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Nike. Victoria gold stocks were hot post Fosterville South. It took too long to get the licences issued, largely because of COVID.
Post COVID the brokers' appetite for listing Victoria gold stocks was less on AIM, ASX and TSX. That has now changed for obvious reasons.
My view is RRAL will list on ASX: they will sign up a broker, do a pre-IPO fund raise circa USD500,00 and then IPO off the back of the drill results.
I expect to hear something shortly.
DYOR
Regarding a presumed near term IPO that didn't list back then, I think that may have been due to the pressure the aggressive rise in interest rates were putting on small capital stocks, wasn't a favourable market for some IPOs.
In the Red Rock 2022 Final results RNS covering the year 1st July 2021 - 30 June 2022.
From RNS:
"During the year, the Group disposed of its entire holding in Jupiter Mines Ltd, raising proceeds of £1.9m after transaction fees. Proceeds from these disposals were used in full settlement of loans payable to Riverfort/YA drawn down in the prior year, totalling £962,758 as at 30 June 2021."
3 Jan 2022. Red Rock share price was just over half a penny (0.525p). Poster "Helpful" posted:
"To do a fund raise, he would have to go to a GM. Any fund raise motion would get voted down.
He has other options at hand, he needs to decide what to do. Elephant should list in March, NBGC might list in January but I think it more likely to be February. He has other spin outs and potential deals. A lot going on. Hopefully the news flow starts this week.
DYOR"
......
Back then "Helpful" and his big RRR shareholder client Charles Topham had blocked RRR from disapplying the pre-emption rights. Like he said in the above post they were blocking Red Rock from fundraising.
If you look at the months prior to 3 Jan 2022 Red Rock had been selling off its Jupiter shares. By the March "half year report" in 2022 all the Jupiter shares had been sold. Red Rock had previously been getting pretty big dividend payments from those Jupiter shares too.
So there you have it "Helpful" forced Bell to sell those Jupiter shares.
I typed in "Helpful" and page 140 must have been stored in my phone. So i clicked and had a look what he was posting about over a couple of years ago.
On 29 Dec 2021 the Red Rock share price was 0.475p (almost half a pence). This is poster "Helpful's post on that date:
"You need your head examined not the major shareholders.
NBGC/RRAL is about to list. That needs doing; AB will be an NED. Nothing must get in the way of that being completed. He is the one that is pushing it through the system not Paul Johnson.
Migori is getting to the stage where we have a decent amount of drilling done and we should end up with an upgraded JORC. Migori is looking better for some corporate action: either selling it, JVing it or spinning it out. Again, AB is critical to that process. Whether AB likes it or not Migori is getting to the stage that it is too big for RRR to progress on its own. He thinks that there is up to 10mil ounces of gold at Migori: that will cost more than RRR can afford now or in the future. And that is regardless of Elephant Oil and NBGC/RRAL listing. Even if he sold the whole holding in Elephant and NBGC it still wouldn't fund the work at Migori. On top of that he has other stuff that needs funding.
But most important are the legals in DRC. AB has to stay in place to guide that through the DRC court system in respect of the VUP case and then deal with the Glencore case in due course. IMHO the likely outcome from these two cases for Red Rock is a multiple of the current market capitalisation. The next hearing in the VUP case is not far off. At the very least RRR should be due 50.1% of $20mil. However......
Is that the $20mil the full amount paid over by Glencore? Why would Gecamines get involved with a backdoor deal for VUP to benefit by $20mil? If Glencore was willing to pay $20mil via the backdoor what would they have been willing to pay via the front door?
Getting rid of AB now or in the short term is a recipe for the destruction of RRR's value. If we binned AB, who else is going to pick it up and make sure we come up with a decent result in DRC? AB is the one who has all the relationships, speaks French, knows all the parties involved, including the advisers, and was intimately involved with the JV discussions: the other are NEDs. What being an NED means, is that they pretty much don't get involved.
DYOR"