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The $800k is not just for Migori.
Drilling is planned at Blue Ribbon, Luanshimba and Migori.
Likely more will be required later in the year. Some drilling needs doing at Musonoi as well.
Victoria has gone into lockdown but it shouldn't affect the work on the ground now but might slow permitting down later in the year.
PS the SW target for Luanshimba is likely copper and cobalt.
DYOR
No this is not the last raise - how can it be?
You have to pay to drill in DRC. Pay to drill In Kenya and An AUS stock market listing does not come cheap. I think same again in 2- 3 months time.
I should be livid this morning but find myself thinking we now need to spend to get over the finish line - so get spending.
One asset sale, one JV, one farm in with royalties or the proceeds from an RRAL AUS/ Canadian IPO and this board will be in a better place and the SP up multiples
My only fear for the future is that if any of the above occur - Will Andrew Bell have already spent the money on another NEW wacky long term project rather than monetising and finishing what we already have. There currently is no mechanism stopping him doing this and that’s what needs to change!
Aah yes thanks AJAYE - I see the warrants now.. must be as blind as a! still not bad - 2 for 1 and effectively means another 1million coming in for around half the number of shares next time. Might be sooner than many think - we could hit 2p quite quickly I believe if even 1 of Migori, RRAL, or Congo give the expected good news. Lots of things to invest it in - Macalder tailings anyone?
Agree - Think you missed the non transferable Warrants @ 2p?
Have to theorise from the “market soundings” statement that ETX have seen the draft Kenyan JORK report and were happy to issue £1m and they also believe the Warrants can reach 2p.
Kenya - Migori can start to drill $ 800,000 and the price goes up for any perspective purchaser.
5 projects can make/transform this Company - will Andrew Bell deliver one of them this time ?.
AGM today - let’s see what was voted for
I am a little suprised that many seem to know there will always be fund raises, thus dilution, and continue to moan about it. Why do such investors continue to hold?
How many dilutions is this? Be sure this will not be the last. More to come...when this amount runs out they will be back with more confetti. Why vote for more permissions that give them more power to produce more confetti? There will be more confetti for years to come until shareholder say no to Bell. No more.
Have to be pleased with that. The price is good and no warrants issued...You have to speculate to accumulate and drilling now can increase the value of the RRAL assets prior to IPO. Helps also to have some cash in tha bank when negotiating a JV in Kenya perhaps..
Has this company ever made a profit? Has it ever got money other than from fundraising, will it ever get money other than issuing confetti? Will this be the last dilution? Or can we expect many other dilutions?
As expected from the last few months of pumping here is the inevitable dilution. Bell is as predictable as ever. More dilution , no revenue 16 years of exactly the same thing . 25 years and 26 million in solutions and 5 mill in real revenues the greatest carpet bagger of the aim
As usual no understanding.
The ECR/FSV deal was done before the substantial rise in the gold price. FSV is the transaction what kicked things off on the TSX re gold companies.
There have been several such transactions since then. The valuation metrics are now rebased.
Any pre-IPO funding at RRAL will be done given current metrics and current demand not the metrics and demand of late 2019.
Both PJ and AB have confirmed that RRAL has had multiple approaches. No deal has been done yet and the initial exploration programme has kicked off. The purpose is to enhance value before a deal is done.
And, yes, ECR let its assets go too cheaply.
DYOR
Not sure I reallu understand your point zumore. If RRAL has an IPO and lists on the TSX then whether the resultant 'new co' shares are distributed to shareholders or retained by RRR & POW then the benefit in financial terms to RRR shareholders is the same (either we have tradeable shares in Newco or RRR valuation and share price increases by their share of the mkt cap of newco since a proper valuation can then be assigned to it). My preference would actually be for RRR to retain it's share of the newly floated entity since I believe we will then have a significantly higher share price and with that scope for raising funds to add value to the remaining Victoria tenements much more easily and with less dilution.
Bring to Paul Johnson’s attention and you’ll get a straight answer zumore
To follow on from Helpful's post.
Fosterville bought 3 of those Victoria Goldfield licences from ECR for $500,000. ECR would get add ons depending on what was found. Here is the ECR RNS:. https://www.lse.co.uk/rns/ECR/sale-of-exploration-licences-for-cash-96x4d4y3759q05x.html
Fosterville in June then announced they would spin out two of those newly purchased licences into Leviathan gold. Fosterville shareholders would then receive 1 share in Leviathan for each share that they held in Fosterville. Here is the news release: https://www.prnewswire.com/news-releases/fosterville-south-plans-to-spin-out-avoca-and-timor-tenements-victoria-to-leviathan-gold-ltd-the-shares-of-which-will-be-distributed-to-fosterville-south-shareholders-301082139.html
Then Leviathan gold listed on the TSX today. Here's the news release:. https://www.prnewswire.com/news-releases/leviathan-gold-to-commence-trading-with-symbol-lvx-301225860.html
........
Now it seems ECR didn't receive a tremendous amount for selling those licences. Though it seems Fosterville shareholders did pretty well out of it because they received shares in Leviathan.
The question is. If POW and RRR were to do an IPO and list RRAL on the TSX, does anybody believe POW and RRR ordinary shareholders would receive free shares in RRAL? I cannot see it myself because Bell is a greedy so and so and everything always seems to be to the advantage of him and nothing to the advantage of the ordinary shareholders.
Lets hope this share can pick up some real traction as I would imagine there's a lot of us that are underwater.
I really do believe that Andrew will never have a better opportunity to turn it around...even with obligatory fundraise that must be on its way.
Starting to feel slightly positive..never thought I would say that.
https://twitter.com/Leviathan_Gold/status/1359511322702999557?s=20
Apologies my earlier message title s/been RRR not RNS. My losses here still around 90% but if a few of our projects go well I can see a big improvement here.
Both legs over 1.20p and 1.25p paid. It looks like we have moved to a new trading level and the 1.2p resistance is behind us. The next resistance level is much higher.
JORC report on Migori next, AGM Friday (could be some surprises) and the Juno IPO early March.
DYOR
I averaged down a few years ago with a view to get out on a rise and reduce my losses. But didn't work and still here. I would love AB to go. Remember Daniel Skian years ago thought he was onto a good thing here but AB never achieves. Sad really.
I would have to agree with both of you. Value at the moment is not reflected in the share price but I feel its sentiment towards the management that keeps it grounded. I could be wrong but I believe long term holders with a high average are wary of averaging down, more seasoned investors won't touch it and new investors have read the boards across the spectrum and conclude that it's too risky and there is no value. It's becoming a bit of a ghost share. I would love to average down but fear of catching the blade again stops me.
Fair value is higher.
On the Migori JORC replacement cost is $30 an ounce discovery costs. Do minimum valuation should be $27mil on Migori alone.
DYOR
Yet again, every time there is positive news, this SP hits a glass ceiling and block sells come out because of the total incompetence of management who bulk issued shares to piker investors who flip. I actually understand markets unlike Bell clearly who can’t do a deal in the capita markets space for love or money. Mining deals perhaps, but he is a joke to an investor like me who bought nearly 5% of this company. I now own 2% but until capital markets are dealt with in a smart way, his incompetence will always discount this share hugely. Change management now and you’ll see this share re-rate to fair value (3p).
https://twitter.com/CopperBullish/status/1359210683615768576?s=19
Why not listen to the recent interviews and read the RNSs?
Good news but when is the fund raising coming, Bell must be running on air by now??