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You need to read and understand this
FCA -Important Message from the Financial Conduct Authority
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison.
Evidence from the SEC [American regulatory body] on Elephant Oil Corp.
https://sec.report/CIK/0001865833
The SEC No: " #0001865833 "
On the Top: " S -1 PROSPECTUS dated 28 Mar 2022."
[This is the latest filing]
-----------------NOTHING SHOWING ABOUT ANY BLOG ON ELEPHANT OIL
or ANY ? about directors etc? @ 16:38, Thur, 26 May 2022 ? on the OFFICIAL
S E C , USA site [US REGULATORY BODY].---------
Answer provided with evidence from a US regulatory body ie SEC.
Agreed KimiR posted as a seriously negative comment about Elephant Oil PRIOR to the completion of a $20 million financing which not only could prevent that financing but also harm all those others involved.
The SEC filings are made penalties of perjury that all material facts have been disclosed. Not only are there financial penalties but it is also a felony which means jail time for those who make such false statement to the SEC
I repost the message from the Financial Conduct Authority and must really stress to KimiR to read this
FCA Logo
Important Message from the Financial Conduct Authority
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison.
P.S. there is NO WHITE ELEPHANT OIL IPO, USA.
It is ELEPHANT OIL Corp, potential IPO on Nasdaq, USA.
The other point is that DIRECTORS on the main board have to be listed with their
corresponding short c.v to Nasdaq etc - IF IT IS TRUE THAT ANY OF THE MAIN DIRECTORS, CEO, CHAIRMAN has had a WHATEVER RECORDED as a fine etc, then OBVIOUSLY
they cannot be ON THE BOARD as norm?
Thur, 26 May 2022.
16:38, Thur, 26 may 2022
-I am NOT a holder of Elephant Oil.
"Elephant Oil Corp files for IPO Registration Statement."-Investing.com, 28 Mar 2022.
[Investing .com is an American site and given Elephant Oil Cor is going to do a IPO in the USA, it is being reported in the USA as well. The USA IPO would have to be filed with Nasdaq].
BLOG
I went online and did a search on Elephant Oil and nothing turned up about anyone.
I then went to Twitter and again, NOTHING turned up.
Now, if this blog has been published, it will turn up on the search engine or in the Twitter search engine. If, it is no longer there, then it may have been deleted by the blogger himself/herself.
RRR & Elephant Oil
Red Rock Resources [RRR] holds shares in Elephant Oil as an INVESTEE given RRR is a investment co like say, for example Gunsynd who also owns un-listed stock waiting to IPO etc.
STOCK FORUMS
Each one can post their bit on any co and no one is STOPPING them so there is
TRANSPARENCY.
However, like in Australia, before one can press post, there is a page that one has to agree to.
This will be NOT to post on ....as known.
If it is posted, then I think, its x strikes and out.
Why? One lady posted about a co, directors etc. She was taken to Court which is fair for
her to air all her views etc wherein a Judge will hear all about these so-called x and y.
Unfortunately, for this poor lady, she may not have been aware that in Australia there is rule of law and no kangaroo court and therefore there must be some SUBSTANTIATION to provide as it can hurt businesses, shareholders. In the end, she had to pay $50,000 and ruined. Now, the Australian site will NOT take responsibility legally and warns NOT to post such like posts. The RIGHT PLACE is , in the UK. THE FINANCIAL CONDUCT AUTHORITY
wherein their DOOR is OPEN.
One can CHECK online WHETHER A DIRECTOR, CO WHETHER ON AIM ETC HAS BEEN
FINED etc for non-compliance etc . This is public info. I see NOTHING on Elephant Oil etc.
However, please check.
No, I have never seen any blog. Most of these blogs - they have disappeared etc.
Thur, 26 May 2022.
Bots dont exist on the London South East as I have emailed and spoken to London South East before as a REAL PERSON. Just for clarification and general DISCUSSION ONLY.
your comments are vague. If you have details on "expose" or "shady characters" then please provide.
