadline
200m shares, 15% dilution incoming. To raise 750k. Next fundraise end of Q1?
Why cannot AB tell us more specifics about the arbitration process like who needs to do what and expected timelines in his view. The board could all suspend their salaries until a positive outcome. He says he has confidence in a successful outcome but then says oh but we might not get anything. He never achieves but continually claims his full salary. Same old same old.
thats not surprising. Is it online? If yes please post link