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I’m going to make the best use of what I am sure is a very short lived bump in SP, cut my losses and get out. Acceptable long term assets but the costs of running this company far outweigh any benefit to ever be gained. By the end of the year, Jupiter will be sold off to pay the CLN’s. No money to develop Congo. If and when Kenya comes off there’ll need to be such a big raise that RRR need another consolidation. In a couple of years time $4 million iron ore royalties could come from Jupiter, but will be squandered on the next go nowhere project AB finds.
If you want a solid investment look at CAML. Copper is their biggest asset, which Helpless so diligently keeps pointing out is the place to be. Difference is this lot actually produce the stuff. The shares crashed recently on a small leak in their tailings dam but it was assessed to be of minor consequence and they are shooting up again.
I think some of your trolls are dropping out because of the embarrassment of still trying to deramp the shares all the way from 0.4p. I notice it has no effect on you, though you were a little bit shy on Monday and Tuesday.
Anyway, how does this work? You can go back and repost what other people have posted over of the last several years but no one else can go and repost what you and the rest of the ex-Wives Club have posted? Surely you are not ashamed and embarrassed about what you have cut and pasted so many times? Is there some reason why we should ignore what has previously been posted when it quite clearly contradicts the latest little gem?
Anyway, isn't it time for you to post the 2012 admin expenses or something equally irrelevant?
So two questions for you:
1. What is your expert opinion on the new asset reports that were published yesterday?
2. When did you become such an expert on Cruise Lines?
xx
Magic your opinion is totally worthless. You said this would never go to 0.4, or 0.6, or 0.8 or 1.00 - you’ve been wrong every time. Surprised you’re not ashamed to post here as you’re consistently and embarrassingly wrong
Briarbank has every right to post here so quit trying to bully people off the boards. The only way this is going to 5p is with yet another share consolidation.
Nominal share price here has already been lowered from 0.1p to 0.01p so dilution could continue
Shares have already been consolidated on a 1-25 basis
Losses totalling over £40m have been posted since 2012
Over £16m cash has been raised since 2012 mostly via brutal dilution of shareholders
Over £12m has been frittered on admin and expenses in that same period
It is and always will be for me a total POS pumped relentlessly by crony rampers
To pay RRR 's running costs, i.e directors salary's, wages, overheads, rent, travelling expenses etc. over the last year has been met by selling JMS shares...
Not enough left to pay Kensai mining , let alone further exploration in DRC, Victoria, Slovakia and outstanding loan notes..........
Could be Colin. Lots of money need here.
Surely the money has to come from a new issue of shares?
Andrew Bell in a interview the other week also said RRR were planning the next exploration phase in Congo.
Where is this money?
Seems to me Red Rock are promising the earth to shareholders/potential investors but they don't actually have the money. They seem to be a company totally living beyond their means.
Red rocks Kenyan prospecting licenses were renewed On 2nd August 2020.
https://www.lse.co.uk/rns/RRR/progress-report-african-exploration-assets-5s1il4w8nfrg1yr.html
Above 2018 RNS says that within 3 months of licenses renewel Red Rock must pay Kansai mining:
(1) $2.5m payable in cash
(2) a $1m promissory note payable 15 months after issue
Just a couple of weeks ago RRR chairman Andrew Bell confirmed that these payments do still need to be paid by Red Rock.
Unless they can find a rich partner where do Red Rock find that money?
Red rocks Kenyan prospecting licences were renewed On 2nd August 2020.
This is an extract from the Kenyan 2016 mining act:
77. (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;
- 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 it says:
"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."
.......
Seems to me the above Kenyan mining act puts a stop to companies trying to bulls*** them.
- Companies need to start the work within 3 months.
-Strict timetables.
-Have to agree to amounts spent.
-If not spent they need to pay the government that money.
I would imagine to get licences renewed Andrew Bell must have promised that huge amounts would be spent. Let's hope Red Rock really do have a rich partner lined up to fund it because Red Rock certainly don't have the money.
