Member Info for MrMagic

A salvo of sells below 0.82p since 3pm and now a sell at 0.80p

lol Jonno

Don't forget to add

"It's like a coiled spring"
"This will fly"
"10p by Friday"

Meanwhile . . . .

£830,000 worth of CLNs now convertible at 0.6p.
Loads of warrants sat waiting at 0.9p

Plus company stated it had only £139k in the bank as at 31st Dec over 7 months ago and was burning cash on Admin at a rate of £47,000 a MONTH !!! Surely must be running on fumes at this point?

Fundraise is for me a nailed on certainty especially given that RRR must now find $2.5m from somewhere now that the Kenya licenses have been renewed. It ain't gonna be pretty imo.

Significant (13%) holder Peter Gyllenhammer just dumped his shares
Significant holder James Asquith just dumped shares, no longer notifiable
A number of LTHs here just declared they have dumped shares

The pump here will inevitably be followed by the dump. As it always is, over and over and over.
Profit is profit but it's only real if you take it.

DYOR

Trades at 0.82p and 0.81p

https://www.londonstockexchange.com/stock/RRR/red-rock-resources-plc/trade-recap

lol ziquarat

Looks like the pump has reached a peak. SP falling back now

CLNs are now convertible (£830,000 worth plus interest at 1% a month). Conversion price 0.6p
Bunch of Warrants sat waiting in the wings at 0.9p to boot

Pumped up on hot air imo

What goes up . . . . .

DYOR

Re: the £830,000 CLNs convertible at 0.6p

"Each Note holder received 62,500 Warrants for each Note subscribed. Each Warrant entitles the holder to subscribe for Shares at any time up to the date of expiry at a price of 0.9 pence per Share. "

https://www.lse.co.uk/rns/RRR/renewal-of-convertible-loan-notes-0cgrfgdovblyfmk.html

DYOR

People are now simply giving money to the holders of the many Convertible Loan Notes whose conversion price is 0.6p which of course has now been surpassed. They will convert imo which will instantly create around 150 million shares here by my reckoning which is equivalent to around 21% of the current shares in issue (697m) but please do your own calcs to be sure.

In other words the share is now sat on instant dilution at 0.6p but the holders will imo milk this for as long as they can before pulling that rug from under naïve PI's feet. When it comes it will be a wham bam sudden RNS stating that the notes have been converted. This is quite irrespective of any further dilution that Bell drops by way of a fund raise which imo is also inevitable.

Note also that the same CLN holders have warrants at 0.9p too so that's going to create a barrier for SP growth

All outlined in the RNS here:

"Holders of £830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share. "
"Each Note has a denomination of £1,000 and is thus convertible into 166,666 new Shares in the Company"

https://www.lse.co.uk/rns/RRR/renewal-of-convertible-loan-notes-0cgrfgdovblyfmk.html

Poster Helpful here is a holder of those CLNs

DYOR

Half Year Report stated

Cash & equivalents - just £139k

Total Current Liabilities - £2.36m

That was 7 months ago and the company burns cash at the rate of £47,000 a month plus any project expenses.

Understandable why some are now suggesting/fearing that this is being pumped for a huge placing.

RRR now have to also find $2.5m within 3 months as highlighted by Zumore earlier:

https://www.lse.co.uk/rns/RRR/progress-report-african-exploration-assets-5s1il4w8nfrg1yr.html

"In the event of a renewal or reissue of licenses covering the Assets the Company will within three months make further payments, subject to such renewal or resissue not being on unduly onerous terms, as follows:

(1) $2.5m payable in cash,
(2) a $1m promissory note payable 15 months after issue, and
(3) £500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue.

CLN holders will imo now convert their shares having been locked in here for a 3rd consecutive year with those loan notes. Conversion price was 0.6p. When they convert that will create many millions of shares here. They also have warrants sat at 0.9p.

https://www.lse.co.uk/rns/RRR/renewal-of-convertible-loan-notes-0cgrfgdovblyfmk.html
"Holders of £830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share. "
"The Notes were issued at par and are convertible into Shares at a price of 0.6 pence per Share. Each Note has a denomination of £1,000 and is thus convertible into 166,666 new Shares in the Company"

Thankfully I won't be one of those left holding the baby when the hammer imo inevitably falls.

DYOR

Helpful - "Well one thing you can say so far is that the big holders are not dumping "

Well except that they HAVE been dumping. As stated in the Holdings RNSs posted recently.

