Member Info for Helpful

Hi, did you mix up which account you were posting from last night? A bit difficult to keep it straight when you are a few beers in.....

There is at least one paid poster on here but there may be two or even more. All non-shareholders of course.

Anyway, soon Rodney, soon.

DYOR

Https://www.cnbc.com/2023/08/29/a-worldwide-lithium-shortage-could-come-as-soon-as-2025.html

DYOR

Https://twitter.com/paola_rojas/status/1697495527531872291?t=3GHh9cGQ4zclp7fyYJGtgA&s=19

DYOR

“The particulars of claim run to nearly 200 pages and centre on three examples of alleged unlawful conduct.

These include alleged bribery related to copper and cobalt acquisitions in the Democratic Republic of Congo;”

It was still funny third time of reading. 😜

Https://www.thetimes.co.uk/article/investors-sue-glencore-for-bribery-lies-btff9bfs7

DYOR

Https://twitter.com/StockpickB/status/1696585443557470299?t=-22Kb2VQML6TQpveGp7RTA&s=19

DYOR

Banboring, you think it is less than transparent because you are uninformed and can't be bothered to make yourself informed. If you are not prepared to read stuff or look stuff up, how can you be anything other than uninformed?

https://www.rrrplc.com/wp-content/uploads/2023/06/2023.05.31_RRR_GM_Chairmans_Letter_to_Shareholders_FINAL_WEB.pdf

"Passage of the resolutions now presented is required (a) to enable Directors to meet specific existing commitments to issue warrants in relation to recent fundraisings, amounting to £21,148.34 and (b) to cover operational needs not funded from other sources. For this latter purpose the Company seeks a general authority under both Section 551 and 569 of the Companies Act 2006 over up to an aggregate nominal amount of £37,500 of new ordinary shares"

It is not difficult. The recent GM gave the company authority to issue more shares up to a limit.

All you need to do is check out what has been issued. If the company wants to issue more shares, it will need a GM. As with the last GM the company will need to give notice of the meeting and the resolutions plus explain its reasoning.

DYOR

So no possibility of:

1. Sale of assets?

2. JV of assets?

3. Taking on debt?

Apart from that you are obviously spot on. You are also assuming that there is no progress with DRC: just because you make an assumption doesn't make something a fact.

There is nothing stopping RRR selling out of NBGC or reducing its position in ALR etc

And as to issuing more shares it just needs to get an authority at a GM.

xx

Make up your mind Lomax. A couple of days ago it was the end of the world if RRR issued shares and now it is the end of the world if they don't issue shares. You will say anything to get the price down so you can buy back in for a quick trade.

And more proof. This is akin to dogs barking at the moon.

Go and look stuff up.

Look up authorised and issued share capital: authorised as in authorised by the passing of a resolution at a General Meeting and issued, as in have actually issued the shares.

The CLN RNS refers to existing authorities as in it refers to the system above; those shares have been authorised and issued but now the company has no further authority to issue shares. Consequently, the company will need to seek new authorities at a GM: authorities as in plural, an hypothecated authority for the conversion and warrant shares and then a general authority to issue shares.

Without a general authority it cannot issue more shares.

If you don't understand what is going on, why do you insist on banging your gums so vigorously?

https://www.legislation.gov.uk/ukpga/2006/46/contents#:~:text=Companies%20Act%202006%20is%20up,force%20at%20a%20future%20date.

You can find RRR's Articles of Association on Companies House.

DYOR

"Until the establishment of the Note Conversion Price, Investors may from 28th July give notice to convert Notes up to the Share issuance level covered by existing authorities"

You have already had the answer. Read above from the relevant RNS. RRR has no authority to issue more shares otherwise the above would not be necessary.

The existing authorities (they hypothecated authority) only cover 33% of the CLN conversion shares excluding interest and RRR has no further authorities it can use. It is not rocket science but it may be familiarity.

DYOR

Banboring, nothing I said was inside: it is company law and RNSs. Another thing you don't know: look up TVR. It is in the RNSs.

https://www.londonstockexchange.com/news-article/RRR/exercise-of-convertible-loan-notes-tvr/16094181

DYOR

Just Be another non-shareholder. Get back to the NTOG board.

Well done Banboring and you have just illustrated part of the problem: you hold forth on here with opinions but unfortunately the opinions are worthless because they are formed based on a lack of information or understanding. But I will explain.

Company law in the UK says companies can issue however many shares they want SUBJECT To pre-emption rights and shareholder consent. So companies should issue the right to subscribe to existing shareholders first and then others second: And they need the shareholders' permission granted in a GM.

Listed companies get around this by having resolutions passed at the AGM where they can issue shares up to a certain amount without having to offer them to existing shareholders. These "permissions" hold until the next AGM or 13 months whichever is shorter. The permissions are capped to a certain number of shares (the headroom).

Once the company concerned has used up the headroom it can't issue any more shares until it gets another authority at a GM. RRR is in that position, it has used up its headroom and needs another authority to be able to issue shares. The exception is an hypothecated authority where authority is issued for a certain number of shares for a certain purpose: exercise of warrants, share options, conversion of loans or CLNs etc.

So in the case of the CLNs, RRR had an hypothecated authority for the conversion and warrants shares based on conversion at 0.6p and warrants at 0.8p. The RNS states that it needs another authority to issue the extra conversion and warrant shares in due course.

To issue more shares, RRR needs a GM. They have to issue notice and confirm the resolutions.

DYOR

Sorry, mistake: the hypothecated authority was given in a GM in August 2022.

Read the RNSs and go on the RRR's website to see the resolutions for the GMs.

Well done for considering reading something.

"Until the establishment of the Note Conversion Price, Investors may from 28th July give notice to convert Notes up to the Share issuance level covered by existing authorities"

The hypothecated authority was given in a GM in August 2021.

https://www.londonstockexchange.com/news-article/RRR/issue-of-convertible-notes-and-warrants/15553701

FYI today is the last day for the 30 day VWAP and so thanks to the trolls seeking to deramp at every opportunity; you have successfully locked in the lowest possible VWAP, conversion price and warrant exercise price.

DYOR

Two big costs: central overhead and australia. Everything else is pretty small.

Dukey,

you are correct. AIM listed companies only need to RNS stuff that is "material": borrowing £200k is not "material".

RRR borrowing £200k or whatever it is, is much better than doing a fund raise at a stupid discount. I have lent RRR monies in the past when they have been stuck for cash and then been repaid in due course; repaid late of course.

DYOR

Again, your view presented as fact and you don't listen.

ALR: RRR is not the only shareholder. Selling ALR now would be stupid but it could be sold: the biggest issue is the discount to the NPV10 or the DCF. I expect that any offer would be at such a discount as to make the sale unpalatable. The only way to get decent value out an asset like ALR is to operate it.

Kenya: nothing can be done until licence renewal: which could be any day.

El Limon: I said, "some income." On Soma's published plan RRR's royalty for Q4 is about $8k and for 2024 about $300k. So the royalty doesn't change the world but it covers a chunk of central overheads.

RRR doesn't currently have any headroom to issue shares except in connection with the CLN conversions and the associated warrants. So RRR would need a GM to obtain the necessary authority.

RRR is much more likely to borrow short term and wait for DRC to be sorted but who knows?

DYOR