I just reviewed the SEC filing of Elephant and "Helpful" is not shown as a principal shareholder. Obviously "helpul" is not a real name. The anonymity of stock chat rooms is why post can be full of BS
IMO you are paid basher if someone bashes without getting paid then perhaps emotional issues are involved. Either way such views are dimissed
I wonder if the rose tinted brigade or the spam bot would like to comment on the expose on a certain share blog regarding the shady characters involved in the IPO of Elephant Oil? Or do they only post one-sided "research"?
Helpful is listed as a principal stockholder so I'm guessing he knows...
Accountant, well informed, well researched etc.
RRR has a current JORC under the 2012 code for Migori. They are doing the work necessary to improve the JORC both as to quantum and grade whilst looking for a suitable JV partner. They did have a JORC from 2009 under the 2008 code but it needed to be updated/
RRR/JMS but now Juno had and has a JORC for both Mt Ida and Mt Mason.
RRR was in the process of gathering the old cores in the core shed with a view to procuruing a JORC for Musonoi when it was stolen from us.
RRAL/NBGC it is too early for a JORC and the assay results on the drilling is taking forever. Likely some sort of JORC will be required for ASX or maybe an NI 43-101.
On the other stuff it is too soon to be looking at JORCs: Luanshimba needs another drill campaign; ALR is too soon to do that and in any case a value crystalisation event can be procured without a JORC; same with Cote d'ivoire and Burkina Faso.
Colombia had a JORC and it was sold.
JVs and/or outright sales don't necessarily need a JORC.
On Migori the issue is getting the right JV partner. AB wants one that has the will and financial strength to prove up a multi-million oz resource.
DYOR
In specific answer to @14:55, Wed, 25 may 2022:
In reference to :" .. M i s r e p r e s e n t a t i o n s in the mining sector, resource statement...",
-the appropriate authority is : Financial Conduct Authority - their door is open.
No one can provide any warranty in general or in species.
This covers the topic in full.
Wed, 25 May 2022. @6:05pm [Stock market closed at 4.30pm]
Red Rock Resources [RRR]
is listed under ===AIM===which carries a HIGHER RISK than FT100 so everyone knows.
-RRR operates as a investment co with Joint Ventures [JV] like Congo DRC Musonoi [50.1%] etc and this includes also some mark-to-market shares in Juno [Australian listed] &
Power Metal Resources [AIM, London] plus potential IPO's to come [JV, investee].
RRR ANNUAL REPORT AND INTERIM RESULTS
The latest Interim Results was on 29 Apr 2022.
One should always read the ENTIRETY of the said results contained in Annual Reports & Interims which carries all the caveats etc including risk/s.
NOMAD
One can ask the co's [RRR] Nomad if there are pertinent question/s if appropriate.
I use the word appropriate as in , they cannot answer any forward guidance etcas norm.
CASH POSITION
That is also clearly stated in annual reports and interim results , the latest being on 29 Apr 2022. Free to read or visit the RRR webite.
AGM
Free to attend if one has shares in the co otherwise no entry without the required as norm.
Free to ask Q uestions if there is Q & A .
RISK-ALL STOCKS
As usual: Shares can go Up and Down.
Do not" invest"[ ie put money into any stock] more than one can afford to lose.
Consult a financial advisor as often mentioned.
DO DUE DILIGENCE -All Stocks.
DYOR -All Stocks.
So, at this time, I am not aware of anything else?
Just adding in case people dont understand? From my own view, even for FT100 co's,
FTSE co's , there are NO GUARANTEES, let alone for AIM co's.
Any examples? Yes, in the financial crisis of 2008, Lloyds Bank fell to just a little over 10p?
Wed, 25 May 2022 @5:40pm [Stock Market closed at 4.30pm]
my comments dealt with my own personal investing style. I do my own DD. I have made investments over 40 years and not once have I encountered a CEO (of a small mining/exploration company) with a posittion of dont buy these shares. Our future results will be bad. They always have cavaets and conditions for those forecasted future events
Even now AB/RRR state conditions on those future events.
