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1p incoming.
Sorry that should be holding the CLNs for one and three quarter years.
Anticipation of strong re-rate news in Kenya and Australia. Potential to multi-bag from here. Some very solid assets
Though of course if not looking at the CLNs from the viewpoint of a CLN holder but from the viewpoint of a shareholder who just recently bought into Red Rock, then you wouldn't want the CLN holders to convert.
I believe the CLN holders have around £830,000 in convertible loan notes + they are getting 1% interest each month, so now approx £900,000 is owed. So if the £900,000 were converted into Red Rock shares at the 0.60p convertible loan note price then that would be like an over 50% discounted placing except of course Red Rock wouldn't be receiving any money, instead Red Rock would just be paying back an approx £900,000 loan that they owed.
Though flipping back to the CLN holder I WOULD be converting. I wouldn't consider it selfish to convert because I had patiently held the CLNs for two and three quarter years. I would convert and try to sell at a big profit. I might not get this opportunity again.
It would like do nothing and not convert and guarantee 1% interest in 1 month. Or be proactive and quickly convert and then aim to quickly make at least 20% on the converted CLNs.
It's a no brainer.
Sp has doubled in last month. Why slowly ticking up?
The rational shelf is empty in that particular case.
In my opinion it would be absolute madness not to convert some convertible loan notes now.
For example somebody converts £100,000 at 0.60p. If they could then sell them at an average price of 0.72p then they would make £20,000 profit. Of course every likelihood that they could sell at an even higher average sell price.
So why wouldn't they now do that instead of locking their money up for 1% interest a month?
Now now helpful, he’s probably crying in a pillow on reflection that he has wasted 15,000 posts de-ramping a share over 8 years whilst the share price continues to rally, hoping others lose money rather than being happy for others’ gain and the success of the company. Very sad MO isn’t it, but I would assume a rational person would reflect their life choices, and waste of time at this point
Morning Tragic old bean,
I think we need one of your brilliant deramps to nudge us over 1p.
PS how has your day been?
And about to tick up again. We might see 1p today.
0.94 paid. Strong sustained buying? Nothing to say from the 3 amigos who hold zero shares but are bitter?
About to tick up again.
Lots of potential Positive news flow here.
PS about $160mil copper in place at Macalder at current prices.
DYOR
First part should have said:
(1) The holder of a prospecting licence shall -
commence prospecting operations within three
months of the grant of the prospecting licence or a
period specified in the approved programme for
prospecting operation
Just looked at the Kenyan mining act and Red Rock must quickly commence work considering licences were renewed on 2nd August.
Here is snippets from the mining act:
77. The holder of a prospecting licence shall
commence prospecting operations within three licence.
months of the grant of the prospecting licence or a
period specified in the approved programme for
prospecting operation;
undertake prospecting operations in accordance
with the approved programme of prospecting
operations;
ensure that the amount of work and expenditure
specified in the approved programme of prospecting operations is actually expended in the
course of undertaking prospecting operations
within the deadlines stipulated;
Later on:
(2) Where the expenditure specified in the approved
programme for prospecting operations in sub-section 1 is not expended during the term of a prospecting
licence, it shall be paid to the ministry in a manner as may be prescribed by Regulations made under this Act.
Interesting...
This is relevant to our holding in POW. Blyvoor is a read across for Macalder.
https://twitter.com/StockBoxMedia/status/1300321337072852994?s=19
DYOR
https://twitter.com/RonaldS_AuCu/status/1300138720524414976?s=19
to Helpfull ref. to your 8.07am post.
I DO NOT TELL Lies. I can make errors .
But wrt to RRR getting it's Migori licenses returned after 5 years of court hearings etc.
But note they are ONLY for exploration, NOT for mining.
RRR have spent 5 years drilling hundreds of exploration holes for samples to be analysed to JORC. RRR have also done feasability studies on Au mining in several areas.
But until they get a MINING licence RRR can not construct a mine to extract Au and sell it to make cash.
Years yet before that happens ................RRR's big problem has always been NO CASH FLOW generated by itself.
Hence regular issuing of more and more equity. Which has led to share consolidation of 25 old shares to 1 new oone
..........look at past RNS's to show that I am not telling porkies.
lol Helpful, same old ramping spiel, the past doesn't matter !! Who do you think you are kidding ?!!!!
Of course it matters. The whole reason RRR had to go through years of legals is because the Ministry revoked the licenses. The reasons why they wanted to revoke is very obviously relevant here. It will surely have a bearing on any Mining License application they submit. I don't personally believe they will get any mining license for the 2 PL areas but people can believe what they will.
Section 101 of the Mining Act currently has no relevance here. It concerns Mining Licenses.
Section 72 applies which is the section that covers Prospecting Licenses.
No gold going anywhere while ever all they have is a Prospecting License.
DYOR
I’m crying with laughter almost at what an embarrassment your opinion is magic - you said it would fall like a brick at 0.3, 0.4, 0.5, 0.6, 0.7 - fool
Glad to see you have done some reading but as usual you either get it wrong or try to mislead.
The licenses have been renewed under the Mining Act 2016: that is the law and that is what matters not your opinion. As shown on a regular basis your opinion isn't worth much.
What happened in the past prior to RRR getting involved is not relevant and certainly not now the licenses have been renewed.
See section 101 onwards in the Mining Act for the law.
DYOR
According to the news articles Migori held those licenses for 26 years and in all that time never progressed them hence the licenses were terminated. Now the licenses have been reinstated after long legal actions but it makes no difference. They did naff all with the licenses in all those years holding them so they have merely gotten back to that same position. If the areas were worth mining they would have gotten mining licenses years and years ago and started production. But they didn't. All those years all they just did was a bit of exploration to get the JORC.
People should read this news article from Feb 2017:
"Row over permits robs Migori gold of its glitter"
https://nation.africa/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/index.html
Amongst other things it states that the licenses are on ancestral land. But regardless, reading through the statements of the Ministry and their sentiments towards Migori it really doesn't seem likely to me that they would award any Mining Licenses imo. It reads to me like the license terminations were originally conducted without due legal process and that is why the legal battle ensued which RRR eventually won. This doesn't in any shape or form alter the fact that the Ministry clearly wanted to revoke the licenses and were unhappy. That surely remains a key problem. No mining license, no production, no gold. Helpful as always is selling pipe dreams to the naïve. He owns many of the £830,000 worth of CLNs here which are now able to be converted at 0.6p.
RRR needs to find £millions now that the licenses have been reinstated (see Zumore's earlier posts). RRR only had £139k in the bank as at 31st Dec and was burning cash on Admin at the rate of £47,000 a month. Mega dilution is imo totally inevitable now and/or a mass sell off of the "crown jewels" Jupiter shares.
Either way the SP will fall like a brick here when that happens imo.
DYOR
https://www.tsinetwork.ca/daily-advice/mining-stocks/20-tips-successful-investing-mining-stocks/