We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Will be interesting to see where this is going next week, really hope we can see some swift upward movement. My target is 2-3p with some good news flow.
Exactly.
Zoo, not sure if you’ve caught this (your last paragraphs below) Andrew can’t issue any more shares as that was the withdrawn item 5 at the AGM! This seems to mean all future raises either have to be with consent of shareholders or on a commercial basis externally.
The commercial basis needs the consent of the board, which as Helpful explains below, cannot simply be waived through as AB no longer has a magical casting vote !!,
Not sure about you, but raising and spending money to finish the projects we have underway will always pass the vote but plans to buy any new Whacky projects will fail - so it’s down to our board now to deliver and protect our interests and deliver at least 1 of the 5 company changing projects we have.
And two IPOs?
What so he can tell us it is going to 0.40p again with three active drill programmes and over £1mil in the bank?
The fund raise was inevitable and so was the drop. On the upside, we have funds available Now to drill and hopefully make something of the projects. I going to stay positive on this one, with the market as it is, there is a more then a fair chance we could see a decent run on the share price.
In 2018 Andrew Bell did a sharetalk interview bragging that come May that year RRR would have over £3 million in cash. However by year end I recall they had around £27,000 remaining. He had squandered most on making loans that were never paid back. He didn't even (until months later) inform shareholders by RNS that he had made the loans.
These past few months he did a £1 million placing last September. Another £1 million placing today. In November he restructured a loan facility arrangement with YA so he could get his grubby mitts on $2 million. $1.4 million had been drawn down by December and so we can be sure he's maxed out the full $2 million. So no doubt later in the year he'll be looking to raise a few million to repay that back.
He certainly has an unquenchable thirst for money. To be fair he constantly raises the money because he knows he can. Unchallenged, sitting on his Red Rock throne I'm sure for many more years.
https://twitter.com/proactive_UK/status/1360255854231105537?s=20
I think we might see Mr Magic return now ;-)
Long Term, I told you what I would do and I did it.
Three on the board now: no hiding behind behind it being 2 v 2 and AB having the casting vote as Chairman. This is a big change, it means AB has to carry the other two with him rather than rely on Nott and his casting vote.
For two years we have been pressing for board changes. AB has done a good job on the ground but RRR needs a proper board that is seen to be independent of AB and competent.
DYOR
What were the resolutions passed and withdrawn?
Get Bell out now. Squandered all this money. I keep saying, change management and watch this rise. A legal case should be brought against management.
It's s near certainty Red Rock have now fully maxed that out. In the December final results RNS it was revealed they had drawn down $1.4 million. Bell doesn't update the markets when he further draws it down, so now pretty certain he will have maxed that out.
According to final results RNS repayments start in June 2021 (so 4 months away) and the loan (including interest) is repayable over a 6 month period. So come June 2021 Red Rock will need to to repay around $350,000 every month for 6 months.
This fundraise (as predicated) is at least pushing us in the right direction with the current activities planned. I have been through more fundraisers than pants with this company but this one looks like it might give the share price some legs!
Still no word on Kansai. I can only think he’s sold the JMS and POW shares not being used to secure the loans he’s taken on to pay this. Would he be allowed to praise money for drilling before settling?
The $800k is not just for Migori.
Drilling is planned at Blue Ribbon, Luanshimba and Migori.
Likely more will be required later in the year. Some drilling needs doing at Musonoi as well.
Victoria has gone into lockdown but it shouldn't affect the work on the ground now but might slow permitting down later in the year.
PS the SW target for Luanshimba is likely copper and cobalt.
DYOR
No this is not the last raise - how can it be?
You have to pay to drill in DRC. Pay to drill In Kenya and An AUS stock market listing does not come cheap. I think same again in 2- 3 months time.
I should be livid this morning but find myself thinking we now need to spend to get over the finish line - so get spending.
One asset sale, one JV, one farm in with royalties or the proceeds from an RRAL AUS/ Canadian IPO and this board will be in a better place and the SP up multiples
My only fear for the future is that if any of the above occur - Will Andrew Bell have already spent the money on another NEW wacky long term project rather than monetising and finishing what we already have. There currently is no mechanism stopping him doing this and that’s what needs to change!
Aah yes thanks AJAYE - I see the warrants now.. must be as blind as a! still not bad - 2 for 1 and effectively means another 1million coming in for around half the number of shares next time. Might be sooner than many think - we could hit 2p quite quickly I believe if even 1 of Migori, RRAL, or Congo give the expected good news. Lots of things to invest it in - Macalder tailings anyone?
Agree - Think you missed the non transferable Warrants @ 2p?
Have to theorise from the “market soundings” statement that ETX have seen the draft Kenyan JORK report and were happy to issue £1m and they also believe the Warrants can reach 2p.
Kenya - Migori can start to drill $ 800,000 and the price goes up for any perspective purchaser.
5 projects can make/transform this Company - will Andrew Bell deliver one of them this time ?.
AGM today - let’s see what was voted for
I am a little suprised that many seem to know there will always be fund raises, thus dilution, and continue to moan about it. Why do such investors continue to hold?
How many dilutions is this? Be sure this will not be the last. More to come...when this amount runs out they will be back with more confetti. Why vote for more permissions that give them more power to produce more confetti? There will be more confetti for years to come until shareholder say no to Bell. No more.
Have to be pleased with that. The price is good and no warrants issued...You have to speculate to accumulate and drilling now can increase the value of the RRAL assets prior to IPO. Helps also to have some cash in tha bank when negotiating a JV in Kenya perhaps..
Has this company ever made a profit? Has it ever got money other than from fundraising, will it ever get money other than issuing confetti? Will this be the last dilution? Or can we expect many other dilutions?
As expected from the last few months of pumping here is the inevitable dilution. Bell is as predictable as ever. More dilution , no revenue 16 years of exactly the same thing . 25 years and 26 million in solutions and 5 mill in real revenues the greatest carpet bagger of the aim