IMO RRR is not an investment it is a speculation and there is vast difference between buying shares of RRR versus British Petroleum
specinvestor99
Thank you for your post of 14:54, Wed 25 May 2022 which enlightens on the Congo Musonoi [50.1% to RRR] copper cobalt asset [also mentioned in RRR's Interim Results of 29.4.22 + 2 Interviews by A. Bell, Chairman, RRR via Proactive and Stockbox Media, post these results.
Recommend.
--RRR ASSETS - BALANCE SHEET, RRR INTERIM RNS, 29.4.22
Anyone that is a shareholder of RRR can attend the next AGM [Q & A inc] can ask Mr Bell
if the said exploration assets of £13m in the Balance Sheet, Interim Results RNS of 29.4.22
has been INDEPENDENTLY VALUED BY A RECOGNISED INVESTMENT BANK.
Or if they are interested, they can ring Mr Bell to ask as that is called DUE DILIGENCE [Dyor] OR rings the NOMAD to ask.
That is the best way and one can make sure [or as sure as possible].
As for me, I think, this topic is now fully covered.
there are misrepresentations in the mining sector, I am sure those companies you mentioned did their own due diligence and not relied solely on what those companies told them on face value, also I think you will find in each case they had a CPR and not just the rantings of a caret bagger... anyone who has followed RRR over the last 10 years as I have will know that some of the resource statements spouted by the management have been wildly exaggerated with monotonous regularity
re $15 million
This is my understanding
The assets was sold for $20 million of which $5 million was paid (nothing to RRR)
This leaves a remaining balance owed of $15 million Ignoring the 2nd deal for $250 million
RRR should have been paid $2.5 miliion from the initial payment. This gave rise to the court order of $2.5 PLUS damages.
I believe a bank is holding the $15 million and wants documentation/clarification as to how and to whom to pay $15 million
However if the bank (really the people who work for the bank are more likely since this would not have been an official bank action) was somehow involved in the illicit scheme for the $250 million. This may proceed more slowly than a simple payment transaction (as RRR simply providing bank wire instructions and saying now pay us)
I am a fool
P.S.
I would also like to add this as an example:
RRR share price 0.35p to sell and 0.4p to buy[advertised, not live]. MKT CAP : £4.5 -5m depending on the spread etc.
CONGO ASSET [MUSONOI COPPER AND COBALT]:
There have also been TWO Court cases won by RRR in Congo, hence why the $5m can be now enforced legally next.
Also, the RRR lawyers etc - it was part of a package from the interview/s [2] recent post RRR Interim results of 29.4.22 on Proactive /Stockbox Media that this said ASSET WAS FLIPPED TO AN INTERNATIONAL CO for some US$250m.
This is also subject to LITIGATION OUTSIDE CONGO per Mr Bell in the said interview/s as said.
So, NOT CORRECT that ASSETS cannot be valued given that on the open market, the value
could be more as there would have to be a VALUATION REPORT. AT INTERNATIONAL ARBITRATION A VALUATION REPORT would have to be PRODUCED IN COURT. So, at any given moment in time, a VALUATION REPORT CAN BE COMMISSIONED at an investment bank
specialising in resource/s.
----------QUESTION: BASED ON THAT ALONE, HOW CAN IT BE GUESSED THAT
THE RRR INTERIM RESULTS OF 29.4.22 WITH EXPLORATION ASSETS LISTED AT SOME £13M [kindly check as this is from recall] HAVE QUESTIONS ASKED [not by me by the way] ???
The Congo Musonoi HAS BEEN SOLD OR RATHER FROM MR BELL FLIPPED FOR US$250M.
In the latest interview, he quotes US$150-$250m which is presumably the range needed.
I believe Valmin code gives a range if there is a new valuation but Mr Bell did not elaborate but I am sure he will do so next time ie between flipped price [A.Bell] and the said valuation.
So, one always counter-checks as much as possible to see if there is some valuation out
and in this case, there is THE CONGO Musoni asset sold. RRR IS SEEKING US$15M [50.1%] from Gercamines, the state co and they want to know who to pay to given they need documentation. RRR stated in one of their statements that they have supplied this.
So, how did the US$15m come about if there was no REAL VALUE/valuation done and $$$ collected or paid out by the BUYER?
