Firering Strategic Minerals: From explorer to producer. Watch the video here.
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The CCAA is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs.
How do you see this going LL2, is there any way back from here?
Hi R2-D2.....I think we're on knife edge now.
We have a 13 week cash flow monitoring to complete with the LIT observing.
I guess that that will show if we are viable......however ,I don't know what the criteria is.
I don't think it's all over and we could come back.....but we might not
I'm not sure what will now happen at the end of our six month suspension...
Who has lent us the 5m....probably the current creditors which may be part of the ....we're talkin to them but can't guarantee the outcome, under a different narrative...
Strangely I feel that today was more positive than negative..
And......I do see the fact that the maintenance was brought forward as very positive...... it's saying to me that we've cleared the decks to have a really good run at maximising revenue/cash during the CCAA period..
Perhaps that is the message the board wants us to hear...
Thank you for your insight. You know a lot more than me and I always value your posts more than most
And more......Our CEO is treated very unfairly on this board...
It was he who brought this mine back to life and gave it a chance....before him there was no chance...
He has ,in my view reported on events when it was appropriate under PLC rules..
For example he couldn't tell us that there had been a default,until one had actually occurred...etc etc
we are in admin next peace is brad mill take away mine.
The CEO has been treated fairly. He was ramping this like mad over the summer and then released THAT RNS in early September instead of doing a 20p placing to generate cash. That's before you even get into what has happened since then.
I agree that it looks like there are some positives to take from today's news and I hope those locked in manage to get their money back but there are questions to be asked of TB regardless of the outcome.
>He was ramping this like mad over the summer and then released THAT RNS in early September instead of doing a 20p placing to generate cash. That's before you even get into what has happened since then.
Not to mention not a single time showing his face through this whole ordeal, either through informal virtual Q&As, or even just video interviews with some platforms. No explanation given to supplement the often curt and confusing RNSs since summer at what have clearly been very turbulent times for the mine.
Letters p and t are quite close in the alphabet, yet there is quite the difference between leadership and that other word.
Bradmill played everyone. The insider in newgen
The examples I have earlier should help you look into real life examples.
As I said earlier my personal expectation is you're likely to see the approval fairly quickly....this week IMO tomorrow m maybe next day.
Doesn't seem unusual for a loan at point of CCAA.
I then expect them to initiate an SISP.
SISP is a sale and investment solicitation process in an insolvency proceeding under the Companies' Creditors Arrangement Act (Canada).
Then delist. That's just my view.
Regarding the CEO getting an unfair wrap. I agree he has technically improved operations but he hasn't IMO been across the broader business and under his stewardship he hasn't had a handle on the finances enough. While other people are responsible for the financials in the company, the CEO is accountable.
Anyway it's a mute debate now.
Atb
Yes Fuku.
Agree it's looking dire now. I did read an interesting view elsewhere.
Basically the idea that NGen were a stalking horse, for unnamed loaners. That were basically looking to acquire the resource from some time back.
If the 5 Mill is more, but in from the same to secure... So from those still " interested" parties. That would make sense.
The resourse, at up to 2% Cu in a few years time. Will be a more than tidy sum, we all appreciate.
But likely now, for whomever requires/relaunches the company (Brad maybe, or AN Other?).
If they can take the mining advances, inject the capital, and run it professionally..... It will bring to a great earner IMO, and not just mine....
But existing holders look like toast sadly.
Big F*cks Small it seems?
What a shambles.
>They all know each other, and there's likely dodgy dealings going on to basically steal the company from us.
Small community up there, reckon they have some Eyes Wide Shut type parties?
It’s the mining industry… everybody knows everybody. I don’t think there are any real nefarious actors here just some **** poor management flogging a tired project/mine year after year.
They could never sex the place up enough to get serious money to come in and do things properly. It’s a good orebody on paper, but the geometry is miserable, the infrastructure is aging and rambler has likely done themselves very few favours over the years trying to squeeze some value out of it. Brad Mills and Plinian/CE are some pretty serious losers here based on the amount of capital they’ve dumped in without seeing anything for it.
>I then expect them to initiate an SISP.
Well done sir, you called it.
Reading that it seems like a long old process..
Micru, unfortunately yes.
Waco regarding timelines my understanding from some research is from after the SISP order is obtained to the closing of the transaction approx 15 weeks is assumed.
Clearly the process has some flexibility so it's not necessarily that time but gives a broad brush expectation.
It's on this basis I suspect the SISP to not be completed before the suspension 6 month term arrives at end April.
It was on this basis I suggested I thought after an SISP was announced its likely the next milestone will, sadly, be a delist.
Just my opinion.
Atb
A delist doesn't mean your shares disappear, though. We are already in a position of not being able to trade.
>>Well done sir, you called it.
Fukurokuju79 is obviously a poster who know WTF he is talking about. I think it was what he said about the C1 costs that made me sell up a week before suspension.
On the other hand I would have never invested in RMM if it wasn't for CornishKnocker(?) who was impressible knowledgeable about copper mining (possibly less so about mining finance) and recommended it at the CUSN board.
Insider is in newgen
What do you know moon? Probably better talking on the discord group as they probably have thier rats patrolling LSE...