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I incorrectly said Andrew Bell set up RRR coal ltd in 2018.
It was actually 4 March 2019. Then he set up the $1 million loan facility through that subsidiary company on 11 April 2019.
Red Rock's 18 November 2020 RNS says:
"In addition, Red Rock has issued to Riverfort Global Opportunities PCC Limited and YA II PN Limited a total of 16,000,000 thirty six month warrants, exercisable as to half at a price of 1.6 pence a Share, and as to half at a price of 2.4 pence a Share, in consideration of the extension of existing facilities and grant of a six month repayment holiday on drawn amounts"
............
This is somewhat peculiar.
According to companies house Andrew Bell set up 'RRR coal ltd' on 4 March 2018 then it was first revealed to Red Rock shareholders in Red Rock's 24 December 2019 final results RNS that Andrew Bell then used RRR coal ltd to be a Red Rock Resources subsidiary company.
Then without promptly informing shareholders he used that subsidiary company to set up a $1 million loan facility with death spiral lenders YA and Riverfort.
Bear in mind the extract from the below 24 December 2019 RNS says Bell set up the $1 million loan facility on 11 April 2019 but it was only first revealed to RRR shareholders when it was buried away in Red Rock's 24 December 2019 RNS. RNS extract says:
"On 11 April 2019 The Company's 100% owned subsidiary, RRR Coal Limited, agreed a loan facility of up to US$1,000,000 with Riverfort Global Opportunities PCC Limited and YA II PN Limited. The terms of the loan call for US$400,000 to be transferred to the borrower, with additional tranches available to the lenders at their absolute discretion. The notes are secured by 5,500,000 shares in Jupiter Mines Limited, which were transferred from the Company to the borrowers as well as by a corporate guarantee executed by Red Rock Resources plc. The notes carry an interest rate of 10% and come with a 7.5% implementation fee and are repayable over a period ending in April 2020. A total of US$200,000 has been drawn down on the facility to date"
.......
Red Rock will soon be releasing its 'final results' RNS. So let's hope that reveals how much money they still owe YA and Riverfort.
this loan was first announced way back in November 2017 https://www.lse.co.uk/rns/RRR/issue-of-convertible-loans-and-warrants-80sbt87huzt0wsr.html
LSE poster 'Helpful' or Stephen Lundy says he set up these loan notes with Red Rock. However year after year these loan notes are rolled over for another year.
They are due to be converted by 19 December 2020. Though I wouldn't be surprised if Lundy weakly agrees to roll his loan over for yet another year.
Just because CEO Andrew Bell can't bring himself to say it in interviews then that doesn't mean it's still not owed.
Red Rock's 18th November 2020 RNS says:
"Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and other minerals, reported on 17 August 2020 the renewal of its licenses relating to a gold project in Kenya (the "Project"). As originally announced on 15 June 2018, as part of a transaction whereby Red Rock acquired the remaining beneficial interest in the Project from a subsidiary of Kansai Mining Corporation Limited ("Kansai") the renewal of the licenses triggers the following actions by Red Rock:
· Payment of £25,000 to Kansai by the issue of 3,571,429 Red Rock shares ("Shares") at a price of 0.7p a Share;
· Issue of a $1,000,000 Promissory Note payable in fifteen months to Kansai;
· Grant to Kansai of £500,000 of warrants exercisable for 30 months into Shares at 0.7p a Share.
A FURTHER ANNOUNCEMENT WILL BE MADE IN RELATION TO FUTURE OBLIGATIONS TO KANSAI"
......
The above RNS extract mentions the 15 June 2018 RNS. The 15 June 2018 RNS says:
"In the event of a renewal or reissue of licenses covering the Assets the Company will within three months make further payments, subject to such renewal or resissue not being on unduly onerous terms, as follows:
(1) $2.5m payable in cash
(2) a $1m promissory note payable 15 months after issue
(3) £500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue."
.........
I don't know how Red Rock find that amount of money. Maybe they will arrange to pay in installments? In an interview a month or so ago Bell briefly mentioned he had interest from some Chinese parties over a Kenyan joint venture https://mobile.twitter.com/RRR_RedRock/status/1138109907809579011 so maybe that will happen and those Chinese parties will pay the owed $2.5 million?