DYOR.
darientaylor
@22:17,Tues, 24 May 2022.
You stated you qualified as a Chartered Accountant in 1986. However, you said you qualified in 1986 to be accurate. From one of the interview, Andrew Bell, Chairman, RRR said that the Congo assets have been written down to some £590k so obviously IMPAIRMENT has been taken into account of the Balance Sheet assets in RRR accounts.
I stated that the AUDITORS have SIGNED off the accounts and if you are an accountant [qualified] but you did not elaborate whether Chartered etc. There would have to be an
ASSET LISTING of the various assets. Paul Johnson and other CEO's like Kiran Mozaria of KDNC go to an investment bank to VALUE their projects like AMAPA last owned by Anglo American.
So, NOT CORRECT as it appears that ANY ASSET CANNOT BE VALUED . AMC has just had a US$105m offer for Kun Marie and they have had a valuation done between higher and lower figuress to take account of the Russian situ and assets in Russia given that a discount must be applied.
So, NO DOUBT all the assets could have a VALUATION report attached to it by an investment bank that specialises in natural resource co like Hannan, a Tier 1 investment bank for resource co with the Chairman from JP Morgan previously.
How do ACQUISITIONS and TAKEOVERS HAPPEN IF ASSETS CHANGE QUICKLY as you say?
This is in the mining sector for example Anglo American has just JV with ARCM for some $83m and that also requires a valuation.
How did GANGFENG take over Sonora [BCN] if they cannot value an asset that is not producing but only with a DFS?
If you think that there is mis-rep in the industry, yes, that can happen and if you believe in this case, then you can go to the AUDITORS of any co to tell them and BURDEN OF PROOF or some evidence must be furnished as to why. No doubt you can go to the Stock Exchange specialist dept to also put in a report and they will also investigate if you have some basis for this given esp you are or you say you are a qualified accountant.
So, IF YOU DO NOT GO TO THE AUDITOR, STOCK EXCHANGE , then it appears to be
what I am not sure?
Just as today, you posted about Victoria licence and that the RRR tweet was ...advice but it was FROM A CONSULTANT GEO AND THE TWEET BY RRR WAS QUALIFIED by we'll see.
As an acountant , you will KNOW ABOUT LISTING DOCUMENTS AND ALSO THE NEED FOR A VALUATION REPORT to the Oz Stock Exchange.
I hope this clarifies.
With due respect. Tues, 24.5.22 Just asking.
I qualified in 1986, the asset valuation of resource companies varies wildly in an environment that rrr operate in. It is nearly impossible for a firm of accountants to acurately ascertain the real value of sich aassets as they chamge so quickly amd thete is a largw amount of faith uiven yo the directors on companies that are small like rrr amd have very diverse and geographiclly spread assets, that said it wouldmt be the last tome a set of dorectors mis represented their assets as rrr have been proven to have done over many years. Loon at the many writeoffs in the past . Some huve ones. So dont try to play the' if yhe auditors have signed it off it must be true ' card, it aint that straight forwatd, but then as a lay man ypu wouldnt understand the mechanics
thank you for providing more context. While I am not familiar with the Australian process I am with the TSX. The TSX will also review the technical reports and require the consulting to make changes. All of which creates the variables in the exact timing
----------ARE THERE ANY CHARTERED ACCOUNTANTS ON THIS FORUM?----
By Chartered Accountants, I am referring to those qualified [fully] and can sign off
company's accounts for listed co's etc.
Ref: There was a post on this forum today, Tues, 24 May 2022 REFERRING TO RRR'S
BALANCE SHEET AND ASSETS.
Maybe, laymen are not nuanced that these have to be SIGNED OFF after auditing by
an accountancy firm and filed.
Also, ASSET LISTING is done and checked by the auditor as part of the auditing process by the accountancy firm.
Maybe, if someone is a Chartered Accountant they can quote the para , sub-section
of the regulations etc and the penalties thereof as norm.
