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DJ - now you are putting words in my moth that I didnt say!

Where did I say its pointless making a one man stand ? I am voting against for the reasons Ive told Tim & Eason directly

The vote will pass because of the "close shareholders" inc Brad Mills companies - thats almost fact.

As for "They announced they were raising the money by debt for the development of the mine and subsequently decided to take 5 million in equity "

No That is definitely NOT what happened - they issued an RNS SAYING they had completed the deal in debt (if you have ever been involved with the level of scrutiny to issue an RNS then you would understand this point)

They then chose to issue $5M in additional equity rather than take (cheap) debt - THIS is what they have to answer to

Bury your head if you want, BUT any business that can take $5M debt would take it over issuing new equity - THIS is VERY peculiar - and they wont say why but want us to vote for it

Hence the red flags and my deep concern about what could be around the corner

But DYOR and the sooner the SP rises to my first trim the better

DJ - read these above -

Oiltap posted "I have prepared several NPV calculations previously using an appropriate discount rate and am more that happy with my projections and valuation. Sounds like you bought in at a high SP. DYOR. LOL."

and you replied

"Oiltap , exactly ! My overall average has moved from 32P to 28P

He’s basing his calculations on a higher SP

Most people invested 20-33P here and are happy with progress ,

I get the SP needs to be ultimately higher and new targets need to be set , but if the SP goes to £1 we are all doing very well from this level and that for me is easily achievable."

There is absolutely no correlation from your response to Oiltaps statement

To make it easy for you - Oiltap was posting about "egg"s and you were answering about "ships"

But you had to respond! Nothing about what was said, but you had to respond !!

{head shaking}!

"And nobody will know my holding this time , but how do you know I don’t have a substantial holding again :-) "

Because you bang on about it almost every other day !

I dont give a flying f how many you hold so the "big reveal" at a quid is for you.

I wont still be holding all of my current holding at a quid because I will be selling part of it down next year for my house build - but when a load of people were crying its gonna fail / they wont get funding etc (you inc) cr@p at 20p I was adding

Why? Because the opportunity in the ground in this copper bull rush, and all old debt gone, then any decent businessman couldnt f up the profits for the next few years

What they can do however, is shaft the PIs

Hence my concern - not of what the mines will do - what the controlling shareholders may scheme to do

Look at my posts! I added 75k at below 20p over 100k under 22p

I'm sitting on more profit on RMM than most here have invested!

DJ - you are no longer a large investor - you commented when I posted that I have bought 75K between 18-22p and I kept adding - oh and BTW, Ive traded this for a year also so my avg has gone up where ive sold at 43p and bought back in 30s

You all vote as you see fit - I am saying why I am voting NO - and Ive been messaged by Corporate Lawyers and Private Equity deal makers saying they are voting NO also

Seems like the professionals who work in deals understand the risk of what RMM BoD are doing are the worried ones about what is behind this secrecy and the pub landlord and chicken breeders arent - well go figure!

Oiltap - thanks for that, but you are answering my question to Humble Pie.

But as you answered it - good luck with NPV calcs!

Based on my calcs
(1p/35p*100)= 2.857%
So £13,000/2.857*100=£455k (plus or minus a bit of tolerance with rounding of shareprice and % etc)

Or simply 13k / shares in issue will do it ! - Basic GCSE Maths!

would love to see your DCF for RMM based upon cost of money and expected profits for next 10 years - or what we call valuing a company!

DUFUS

Please DYOR guys

hal - no apology needed - it was context

Humble Pie

You need to read again who made comments about "and comparing the shares in issue in Jan prior to the known fund raise"

I will accept your apology for putting words in my mouth that never came from them.

Enjoy your bed

Lethal - do you think I could sell nearly .5M quids worth of this share today?

Todays total trades (buy and sell) is less than my holding

I have met in person with board members and received phone calls in response to emails in the past. I live in Atlantic Canada

We are being asked to vote on a dilution without any reasons provided - if there is nothing nefarious about it, then state why 7% dilution is better than $5M Loan

The vote will pass as BMs holdings and the close connections will ensure they do - but I will vote against

Im wondering how much experience some commenting here have with dealing with Majority Shareholders and those not wanting to share "their" profits

Its why S&P Agreements take ages and ages to negotiate

But pls DYOR

Humble Pie - that is approx my holding and as an accountant that has worked in M&A for 20 years taking a NASDAQ company private and multiple sales and acquisitions of all sorts I have a track record of knowing "how markets work" and of how company law works.

But thanks for your concern

DJ - I trust the board to get the mine sorted

Until proven otherwise re the dilution, I do not trust that they are acting in my best interest as a PI

No Echo Chamber - there are several that disagree with each other and good debate

Brad Mills says the BoD have 0.73% Beneficial Interest - therefore ignoring his funds

Are we happy if BM has new funds that have now been gifted 8% of the company when most risks are dealt with, for a significant discount to what it wouldve cost in the Market?

