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Looks like all the snakes have slivered away into the shadows might end up for the day
Hi Ivy
Sorry, but I don't follow your logic. The November RNS stated that ' The Company intends to work towards the agreement of a payment plan with this creditor and, should it not be possible to reach a satisfactory agreement, the Company would seek an alternative source of financing for this liability or proceed with a sale of non-core assets or a combination of asset sales and alternative source of financing.'
Rambler state a) A payment plan or
b) An alternative source of funding (different debt) or
c) The sale of non-core assets or (which they have done) or
d) A combination of the above
Given that Rambler have already stated what their intention is, why would they need to release a further RNS - hasn't it already been covered. Surely it would be reported in the accounts.
Until you raised it, I'd missed this in the RNS, so thank you, I wish more people on here backed up their comments with facts. However, I don't think in the big scheme of a mining operation £2.7m is that much. And it could well be less (payment plan).
ATB.
Ahh that's what they meant by the so called "financing options" well well hopefully we've finally got to the bottom of it rmm should be able to sort out a few mill quid easily
@2phevs Re RNS 13th Nov 2020
It has not been possible to reach agreement with one of the Company's preferred creditors
in the amount of approx US $3.85m. The company intends to work towards the agreement
of a payment plan with this creditor and, should it not be possible to reach a satisfactory
agreement the Company would seek an alternative source of financing for this liability.
As stated, there has been no further mention of this debt since that time. I cannot therefore
accept that this creditor settled for equity/warrants for this liability. I would consider the
finalisation of such an agreement to be price sensitive information and require an RNS.
I do my own research, as always, thank you.
You beat me to it Ant was just going to post that as a CEO you should ALWAYS be looking at refinancing to get the best deals for the company across all assets even if it's not going to be actioned in the next couple of years. I'm sure that what he meant, however dyor GLA again
Ivybush
From just checking the rns from November through to 8 December I believe every debt, cln's and bridging loans were converted to equity at 20p they also got 1 warrant for every 20 shares exercisable at 20p they have to be exercised before the end of 2022 max 68 Mill shares.
Rmm got approx 7 million towards the costs of restarting all sorts please read the one in November for a breakdown.
Rmm also got 10 million in case in their recent Feb 21 placing at 30p so by my reckoning they've got loads of cash and no debt however please dyor GLA
Hi Ivy
As follows:
'Due to the effects of the Covid 19 pandemic, it has not been possible to reach agreement with one of the Company's preferred creditors, in the amount of approximately US$3.85 million. The Company intends to work towards the agreement of a payment plan with this creditor and, should it not be possible to reach a satisfactory agreement, the Company would seek an alternative source of financing for this liability or proceed with a sale of non-core assets or a combination of asset sales and alternative source of financing.'
Given that it is 7 months and you've heard nothing, I would suggest that an agreement has been reached with the creditor.
Have you tried asking Tim Sanford via email?
Atb.
Blue_square
i thought we are debt free nearly ?
I keep seeing references to debt free/virtual debt free for Rambler.
There is still a preferred creditor owed US $3.85m i.e. £2.7m, that is hardly virtual
but a substantial sum to be dealt with. Are we paying interest?
There has been complete silence on this since mentioned in RNS last November.
phimx
you are levelling allegation that the Rns cannot be trusted,
is this your position?
debt free
huge potential here, as ramping production over 10,000 tonnes per year which is £100M revenue from copper excluding gold
Mcap £35M
do the maths