It appears that 1 poster thinks that the Balance Sheet of any co are a "FABTASY" [post at 7:21am, Tues, 24 may 2022] and is NOT nuanced in accounting, auditing, asset listing, revaluation, impairment etc and that the RESULTS RNS [Interim /Annual Report] carries
needs a short statement by the AUDITOR eg going concern etc and SIGNED by the auditor for submission to the London Stock Exchange as Regulatory News.
StockboxMedia 24.5.22 tweet:
"RRR-Key licence granted at Victoria Gold JV. This announcement makes a big difference to the RRR listing where it is now ful steam ahead."
A few more points to add from the Andrew Bell, Chairman, RRR interview today with Stockbox Media after the said RNS on the new licence, Victoria, Australia JV:
[1] Mr Bell said that the awaited licence came in on FRIDAY, so Mon to prepare the RNS, Nomad & legals to view etc.
[2] The Consultant Geo NOT only did a report and his remarks as above but took the report to Perth Geologists as well. Mr Bell also showed a co ie 3D models. So, consultations all round.
[3] Mr Bell also mentioned that one needs "GOOD PROPOSITIONS" to go ahead by which he meant IPO.
My Comment:
As I said, an IPO on the Australian Stock Exchange has to go thru many loops
and one of them would have to be at least a Geo Report but in this case the said Consultant Geo did a Ajax mine report and his remarks as above ie title of tweet above and had
peer review. No doubt there would have to be a fair valuation as well given ALL NEW IPO's in Australia have to have a MINIMUM A$20m mkt cap. One cant just list without PROPER LISTING DOCUMENTS AND SUPPORTING TECHNICAL REPORTS/VALUATION ETC.
So, the comments earlier today may not have been cognisant of the stringent Australian Stock Exchange rules but may be just a layman's idea that AN IPO is just based on views?
I dont know but I did know it is not like that for ANY LISTING, even on AIM etc in London.
DYOR.
Bells comment listing 2-3 months IF everything was in their control which it is NOT
Since something always happens to delay the process I would guess 4-5 months
This is a process in which the Australian regulatory authority will review and process. I suspect we all know that any government moves slowly
Obviously the additional license is positive news and the listing process changes from "on hold" to "moving forward" IMO
-------------------NEW ANDREW BELL, CHAIRMAN, RRR INTERVIEW TODAY 24.5.22-----
Link: https://twitter.com/StockboxMedia/status/1529100475630505985
Stockbox Media tweet just appeared on my Twitter so I have just listened to it.
What I could make out:
"Andrew Bell: During Covid, a Geologist did a report on Ajax mine : BEST CHANCE OF FINDING
FOSTERVILLE. He took it to Perth geos - looks good. The Geo told Andrew Bell: Just apply for the licence.
A co [couldnt hear the name] looked at the 3D and they love it. Ajax produced 300,000 ozs of gold at 14 g/t. WAITING FOR THIS LICENCE - Waiting for this to have a good proposition to go ahead [think Mr Bell mentioned one needs a good proposition to go ahead for IPO]. Complex Geology. If no delays, 2-3 months." [Ref: RRR RNS, 24 May 2022 on getting 3 licences inc Ajax mine area]
My Comment:
One poster on this forum mentioned about the title tweet from RRR. So, now it transpires that it was INDEED from a Geo and there is a report on it.
Ref: Post at 12:10 with link from POW of the new licence AJAX mine [RRR/POW JV], Victoria ,Australia.
Click to see the link from POW re: map.[Today's RNS from RRR/POW on new licence granted].
FOSTERVILLE - KIRKLAND LAKE.
Marked in light blue on the map.
FOSTERVILLE SOUTH - Newish IPO in Australia.
On the map, almost adjoining Fosterville, JUST SOUTH of Fosterville marked in GOLD.
Latest: " Fosterville South jumps on gold drill results."-Kitco News, 29 Apr 2022.
RED ROCK RESOURCES/POW JV, VICTORIA, AUSTRALIA [IPO]
The new licence area [Ajax mine] is to the LEFT of FOSTERVILLE SOUTH' s licence.
Comment:
I have only just seen the Fosterville South licence area, SOUTH of Fosterville.
So, no wonder why there may be interest in Australia over this area especially given it is
near Fosterville mine.
Tues, 24 May 2022.