Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Hopefully the buyer is long-term and he has enough to call a EGM and kick the useless AB out the company.
Maybe long-term can find a CEO that can drive these assets forward
Looks to me like we have a preset buyer at 0.3 and the market is searching for stock.GLuck!
https://twitter.com/Ole_S_Hansen/status/1610271493359022080?t=6c7ZEkQ9jTOVxTCiAI6g7Q&s=19
What is looking better ? Certainly not the SP!!!
Looking much better..
Hawaiifive o 'As I say RRR is nothing more than a trading play, time your entry correctly and you can make a turn. "
so true of virtually all the publicly traded shares in the entire world and certainly true of any exploration company
Yawn!
If Bell and the 'major shareholders' really thought there was a realistic chance of getting any cash out of the Congo there would have been no need for the recent death spiral funding package, woe-betide us all if Bell is allowed to draw down more funds from the penal lenders.
The story now moves on to Zimbabwe revenue, everything involved with Bell & Co is a story, a fantasy, until the 'major shareholders' have the guts to do the right thing nothing will change, never ever at Red Rock, EXCEPT trading spikes. Frankly I do not think they have the ability or knowhow to replace management, it is quite an involved process.
Bell is totally incapable in delivering a bean of sustainable value to the shareholders, the question remains, why do these 'major shareholders' continually support him? What is in it for them.
As posted before I estimate that largest shareholder in the group (holding 17% - reducing quarterly via dilution) has probably lost £400k/£500k in value, how on earth can this fellow be happy with that ?
Helpful seems to be the BB 'spokesperson' of the entities, here to try and sucker in new folk to maintain some form of value, for goodness sake, even Tom W one of Bell's best chums, has thrown in the towel - has been commentating on Bells obvious failure to deliver for more than 18 months on his Sh@reprophets blog.
As I say RRR is nothing more than a trading play, time your entry correctly and you can make a turn.
BS What is VUP doing? not attending any meeting where they have to sign acknowledging the arbitration results.
In Canada people will run away from process servers, go into hiding etc. Eventually they get found and served. Unfortunately this is a waiting game. Of course VUP does not get the balance of their funds either
So what do you think is going on with DRC then helpful?
BS that is a guess, you don't know.
AB recent comments on telegram group concerning DRC funds
"Bells comments have to be definitive. Study his travels the next few days if you want to anticipate them"
More clued up ?
The sp is 0.027p and AB has failed to deliver on the DRC Arbitration. VUP have ignored the ruling
H50
Plum to you too and figgy pudding.
It was in response to Brainspark's post
"Once AB gets the arbitration signed then the board should make him step down"
I suspect that I am a bit more up to speed on things than you. And no, no comment on anything.
xx
Wow the old man has started 2023 super grumpy! complex analysis? This is again all in your head... BB are for sharing views are they not? I didn't see anyone else point out a few of those things so where's the harm? I think it's quite telling how you're reacting to a simple post.
oh so sorry My mistake on such a complex analysis that lead to your conclusion (based on your extensive knowledge" that "each time it gets progressively worse". This board is, no doubt, in awe of your analysis
It was a statement. No implied expectation - that's in your head. However, I've been consistent in what I think of this sham of a listing and I don't believe you're really that dumb to think I was expecting an improvement in circumstances. But obviously you are free to read whatever you want into it. Happy that it made you "LOL".
Helpful you plum, Bell has not received the $7.5m-$10m cash out of the Congo - the market is suggesting it never expects him to, if he was so self confident then why proceed with a death spiral funding package that you and your chums allowed him to proceed with.
As for EO well I have suggested for some time that EO will never ever get their listing in the US, so far I have been proved correct.
The new plan is to generate Lithium revenue in Zimbabwe, so be it, however with Bell in charge what could possibly go wrong.
Bell and the entire BOD are no more than vultures of shareholder funds, story tellers - in the last TEN YEARS the market cap of Red Rock has never exceeded £10m, that in itself tells you all you need to know.
The major shareholder group are party to this failure, the support they offer Bell & Co is, quite frankly, incredible, what is in it for them?
Like investor 'Longterm' I have bought a decent slice sub .30p only because history suggests it is at a 8 year low average entry point, it is purely a trading position - perhaps 'Longterm' will do as he initially implied and make the revelations he suggested he would in his recent maiden post, will be an interesting read.
Let us see what Q1 brings.
"each time it gets progressively worse" what was expectation?
Where did I say that?
LOL seriously were you really expecting that ELEP would get better before the IPO?
I've finally had a little bit of time to look at the latest filing, each time it gets progressively worse.
The latest file has acknowledged that some of the pitiful $6m net has to be used to repay loan notes
"approximately $0.9 million for repayment of the Dragon Note and the December 2022 Note"
The Dragon Note has been attracting an interest rate of 20%(!) since August due to failing to get the IPO away before the maturity date. Thus "the balance of the note payable was $364,087 with interest expense of $124,852" and increasing all the time.
So the rest of the use of proceeds have been revised to accommodate this repayment such that now:
"the remainder for business costs, working capital and selling, general and administrative purposes."
That remainder is budgeted as $100k. To cover business costs, working capital and the management's insane wages.
So what are the lucky new investors getting for their money? They will be putting up 67% of the total consideration and only be getting 13% control of the business. That's because the existing scumbag shareholders only paid on avg $0.33 per share. The management is trying to sucker in new idiots at $4.65.
After the fundraise, the net tangible book value rises to a whopping $0.4 hence the warning in the prospectus that:
"DILUTION
If you invest in our Common Stock or Warrants in this offering, your ownership interest will be immediately diluted to the extent of the difference between the assumed initial public offering price of $4.65 per Unit (the midpoint of the range appearing on the front cover of this prospectus) and the as adjusted net tangible book value per Unit immediately upon the consummation of this offering."
Awful prospectus, awful management. The whole thing stinks and the stock will be worth close to nothing by the time the lock-in lapses. You would have to be a total melon to even consider investing in this ****. RRR may as well write the whole lot down to zero already.
I can support that timeline even if it takes 12 months to complete the list.
Best of luck for 2023 to all LTHs - let’s hope we all surpass our break even figures…… as a minimum
1-Jan Congo arbitration signed and paid
2- Jan- ELEP IPO
3-Jan positive Australia drill results
4-Feb Bilbale-drilling program announced
5-Feb/March- Lithium in production making money
6- March/ April- lawsuit filed for larger money
7-April/May JV partner for Mid Migori
8-April./ May-more properties in Congo
9-May/June IPO for Australia
10 june positive dril results for Bilbae
Brianspark-if arbitration is signed the next step is to begin litigation on even larger money. Do you really think the board should have AB step down. if anything a big cash bonus and more stock options