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Good morning all.
I have a question for Moon that shouldn’t be too difficult to answer.
Moon, are restricted by NDA? You are able to answer this with a simple riddle free yes or no.
Your ramblings have to a degree given me a glimmer of hope here yet recently you seem somewhat less informed and confident as to what is actually happening.
Just a suggestion, maybe sit down with the help of an adult friend (or chicken) and write a coherent message defining exactly what you are struggling to say.
Truth is, nobody knows what’s happening here. The fact EVERYONE who is here including the trolls positively signifies there is an overall belief we could rise from the ashes. Otherwise why would anyone of you visit the board of a bankrupt share. It’s because there is hope in everyone here it is possible to make some money out of this post suspension.
Good luck to every single one of you.
….change the header this morning. I know we aren’t in a great position people but the ultra negative ‘bankrupt’ thread header posted by a green boxed troll hurts my eyes.
>Employees will report to Newgen and that includes the previous management.
And the parking attendants will have to tend to Newgen's Bentleys and not Bradbury's Dacia Sandero!
They have to say that it’s being taken over it’s still under rmm until the situation is sorted if not then it’s different
Probably for the best really, except for everyone invested.
Mine will stay in production, owners will change.
Could the Canadian government have any say in the situation as I'm sure they would not want to lose a producing copper and gold mine? I remember John Meyer speaking on this matter, but that doesn't really mean anything I know, just a thought.
The BoD and RMM are irrelevant, Newgen and Elemental own the mine. The BoD handed over the mine in exchange for a loan, and now the mine is GONE.
Employees will report to Newgen and that includes the previous management.
Unsecured lenders will not be paid, they come after secured have been paid.
If the loans can be repaid in a time scale that is acceptable to the creditors RMM will recover the assets. But everything, absolutely everything, is decided by the creditors.
The day to day business must be cash positive and they are paying down the unsecured creditors. The BOD must have taken advice because otherwise would be wrongful trading and open them to personal liability. The issue will be be what £reward elemental and Newgen will extract for their patience and on what terms they can renegotiate the debt. Hopefully the copper price will come to the rescue. Even in administration the underlying asset far outweighs the debt and the charges are to the extent of the os debt. not
All I am reading is continuous speculation from posters - some really enjoying the difficulties more than others considering they are not invested ( very sad people). We are in an uncertain position at present - fact. The one positive amongst the many negatives is that we have been in default with Newgen for 3 1/2 months and Elemental even longer and have still carried on trading and even starting to recruit again together with a rising copper price. Its anyones guess how this will pan out - we don`t need gloaters making the situation even worse as we are all investors at the end of the day.
Anything could happen - but, yes, based on the significantly negative evidence on the defaults, administration remains the bookies’ favourite; yet, still two months remain before RMM becomes unsuspended - unless it obtains an extension for resolving its continuing financial problems.
Probably. Before elemental I thought it would take 2 years with high copper prices to payback Newgen. Now its you vomplicated to say.
Mentally, I'd write this off.
So in all likelihood, those invested here are going to lose everything?
The summary of Bridge Lender contracts is:
It is not a regulated consumer loan.
There is no requirement to be nice. Buyer beware.
In the event of default, entire loan plus default interest and professional fees become immediately repayable in full.
Title of all assets mentioned in loan agreement passes to Lender.
You cannot get out of default by restarting interest payments and "catching up"
To exit default and return title, loan must be cleared completely.
Usual case is administration and shareholder wipeout, but happy outcome for Lender.
Thanks muchly Smart Punter
They will get money they got many options to them so question is now how they gonna do it that next part
Get back 50% of thier investment, its a better situation than we are in right now.
Sell the whole thing, MM and LD! Pay off all debts and even if pi's
If they allowed them to do mining then there no problem but if they stopped them that diffrent story
Who?
Newgen and Elemental are the only entities having a say over the assets until an administrator is appointed to work on their behalf. Maybe they are negotiating how to split the proceeds without a £2million a year administrators fees.
Yes they are right on this but they would have done this long time ago they did not. They can get money from somewere else
At a guess I would think Elemental have a problem as they offered a loan against assets that RMM did not own.
Call in Administrator their only option to be treated equally?
SomersetInvestor
The contracts are registered at Companys House. View the Pdf on this link
Elemental royalties
https://find-and-update.company-information.service.gov.uk/company/05101822/charges/sY0JfH9Co-mr62lkymUk7GdO1mM
Newgen, click the pdf
https://find-and-update.company-information.service.gov.uk/company/05101822/charges/abOxH1v17v-Ks3sVUceIvkYYwCw
Wow, both are secured lenders . I don't know how this works because both lenders apparently have 100% ownership of the assets on default and the agreements preclude RMM taking another secured loan. Either has the right to call in a receiver.
If a 1receiver is called in the RMM company goes into Admistration and new company RMM (in Administration) ltd is registered at company House.
Old shareholders do not own anything of the new company. New directors and board is appointed.
Moon the only time i can understand one of your posts is when you copy and paste.
company's flagship project is the Ming Copper-Gold Mine in Newfoundland and Labrador, Canada. The Ming Mine is one of the largest copper and gold mines in Canada, with a history of commercial production dating back to the early 1900s. Rambler Metals and Mining is committed to responsible mining practices and has a strong focus on environmental and social responsibility, as well as the health and safety of its employees and the local community.