Link to the Red Rock 7th September Slovakian asset RNS:
https://www.lse.co.uk/rns/RRR/option-over-slovak-gold-assets-5l1u09y7npcmgwz.html
Above RNS says Red Rock will be giving the Slovakian asset seller €350,000 in Red Rock shares. But RNS also says:
"Red Rock will be responsible for certain expenditures ("Committed Expenditure") of the Joint Venture in the period after execution of the Option, which is expected to amount to not less than €100,000 in 2020"
Not less than €100,000 is a strange way of saying "more than €100,000". So that could mean a €million for all we know. All we know is that it will cost at least €100,000.
Poster 'Helpful' set up the £830,000 convertible loan note with Red Rock. He personally owns some of the loan notes. It gives 12% yearly interest. So Red Rock now owe his lenders a total of near £900,000.
The loan note holders can convert that near £900,000 into 0.60p share up until 19th December 2020. They don't have to convert all at once because the loan notes are broken up into £1000 loan notes.
So because of that it is totally understandable that 'Helpful' spends a lot of time on this thread trying to encourage people to buy into Red Rock.
Congratulations to poster 'Longterm' who bought in around 0.20p. What was it 33 million shares? So now worth around £330,000.
With that many shares to eventually offload I can certainly see why you are encouraging people to buy into Red Rock.
The first three not too long, maybe a couple of weeks.
The rest longer, each has to go through can advertisement period for objections. No objections, it is quicker.
How long do you think we will be waiting on these applications?
Interesting posting history..
blueboy1975
Posted in: RRR
Posts: 313
Price: 0.575
No Opinion
RE: JMS CEO31 May 2019 19:14
What does it matter what JMS shares are worth? We never see any benefit from the divis, nor will...just wasted on more pie in the sky projects and admin “expenses”.
Still waiting for any value in RRR shares which doesn’t look likely.
Check out the share price and recent RNSs. How would I know any more than you how many shares in JMS Red Rock has? As long as the company either does a fund raise much higher than here or not at all, I am happy. My view is that they should look to sell the assets that they have, make substantial progress and then come back for money. However, I suspect that they will not need it. Progress on a JV at Migori or pre-IPO funding at RRAL makes a big difference.
I suspect that the company has people offering them money on a daily basis.
DYOR
DYOR
Yep same old. BOD, for me personally, just seem to treat shareholders with utter disdain.
Selling down key holdings like the Jupiter shares without RNSing it is imo simply discourteous and appalling.
A history of such discourteousness has now been established
Bell sold down 1.5m JMS shares last year without directly RNSing it
He conducted loans and transactions with Amulet Diamonds without RNSing it
He loaned £1.1m to Steelmin without RNSing it
He didn't RNS Steelmin going into Administration despite RRR having a 22% stake here
It's simply appalling imo
How can anyone possibly know what other loans and transactions have been conducted behind closed doors at this point or what holdings have been pawned off ? You'd be investing blind.
The problem with no RNS is that you have no statement from the company as to why the holdings have been pawned off and what the proceeds are to be used for. So I personally have to assume it's to keep paying for his preposterous salary and for admin and expenses.
Once those shares are gone, they are gone.
This is simply uninvestable for me. BOD have to be replaced. It's no way to carry on imo.
DYOR
Looks to me that this has come out pretty sharpish to cover the news that they’ve been rumbled selling off more of the family silver (JMS shares). The lack of comment from Helpfull about this and his focus on this nonsense instead would appear to back this theory.
Well the interesting thing is that travel into and out of Victoria is now permitted. It means that the people who want to go and do site visits on ECR's asset, Creswick, will be looking at ground that we surround on three sides. Long way to go not to see if you can lock in some optionality whilst you are there
Activity now pick up in Victoria pretty sharpish.
DYOR
The big RNS will be crystallising some of this value - expecting that very soon hopefully. Should equate to multiples of the current Market cap
Very good. RRAL can now start talking Turkey with third parties.
12 licenses is too much for one vehicle: expect more than one deal.
DYOR