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It'll be next to worthless by the time the lock up expires if it even gets listed. Best case it could maybe part fund a pointless drilling campaign in..let's see... Sudan next? Why not.
Can't wait to hear "Helpful"s next excuse as to why another filing is required before listing.
Africa-focused Elephant Oil downsizes proposed IPO to $15M from $20M again downsized to $6.8 million.
Spartan Capital Securities is the sole underwriter, and the only IPO led by the firm over the last 12-month period has generated a return of negative (86.8%) since its IPO. This is a bottom-tier performance for all major underwriters during the period.
No existing shareholders have indicated an interest in purchasing shares at the IPO price.
About sums up why Mr A bell should resign from the company.
The companies due diligence on this investment cannot have taken place and Bell expects to get a premium for his investment?
That this is quite an enjoyable way to lose money. Thinking of it like that takes the sting out of it. A normal bet, say on a football match, is very short lived. The game is over. One team won and one team lost, unless it's a draw, and then you've lost. Unless you bet on a draw. This goes on and on, and the price goes down and down but the game goes on. Marvellous entertainment
a sale makes sense. IMO RRR has too many irons in the fire , they should focus on Africa. If they do an IPO then RRR would be steady seller of the shares which makes it unattractive to the public.
ZZzzzzzzzzzzz
It is rather interesting that POW in their recent update never gave New Ballarat Gold a look in, I do wonder if this project could attract a buyer, both companies could do with the cash, POW are under a new regime, Bell has commented about possible asset sales, are they going to sell these licences.
One wonders how much a direct sale of these licences could fetch, they are surrounded by a number of companies some with scale.
https://www.rrrplc.com/wp-content/uploads/2020/06/RRA_Neighbours_Comparitors_20200607.png
Would a sale as opposed to an IPO be more beneficial to both POW and RRR, I think so, worth noting a deal of a similar sized less advanced licence package in Tanzania was sold to Barrack for a possible $60m dependent on exploration success - this was achieve in worse market conditions for gold back in 2021, see here ....
https://tembogold.com/investors/barrick-gold-corp-transaction-highlights/
It is interesting that POW have gone silent on NBGC - maybe something is brewing on the corporate front.
Getting up every morning with the sole intention to go post negative bits on a share board where you used have an interest
RRR lives rent free in your head
https://twitter.com/RRR_RedRock/status/1645768164309975043?s=20
DYOR
Yes Dan all the value in this company is still firmly locked in the oubliette. :)
Just checking in to see what nutters are still peddling the dream here… it’s insane, this set up is the true definition of a lifestyle company… was a large holder back in the day, but not anymore, thank god…
I am only bringing this up because it may be helpful to some.
The fundraising structure of the $500,000 15 December fundraise RNS appeared to be based on the average shareprice over 5 days, then rounded downwards (not upwards) to the nearest 10th, minus 8% discount. For the money the lender were given prepaid shares. So they could decide how much and when to convert those prepaid shares into actual Red Rock shares.
Then the 24th Feb 2023 RNS seemed to suggest that Red Rock had agreed to pay the lenders an additional $78,000 to change the terms of the loan.
However in the 15 March RNS the lenders got 56,487,601 shares at 0.18p. The price around that time seemed to be no lower than 0.27p. So to me it looked like the repayment of the prepaid shares were back to the original terms = rounded downwards (not upwards) to the nearest 10th, minus discount.
So maybe the additional $78,000 payment that Red Rock paid the lenders was only to hold off the lenders from converting at the original terms for just a few weeks? I guess in the hope in that time Red Rock may get a miracle and get some Congo money.
So the caution of this post is that for 5 days this share price has been under 0.20p and the lenders still have around $400,000 in prepaid shares that they have yet to convert into actual Red Rock shares. I'm not saying when they next convert prepaid shares they will get rounded downwards (not upwards) to the nearest tenth but of course there is a possibility.
I'm sure some will moan at me for pointing it out but remember it was Red Rock management that agreed to those awful terms.
"ALR has a spread of interests both in the Arcturus and Bikita areas and elsewhere"
DYOR
Z as always making stuff up.
https://www.londonstockexchange.com/news-article/RRR/development-of-lithium-assets/15764444
"Our local partners and staff at ALR have in the past brought small mineral deposits into test production in Zimbabwe, and this local knowledge complements our existing expertise as we accelerate progress on this project"
"We plan initially to exploit the top 10 metres of the pegmatite, selectively mining for saleable grade as we build experience."
Initially....
"ALR will be moving into small-scale trial production without having carried out extensive drilling or produced a full feasibility study"
So, the plan is to mine the top ten metres to generate cashflow and do a drilling programme on the deeper ore. Initially, we want enough cashflow to fund installation of plant to upgrade to 4.5% beneficiation and fund a drilling programme. Subsequently, we want to the same at Beatrice and the other licences we are about to be granted.
