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I'm expecting a significant dilution following any share placement or CLN offered in respect to renegotiated loan. Its still a better route than administration as wouldn't have expected anything back.
The question is how big a placement is required to refinance and will existing PI shareholders be allowed to participate. Hopefully we can keep the pressure on without which I would have expected Rambler to be in administration now.
I think the $5m was put together hastily to reconsider their position.
Hi Strummer,
Not surprising I guess. The potential difference here is that the underlying asset has significant value 'if' it can be exploited economically. The question for me, as previously put, is whether the $5M allows us to ramp back up to full production and, with copper at the current price, pay back our debt and get our head back above water, or whether it will just allow an orderly sell off to maximise debt repayment but with nothing left for shareholder. I take some comfort from the fact we are planned to restart operations tomorrow. It will be interesting whether that is full steam ahead or not.
Best wishes,
Prof
We just need copper to behave now and hope the BoD are running a much tighter ship. I have no doubt that the efforts of RIG have, in some small way, influenced this situation. Just need to sell some copper, pay off some debt and hope that their is a better run mining company sat in the wings waiting to buy Rambler at a fair price.
I found this looking up CCAA.
Not saying it's definitive by any means. But this hardly reads like the best time ever??
"Holders of common stock are typically last on the list. Quite often in CCAA proceedings, they get back none of the money they invested. Their old shares become worthless and often new shares are issued in the restructured company"......
To following link to PWC provides a very helpful summary of what it is:
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Hopefully this could put a stop to some of the shady **** that has been going on!
Sorry Moon, that message went off half written. Should have read:
Well it is better than having failed to restart operations and folded. The question is whether the $5M, with copper at the current price, is enough for us to operate at full production and start digging ourselves out of this debt millstone that it around our neck, or whether it is just there to provide a buffer while the assets are sold off. The fact that we should be back operating tomorrow gives me some confidence. What do you reckon?
Best wishes,
Prof
Moon,
Well it is better than having failed to restart operations and folded. The question is whether the $5 M, wiht c
They monitor company while we sort out ourself. basic it’s good in way. One ******* that letting us dwn
Reopening planned for tomorrow and:
'Directors and management of Rambler are expected to remain responsible for the day-to-day operations of the Company, under the general oversight of the Monitor.'
But what does all this mean for the medium to long term?
Best time ever for RMM
We made it
RMMCL has entered into a conditional DIP agreement for a loan of US$5.0 million with RMM Debt Limited Partnership by its General Partner RMM General Partner Inc., representing certain senior secured lenders to RMMCL. The DIP is contingent on Court approval and will be secured by the assets of RMMCL and the guarantors, including Rambler, 1948, and RML, and will be used to support the operation while in the CCAA process.
Question stand if correct let see what happens
Waiting for a positive rns tomorrow and end of headache for last few months .I am sure they must done loan deal may be @ cost of few % of cheap shares for some shark.
>Finance department under Eason Chen completely failed to keep track of the financial situation.
Had a thought the other day whether the appointment of that lady was scripted and pre-meditated as well, so Chen can do his bidding, and then the new CFO can come in and claim ignorance should there be any legal consequences.
FreeTheCaterham7, the biggest red flag should have been the fact Eason Chen was the CFO of a crypto company whilst CFO of RMM. Clearly his priorities lay elsewhere.
There were more red flags in this company than there is red flags in China. Unfortunately we all ignored them under the hype of making lots of money.
I have learnt from RMM that trust in the BOD is 100% the most important thing. If you have suspicions about the intentions of the people running the company then it is time to sell. I regret ignoring the concerns about the BOD around December 2021/January 2022 when the company did the debt to equity swap then announced in advance of a placing that they needed cash.
I would love to hear what the RIG has discovered on these people and I hope it is made public at the right time.
The finance department was only half the problem. The rest can be attributed to the constant over promising which in turn leads to garbage inputs to the cash flow models. For years, Rambler has promised higher grades, more tonnes, and more copper but have never hit, or even come close to guidance. It’s even more embarrassing when you know that companies set guidance below their actual internal plans to be “conservative”.
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£2.60 :(
Still a better return than my RMM investment.
Finance department under Eason Chen completely failed to keep track of the financial situation. They literally admitted this. I am kicking myself that I didn’t sell as soon as they revealed this. What a silly sausage I was.
As much as I agree that the BoD and Toby are useless tits, I put a good bit of the blame for this situation on the “middle management” VPs like Pete Mercer and Tim Sanford… Both these guys have been around for years and are the ones feeding information back up to the BoD and Toby… Theyre all complicit but the rot runs deep with Rambler.
We all lie every day, apparently about 100 times a day (from some random paper I read), about things like the weather, how we feel, or how our mother-in-law's dinner was outstandingly ok.
However, most of us avoid lying to the extent that it might have a negative impact on someone's life. People who don't care about that are often seen on the next Tuesday.
The Board of Directors of RMM have lied. But not to help the businesses, but to help themselves and and maybe a few others.
There are many stakeholders impacted by this lie. Not just us the shareholders, but staff, local small contractors, and local suppliers. Their actions have had negative consequences for everyone involved in RMM. Many people found themselves in financial difficulty including staff in NFL, not he greatest place to live if you cannot afford heating bills.
I have spent the last three months reviewing RIG application and seeing everyone's loses here. These losses are not just your money, but your kids money, your families time with you, your health...
Lies are great when no one asks questions. Well we are asking questions! More than that, we are united. Not just investors, but suppliers, outsourcers and local workers. We are asking questions and we are drilling harder than RMM ever has to get answers.
This is not a mine failing because copper is worth nothing, or there was a major natural disaster. This is a planned attack on YOUR investment, YOUR money, YOUR kids money.
ARE WE GOING TO DO SOMETHING ABOUT IT?!
We are already fighting this lie, join us https://discord.gg/fVHzcdwR
Any news about refinance or mining again anyone?
Monkey. I looked through your posts. What a really sad individual you really are. Not sure what other accounts you have but I'm thinking you and moonie might be close
Monkey. Still at it. For months now. Your not invested so why the words of wisdom. I took my chances and I may lose or maybe not. But that was my decision and not listening to your your rambling,s. If it goes well I will be holding for some time to come. If not then it won't be the end for me. But I don't listen to some poor wee loser trying to tell me what I should do. So go get some hankies