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Looking like today or Monday for an update, although I hope it's going to auction.
Well, soon the wait will be over.
Today at 5pm Newfoundland time all successful bids will be in.
I would guess an update on Wednesday/ Thursday this week.
I assume that with the 10 day add. That the RMM website may see an update on the bidding process/status at least early next week. It's the least we are owed.
That's the only "official" source I was aware of. Please correct if misunderstood.
Personally I had written this off. The extension made me think that competition was there, despite no formal confirmation of the parties etc, which was obviously positive rather than a perfunctory or unopposed grab?
I still am tbh highly skeptical that existing holders will see anything once the creditors and board take their cut.
But I guess it will be worth checking the company pages next week to see if any more detail is let out.
I hope I am wrong on this one of course.
I can't disagree with you micru
In March this year, there was a confirmed sale for $35M of the Kun Manie copper sulphide asset in a very remote part of Russia (google and have a laugh at how remote). The buyer was Russian (so can be ascertained got for cheap, as the process wasn't exactly internationally competitive). It is just a prospect with just a completed feasibility study. No power infrastructure, not even road infrastructure, not to mention mining infrastructure and equipment.
You would be deranged to think that an asset like one in Rambler's possession would go for 35-50 million, not to mention the debt. That would be criminal.
Bid among 3 parties should be interesting. It's takes hundred of millions dollars and few good years to build a copper mine in production stage .
You already know the worst outcome is nothing. What bad outcome are you expecting? Double nothing?
Not long until we find out how f***ed we are.
There are probably several factors that can make this true.
Bigger companies will have better quality and more cost-effective partnerships with vendors/contractors (should they be required). A lot of internal expertise and quality control -> less risk and associated costs from negative consequences. Larger pool of equipment. Efficiencies from economies of scale. Political/trade connections.
By the time they get up and running, we will possibly be in a more favourable macro environment as well.
Does anyone think a bigger mining company could run Rambler’s mines profitably where the current jokers failed miserably?
I also interpreted the deadline extension is more a positive than a negative. If someone asked for an extension for a bid of £3.50, they wouldn't bother. If there was nothing, they'd just be going through the motions. Let's see.
So there could be numerous interested parties through to Stage 2, as per the "significant interest" statement.
I also think this is why additional time is now required due to the significant interest and numerous bids received with probably different financing options.
We will all find out soon.
Nothing official ..
Ftseinvestor,
Can you point me to the official statement made by RMMC or the company dealing with the sale that confirms without any doubt there is only "3" Serious bidders as I am struggling to find this.
I remember seeing a statement on the first stage of approx 300, but have not seen anything official confirming only 3 on the next stages unless I have missed this.
The only official statement I can see is that there is "Significant Interest" , so how that gets dwindled down to 3 may be far from the actual number bidding??
Await your response,
Hopefully so!
3 bidders are seriously interested in rambler .hopefully rambler will be sold for good value for its huge reserve of copper and gold and it s future potentials in this hot merger and acquisition market .
July 18, 2023
Rambler Metals and Mining Canada Limited (RMMCL) ("Rambler" or the "Company"), a copper and gold
producer, explorer, and developer, is pleased to share an update on Phase 3 of the Sales and Investment
Solicitation Process (“SISP”), which was originally scheduled to conclude at 5:00pm Newfoundland
Standard Time on July 21, 2023. The Monitor, in concert with the Company and the Debtor In Possession
(“DIP”) lender have agreed to extend the deadline for the conclusion of Phase 3 by ten days to 5:00pm
Newfoundland Standard Time on July 31, 2023. This extension is being granted to afford the Phase 3
Qualified Bidders additional time to finalize their respective binding offers.
The extension of Phase 3 does not affect the overall completion date of the SISP, which remains at
September 11, 2023.
Once a successful bidder is selected pursuant to the SISP, a further communication will be made to
stakeholders
https://ramblermines.com/storage/press-releases/sisp---phase-3-extension-1689770698.pdf
Nope, zilch, Nadal, nothing sweet FA.
Seems doubtful we will get anything back.
We will know in a few weeks so keep an eye out on the Rambler website.
An auction is our only hope now. 28th July is the date this will take place. (If it gets that far)
Just pray for miracle……..
Is GTUMFO a joke? Also in reality are we likely to get anything back here at all?
I heard it from GTMUFO. Best time ever.
Got censored. ar-se
**** daily - quite a prominent publication, but not always the most reliable source.
Haha! I wish! Where have you got that information from?
Aco88, the company has just been sold for double the amount advertised so you should get back double the amount you invested….happy days