That doesn't sound too small.
DYOR
Blueboy-actually Ediison did receive funding from others and was paid despite a track record of failures
AB being paid. I dont have a probem with anyone getting paid to work. Is a six figure salary excessive in London? In downtown NYC the average wage is $4,000 per week or about $200,000 per year. Granted NYC is a expensive city.
In any event if AB getting paid or the track record represent your criteria to make an investment then dont invest in RRR.
The reasons/rationale for my purchase of RRR shares is still valid (Congo, ELEP, Kenya etc-within 3 years of Jan 2022) have not happened. I purchased at higher prices. I still believe those events will happened and that I will make money. If I am wrong about the events, their timing or some other factor then I will lose money. This is a risky investment and not suitable for most people
DYOR
Spec, to be fair, you appear to be an ok type person, not aggressive or too personal. slightly defensive of RRR but that is your choice. The comparison with Edison is not the best though as I very very much doubt that he was taking the equivalent of a 6 figure salary whilst delivering delivering absolutely zip over the years.
It is impossible to predict the future so people rely on the past and give reasons why a company or the market will continue to behave in that manner while ignoring any information which is contrary to their established belief and their absolute certainty that they can know the future and readers must believe them
Edison failed 50 times and no doubt your ancestors were there to offer dire warnings that the failures would continue. They continued to be right, time and time again until they were wrong.
I like the risk/reward. DYOR
what a moronic post by the resident fool again! How about the perils of investing in a failed management with a proven track record of spunking cash for almost 2 decades. Deluded bagholders stinking of desperation.
I think it's a pretty good indicator when the same chairman has been here for 18 years.
Also check out the comments of Bell about the Lithium project in the 19 December 2022 RNS. It's pretty small scale with an inexperienced team and not as exciting as Helpful makes out.
the perils of investing based on past performance
Investing based on past performance is like driving while looking in the rear view mirror.
It. Will. Cause. Accidents.
Helpful nothing in your post is true except maybe this bit:
"I put money into Zimbabwe precisely because no sane person would"
Over these past few years you've clearly got yourself in a deep mess with Red Rock. Others quickly worked Bell out but unfortunately you still haven't and even after all these years you are still saying yes to him.
I believe in 2005 Red Rock first listed at around 2p. If we reverse the 25-1 share consolidation that happened here a few years ago then that would mean Red Rock's share price would now be around 0.0076p. I believe that is around 1/130th of 1p. So this share price is around 260 times smaller than the first day of listing. Also if the 25-1 share had never happened there would now be just under 39 billion Red Rock shares in issue.
So all pretty dreadful. So based on past performance you are highly likely to end up being an huge loser here.
This little nugget is telling us that someone else thought this was a really good property
Z I see that you are still your usual pleasant self!
Gloat means something different from what you think it does.
The argument from you, Tragic and others was "I invested years ago and lost money and so no one should make money now."
What you never pointed out was that, at the time you invested, you and a few similar types where the top rampers. At the time Andrew Bell was a super-hero and then the cycle in the metals bull market changed and it was all AB's fault. Obviously, people don't like having their failings pointed out but the last time to be selling everything you have and putting it into Red Rock is at the top of a bull market where the company concerned has been on a huge run up.
I am not a social worker or a night nurse. We all make mistakes, why you think everyone else should feel for your pain is beyond me.
The time to buy assets is when no one else wants them. I do this on a regular basis. I put money into Zimbabwe precisely because no sane person would. Same with Burkina Faso.
BTW it looks pretty good on Zim: the illegal miners built a 2km access road that would cost us about $100k to do. Now we have it as a freebie.
AB has plenty of faults but you lot never go on about his actual faults rather than his imagined ones.
Anyway, "Soon Rodney, Soon".
DYOR
I see some of you are catching on to the 'granny muggers' modus operandi.
Completely agree TDT. I can remember when the only name he called MrMagic was MrTragic. On the other forum MrMagic went by the name of 'Torp' and the poster Noirua said he believes Torp is no longer with us. Let's hope he's wrong and MrMagic just got bored of posting on these forums.
I recall Helpful gloating and saying if investors lost money in Red Rock it was their fault they invested at the wrong time. Then he went on to say that he and his other clients had invested in Red Rock at the right time. Of course he was completely wrong about that.
Then of course there is the exaggeration of Andrew Bell's abilities, the constant exaggeration of the worth of Red Rock's assets. Both can sucker people to buy in and therefore lose money. So nothing nice about that either.
Helpful, do Red Rock pay you in some way to post on this forum?