13% holder Peter Gyllenhammer dumped, no longer notifiable
https://www.lse.co.uk/rns/RRR/holdings-in-company-4uj7219w6j9ycmu.html

Significant holder James Asquith dumped, no longer notifiable
https://www.lse.co.uk/rns/RRR/holdings-in-company-lilnfds8k3pekqd.html

and notably there have been no holdings RNSs despite the recent rise showing any existing significant holder increasing their holding or any holder reaching a significant position . . . . . . go figure !!!

Tick tock tick tock

DYOR

vbeckers - "perhaps MMS forward selling shares creating some demand so AB can land another placing "

lol ya think . . . . .

Yawn

Watch for the late reported sells later. Gets so old

Helpful - "currently up 9.68%. What do you reckon,"

I reckon that as I predicted all along the Migori licenses are nothing but a damp squib. Nobody was remotely interested in them in 2015 when the licenses were terminated and I can't see that the markets are remotely interested in them now. RRR can start writing the project back on its books to make them look less embarrassing but it's not going to change the fortunes of punters here.

RRR now need to find $2.5m as Zumore highlighted and the company only had £139k in the bank as at 7 months ago with liabilities of £2.36m and it burns through £47,000 EVERY MONTH just on Admin !!! It's a joke.

Plus the fact remains that for all your pathetic fluff and bluster and endless posting of facile Twitter links you still don't even hold 3% !!! That's the true statement of your confidence here, you're not confident enough to even have a notifiable holding and would rather skulk in the shadows. James Asquith has also just reduced his holding to below 3%.

There remain 100s of better stocks out there that are producing better returns than this P&D' d POS imo

DYOR

It's clearly comedy hour again ! :-)

Jam jam jam jam same old spiel.

How many years have RRR held these licenses? Where were any JV or partners or people willing to pour cash in to the project on the basis of the estimates back in 2015 when the licenses were terminated?

Bell will imo raise as night follows day and suggestions that the placing will be at a premium is just about the funniest thing I've heard all year !

13% holder Peter Gyllenhammer just dumped his shares. Now no longer notifiable and probably completely out.

Another significant holder just announced he's sold shares and is no longer "significant" or notifiable

Long term AB supporter Briarbank just sold his shares

Another holder on ADVFN just stated he's dumped his shares

Long term ADVFN RRR ramper Noirua just stated he's dumped loads of shares and fears a placing at 0.5p-0.55p

Yes all is clearly a bed of roses here at RRR ! lol

And the one's professing that RRR IS a bed of roses are spending all their time ramping on a chat board rather than simply investing and sitting back in confidence. You couldn't make it up !

On top of this the conversion price of 0.6p has now been reached which allows all the CLN holders to convert which would result in the creation of many millions of shares.

"Holders of £830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share. "
https://www.lse.co.uk/rns/RRR/renewal-of-convertible-loan-notes-0cgrfgdovblyfmk.html

Anyone hanging around for that to happen or for a mega placing to drop imo has no-one to blame but themselves.
The facts are all out there. Believe what you will but be sure to DYOR

Tick tock

Bigun2 - "I wonder what would happen to the sp if Kaintz suddenly departed"

Until and unless he does, this remains Regency Mines, a typical AIM POS which issues shares on an industrial scale imo.

DYOR

Highly notable that the 2 lame rampsters here have totally ignored Zumore's post

"In the event of a renewal or reissue of licenses covering the Assets the Company will WITHIN 3 MONTHS make FURTHER PAYMENTS, subject to such renewal or resissue not being on unduly onerous terms, as follows:

(1) $2.5m payable in cash"

Half Year Report stated that RRR only had £139k in the bank as at 31st Dec over 7 months ago together with Total Current Liabilities of £2.36m. Where the hell will they find $2.5m?? I think most can guess . . . .

Tick tock

Comments from ADVFN:
DN - "I'm finally out of this Share at just over 0.6. Still a hefty loss but I can't hold any more."

Noirua - "Sold some more shares this morning in three lots to reduce my holding by 56% - not the 1m sales however. Fear a placing at around 0.5p - 0.55p. Holding now reduced by 59%."

DN - "One thing for sure is not much has changed and you are right, fund raising overdue. !"

SCLP - "So this agreement from RNS of 15 June 2018 kicks in now. I wonder how the $2.5m will be raised:"

Noirua- "The area is still being near surface mined illegally by locals "

Prospecting Licenses are in section 72 onwards

https://portal.miningcadastre.go.ke/Downloads/Mining_Act_2016_Full.pdf

As anticipated it's all rather dull news and won't tickle the market masses imo.

The Kenya licenses are just "Prospecting Licenses" not "Mining Licenses" are they not?

