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Member Info for MrMagic

Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 7,159
Number of Share Chat Posts (last 30 days): 69

Last Posted: Today 14:33

Post Distribution over the last 30 days

Today 14:33

Now over 2 billion shares in issue. How many were there when you last checked in? Ashmont failed to complete their El Limon deal. Mystery buyer failed to complete the Greenland deal. Mystery BB poster revealed that Nama had their share of Greenland up for sale. RRR were applying for 3 exploration licenses in the Ivory Coast 5 months ago, not heard a peep via RNS since then. Can the SP go lower? Yes obviously it can. AB did state at the outset of 2014 that he wanted to relaunch. I'm not sure what that means exactly, but I can't see any outfit wanting to "relaunch" with an SP of 0.22p so I still say there is a possibility of a consolidation here but that's pure conjecture on my part. Just seen too many other companies do it already this year.
Today 13:47

Don't forget that Mr Sklan is more than just a shareholder, he has a royalty based deal established with RRR in regards to the Ivory Coast project so some of his risks are mitigated.

RNS 4th Mar 2014

"[DS] will receive a gross revenue royalty of 0.6% on any production that occurs on the ICGP and will receive from the net proceeds of a sale of ICGP assets an amount equal to a return of the Investment Amount plus 15% of any realisations in excess of the Investment Amount."

I'm not great at calculations but say the ICGP was explored and proved up and then sold for just £1m, I think DS gets his original £100K back plus 15% of the excess £900K which is £135K. If I've not understood that properly then by all means correct me. Not a bad deal really.
Thu 09:27

"waiting patiently for the relaunch"

What in your opinion will constitute a "relaunch"?
Mon 15:26

"soon" is somewhat vague imo. The deadline simply to complete DD has already slipped to 10th Sept after which, IF they want to proceed, I assume agreements will need to be drawn up and so on. However, I'm no longer as confident as you that this deal will complete. My reasons being:

1. RNS 18th July stated:

"We are working closely with NMC to deal with any remaining issues they may have"

Which implies to me, that there were some issues with the initial findings of the DD

2. There was some talk on the BBs that NMC were wanting to buy all of the mine rather than just RRR's 50.002%share held thru AGM Ltd. As it's BB chatter it is unreliable, but if true, it implies to me that buying just RRR's share wasn't enough for NMC for whatever reason. So the currently proposed deal, to me, seems unlikely to go ahead, and either a re-proposed deal or no-deal the more likely outcomes.

3. During the recent Mining Maven interview I remember AB saying something along the lines of NMC wanting to understand if the mine could be expanded in order that it could process ore from neighbouring mines (correct me if I have remembered that wrong, I haven't gone back thru the interview to check). If true, then this again implies to me, that NMC are not happy with just RRR's share of the mine as is.

On balance it seems to me that both sides are juggling possibilities to see what boundaries can be stretched/moved and that presumably now involves a third party, MFP. It remains to be seen whether some new arrangement can be agreed.

As for the notion that NMC have already expended $100K in exclusivity fees and thus must be highly likely to complete, I disagree. The original proposed deal was for up to $5m so that $100K represents a mere 2% of the proposed deal. It is peanuts. I think of this like paying for a £50 AA inspection for a car before I buy. If the price of the car is £2500 then that inspection is a mere 2% of the purchase price, so well worth doing if that £2500 is a bargain price for the car. If you were considering 3 such cars, each of them a bargain at £2500, it would still be worth spending 3 x £50 to have them inspected for piece of mind. Paying that £50 doesn't mean that I am highly likely to buy the car, it just means it's worth doing to check things out, imo.

Overall I'm hopeful that a new deal will be proposed and completed in some form.
15 Aug '14

Appreciate the fine print there but being realistic, the CPA has been put into place for a reason so it is clearly going to be used. Any way you cut it, the result is surely dilution.

West11 can you explain to me how you reach the figure of 46m rather than my 458m please?

My calc is:

£550,000 = 550,000,00p

At SP of 0.12p

550,000,00p / 0.12p = 458,333,333 shares

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