Regardless of how it's paid that $2.5 million is clearly still owed.
https://twitter.com/keith59394550/status/1337113758452297730/photo/1
all the recent story telling is all a precursor to an other huge dilution .. as apples are apples every year a new story gets wheeled out, will there ever be a successful project... no
blueboy1975 ..if you are calling me out , it pays for a pretty good lifestyle. I didn't see you on the boards of GGP, N4P, ECR, VLS, SEE, UFO, EAAS, ZWLD, BEAM, AAU, AVACTA...ah I see . There you are on Frontera Resources..court case and went private? Says it all..
When Bell issues RNS about getting a vehicle going, it worries me as does the fact that RRR is essentially a one man band. Still think they have interesting assets if they can be brought into production but that is the rub, what is it going to cost to stop the CLN's being called in December and Bell is talking of a busy 2021, but what is RRR's cash burn at the moment with all these new hires and costs. My guess is that Bell has thrown the Jupiter shares into the melting pot. If anyone goes to this year's AGM, usually between Christmas and the New Year - make sure you ask the question and watch him squirm.......
One born every minute....
New buyer for 2.5MM shares..TW pointed me this way before listening to Bell's interview. Looks like an interesting mix.
Let cats out of the bag with that interview.
Get Mr Magic quick here. Idiots are buying at .899p.
This is going down to 0.6 on 19th December!!
Mr Maaagggggiiiiiiccccccc aaaarggghhh!!!!!!!
After yesterday market announcement, we spoke with Andrew Bell, we asked, with the geographical sweep in the sense you have a 5 million market cap with three focuses with Australia, Kenya, Democratic Republic of Congo, is the market cap wrong or the assets?
https://twitter.com/Share_Talk/status/1336992511378776067?s=20
https://www.share-talk.com/andrew-bell-chairman-of-red-rock-resources-rrr-l-interview-2/
Graph looking strong
Waiting for major gains..
Monumental post here...............I have bailed.............I am certain that this is about to pop with news and there may even be a moment to get out with decent profit, but I just don't trust Bell, what ever happens there has to be dilution and Joint Venture buy in etc. So going to watch to see how cards fall and may come back once de-risked. Having said that tomorrow, I may be sitting here weeping........
Nice but the interesting bit was Musonoi:
Been approached.... moving to a JORC resource quickly...
The two things appear to be linked: Musonoi dwarfs everything else. Supposedly circa 240k tons of copper there and 20k tons of cobalt. With copper heading north that is s lot of value in place. The Nzuri Copper deal was $79mil.
DYOR
https://twitter.com/StirlingBridgeR/status/1336981666355666944?s=20
3 Licences to be granted imminently with imho
Suspicious that there was heavy buying a day before. The only explanation can be inside knowledge was being relayed.
Whereas after the RNS understandable..............that said a lot of money has to be raised by future issue of more equity.
Here we go again.
I did say to someone this morning that the RNS read as though it was written in code. You might have just decrypted it.
Goldenegg, having someone on the team who grew up on"The family farm on the outskirts of town which saw Reddingius develop a strong passion for animals and caring for wildlife, and it was when she moved to Perth in 2011 to study Conservation and Wildlife Biology at Murdoch that she crossed paths with veteran coach and Olympic mentor Matt Barber, who saw her potential as a heptathlete." wont do any harm at all in demonstrating "Everywhere we do careful preparation, and everywhere we attach great importance to the early establishment of strong community relations and a culture of compliance with environmental law and best practice." and hence getting licences granted
He has been saying the same for ten years. He is not someone who is interested in buying RRR under any circumstances.
OMG
Mr(lost)Magic you been de-ramping it for last 2 months. During this time you could have invested money in ECR, EEE, LND, GLR and flipped them for solid profit rather than waiting for this to go down to 0.6. Honestly learn to trade rather than be bitter.
I don't think multiple site names are allowed on this board Stephen.
Yawn!
A pithy worded update RNS was inevitable given that the deadline for the outstanding £830,000 worth of CLNs (plus 12%pa interest) is now approaching which is 19th December.
Those CLNs are convertible at 0.6p
Hence I personally won't be buying any shares here above 0.6p and would consider myself foolish to do so.
Just no point at all buying here that I can see before that 19th Dec deadline has passed and it becomes clear whether the CLNs were converted or whether they have been rolled over for a laughable 4th consecutive year or whether Bell is going to pay them off.
I personally guess more dilution will come . . . . as it always does. Staying very clear of this one as a result
Nothing but a lifestyle outfit for me
DYOR