I hope it isnt something like that but it could easily be - hence why I believe strongly that we should vote NO until they explain why it is good for shareholders

Lets not forget that resolution 2 is to be able to issue a further 10% after the expanded shares

All without telling us why they want to do this - so your 5k investment is down 20% (compound) - you need to add 25% SP for you to break even!

I had no issue at all when they issued shares months back - it was the only option available to them - but now on the face of it we are diluting shareholders rather than take relatively cheap loans

Let them tell us why that is a good idea? and Good for us shareholders

BoD have their share options - so ok, they get to the SP but it takes a longer and they get paid during that time also

Lets hope all is totally above board when this plays out over the next few months

DYOR

Brad Mills in todays Circular says Board only have 0.73% "Beneficial Holdings" between them!! Go figure!

6. Directors' recommendation
The Directors consider that the Resolutions to be proposed at the General Meeting are in the best interests of the Company and its Shareholders as a whole and unanimously recommend that Shareholders vote in favour of all of the resolutions, as they intend to do so in respect of their own beneficial holdings amounting to in aggregate 1,034,140 Ordinary Shares (representing approximately 0.73 per cent. of the existing issued share capital of the Company as at the date of this notice).

Extract from email sent to company today

"Today’s notification (whilst I thank you for including a personal invite to shareholders) has done nothing to reassure me that the dilution is in my best interests and in fact I feel it is disparaging for Private Investors.

If for example, the loan notes had restrictions (e.g., had to be used for Ming) and you want to use the cash differently (e.g. Little Deer or some other use) then simply saying that would be sufficient to get support for the motions.

I totally trust that the board will do a wonderful job turning the mine around with such global demand for copper and limited supply. However, I no longer trust that the board are working in my best interests.

This creates 3 questions:

1. Please will you confirm that the two Canadian equity funders do not have any price sensitive information that is not in the public domain?
2. If they do, then why have they been preferred?
3. Why was the raise not done as a rights issue with that information available to all?

A significant part of my investment decision is always around the BoD, but this current action indicates to me that the company is being run like a private or close company and the distrust is significant for PIs.

Although with so many votes available from controlled or “close” holders it may be fruitless, it is however for this reason that I will be voting NO on both motions and will be encouraging others to do likewise"

getting a late RNS will be useless to many - having to vote by Proxy my vote will be cast way before then

The fact that a company wishes to have the ability to issue shares is not a problem

However, the fact they choose to dilute current shareholders by 6-8% and request ability to dilute by up to a further 10% after Tranche 2 is issued (assumed motion passed) which is against what they have proclaimed they wanted to do and without providing any reasoning for dilution versus taking the cheaper loan notes is difficult to take

When proper companies issue further share capital then its set out as to why - eg an acquisition etc - the flagrant disregard to us as current shareholders in BODs actions is clearly saying that they are running the company like a closed or private entity rather than a publicly traded one.

With BM shares and close connected parties (inc the new "preferenced" holders) they will probably get the 75% of votes on the day, but I will be voting NO.

I truly believe that the company has been turned around by the great work of the BOD and I am reasonably sure there will be good reason for the dilution - but asking me to vote blind on this is a simple NO from me.

If the cash wasn't available elsewhere (like earlier in the year) then dilution is bearable - but to not take cheap loan notes against highly discounted (thats why I say "preferenced") shares that the 2 IIs have been gifted, without explanation is simply wrong

I shall be contacting Barclays (whos name my shares are held) to instruct them that I wish to vote NO against BOTH motions.

DYOR

Good posts and debate here guys

I did say I thought it would be Wednesday before we start to see the rise, but would be great to hold 46p today then maybe 48p by end of week (maybe even touch 50p during the week)

Anyway, I have made no secret that I believed JL would achieve the turnaround - hoping the new CFO wanted the Dec update to really enforce that this is a flash look at what the March FY results will be

CPI moves quickly when it moves and most of us are expecting decent enough results backing up H1.

IIs we buying significant amounts of CPI at these levels only a few months ago - 50-55p isnt what they (nor most of us) are looking for - my trading pot is looking for 60p, my LTH money needs to see 75p before deciding timescales as to when I will expect to see 120p-150p

GLA however you choose to make your money

DYOR pls

Xenor - spot on - I worry for those investors that cannot get their heads around it!

I really hope there is a great reason for doing what they have done, but I will be the first to suggest a class action if I believe they should be brought to account

I have had several conversations in person and by phone or zoom with BoD and those that I have interacted with are very very nice people and I would say honourable and whom I like very much.

Lets see what rationale is provided for the additional tranche of unyet issued dilution shares in the GM thats due to be this month.

Have a good weekend all and pls DYOR

Nice rise here but with so many cross ramps, take a look at Copper & Gold player RMM

2 weeks ago the CEO said it was the most undervalued mining business in the world - big words to say publicly

DYOR

Monkey - there is no extra money - its cash in equity rather than cash in debt - the issue is that theyve let IIs in on the cheap to get 8% of the company 0 if IIs had bought that in the market, the SP wouldve had to go above 50p, possibly 60p

If it was extra cash then I would agree with you - but it isnt