Kenya Mining Act :

“prospecting licence” means a licence relating to large scale operations which authorises the holder to carry out
prospecting operations;

“prospecting operations” means operations carried out offshore and on land to search for and define the extent of a
mineral deposit and to determine its economic value;"

It goes on to state that:

"76. (1) Any mineral acquired in the course of prospecting operations under a prospecting licence -
(a) is the property of the National Government; and
(b) shall not be disposed of or removed from Kenya without the written consent of the Cabinet Secretary."

How many years have RRR/Migori had these prospecting licenses ??

What is it they say? You can put a pig in a jacket but you can't stop it Oinking!

Despite the best efforts of loads of shameless rampers this share remains 62% down since Parsons increased the shares in issue from 1.5 billion to over 8 billion before Christmas and then consolidated the shares on a colossal 1-100 basis.

The city boy spivs will always wax lyrical about a tiny bit of SP value gained back but will never concede the atrocious longer term SP decimation.

This share, Regency Mines, now renamed as Corcel, had already consolidated it's shares on a 1-20 basis back in 2015.

So it has now had 2 consolidations (such is the SP decimation resulting from endless confetti issues imo) and that means the shares have been consolidated by a factor of 2000 !!

Since the 1-100 consolidation before last Christmas the number of shares in issue have increased further from 86m to 190m
more than doubled. I predict the confetti will just keep on coming.

This is how lots of AIM dilution companies roll imo. Just repeated confetti issues and loads of stock pumping. Those who fell for the ramping before Christmas and bought shares at 3.5p levels are, I would think, badly out of pocket, 60%-70% down and left holding the baby.

Since I don't personally want to similarly be the next mug caught by the next inevitable placing I personally give this a huge avoid. I see no reason to enrich city spivs who participate in placings, at my expense. Just so many better shares out there just now offering far bigger returns.

This company has not posted a profit in it's accounts since at least 2012. It raised over £10m cash since 2012 mostly from share issues and yet sits today with a MCAP of around £2.5m. Doubtless it's frittering away of £6.5m on Admin since 2012 has something to do with that.

Unless and until they remove ALL of the former board members this will never be a "new" company. It is simply Regency Mines renamed as Corcel to me.

Buy, hold or sell but be sure to do your research, and contrary to the shameless rampers here, the history, track record and modus operandi of this company, Regency Mines renamed as Corcel, is imo absolutely vital to understand to be able to make an informed decision.

DYOR

This is Regency Mines (RGM) renamed as Corcel

This is it's history of losses together with the amounts of cash raised and amounts frittered away on Admin

ANNUAL REPORT RESULTS
=======================

2012 - Loss of £2,112,350 - Admin £1,091,108 - Cash raised £907,090
2013 - Loss of £5,166,017 - Admin £1,224,013 - Cash raised £3,327,678
2014 - Loss of £1,508,812 - Admin £881,947 - Cash raised £1,212,805
2015 - Loss of £5,888,742 - Admin £964,761 - Cash raised £1,049,765
2016 - Loss of £1,965,722 - Admin £594,733 - Cash raised £781,595
2017 - Loss of £534,267 - Admin £414,943 - Cash raised £1,576,701
2018 - Loss of £1,549,619 - Admin £735,697 - Cash raised £1,150,000
2019 - Loss of £2,607,978 - Admin £652,918 - Cash raised £240,000

Total Losses above - £21,333,507
Total raised above - £10,245,634
Total Admin above - £6,560,120

Losses incurred every year.

Regency Mines (Corcel) will simply keep issuing shares on an industrial scale imo and because of that like all such shares the boards will be frequented by boiler room style pumpers. Rinse repeat ad-nauseum

This is the link to the proper history of RNSs of this company:
https://www.lse.co.uk/rns/RGM/

Don't get fooled by the fact they simply just changed the name and now none of the history of RNSs appears under their new CRCL code here on LSE.

Just more hot air, fluff and bluster Helpful. You did this for years at Mayan Energy which utterly trashed it's SP through endless dilution.

You don't even hold 3% here. You're not confident enough to even have your holding declared and yet make ridiculous fantasy comments about future SP valuations. What a joke.

The "liquid" assets are only of use if you liquidate the company imo and sell them and divide the proceeds up to shareholders. Otherwise any cash received through the sale of assets and holdings would get exposed to the preposterous levels of cash spent on Admin and expenses here. Admin last reported at £282,000 for 6 months or equiv to £564,000 a year. Then there are "Other Project Expenses" (reported at £126k for the 6 months to 31st Dec). The value you attribute to the "liquid" holdings would simply seep away imo.

Perhaps you can tell readers here what happened to the money that Bell raised from selling 1.5m Jupiter shares last year on the quiet . . .

DYOR