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A placing is very unlikely. The AGM has only just been held and the standard dilution resolutions were not passed so there's no headroom to issue shares. AMS will clearly not allow fresh equity to be issued at such a low share price after it recently bought a strategic stake at 1.5p
Good to hear they are back up to full capacity at Kouroussa and that presentation was a couple of weeks ago.
They must be very close to or already mining the high grade orebody so hopefully we'll get an update shortly
I see VAST has announced a general meeting today to vote on a share CONsolidation and authority to issue a large amount of new shares. Of course they are still saying the delivery of the diamond parcel is imminent: 'Whilst it is appreciated that there has been a considerable period of time since the delivery of the historic parcel was first expected, the Company has good reason to believe that finalisation of the delivery of the parcel can still be finalised in the close future'
Hopefully, as with VAST the finalisation of RRR's DRC payment can still be finalised in the close future.
it's interesting to read people reminiscing about past rrr escapades. doing a quick google search lead me to read this article which is very entertaining https://www.guerillainvesting.co.uk/2017/07/03/red-rock-resources-laughable-ramp-tom-winnifrith-*************/
I've seen lots of AIM companies involved with these type of oil plays in the USA but none of them ever seemed to make any money from it and most ended up bankrupt. Nighthawk Energy, NTOG, Magnolia petroleum, Northcote Energy, North American Petroleum are examples that spring to mind
'The Company anticipates that the 2024 Cobre sales volumes will be over 50,000 tons (17,965 tons in 2023) with revenues expected to exceed US $3.5m (US $1.6m in 2023).'
That's excellent news for Cobre. If they can follow this up with some positive news on the other projects we should see a big recovery in the share price
He brings balance to the discussion and it's good for potential investors to hear both sides of the debate before making an investment decision. He is clearly a knowledgeable person with professional accountancy experience. Given the share price history there must be quite a few people that are grateful for his contributions to the debate to help them avoid painful losses.
It does make sense for the company to release an RNS to generate high liquidity to allow the placees to sell out at a profit so they can reload in the next fundraise
So just to recap: RRR's 50.1% owned licence was sold for $20million to Gecamines, one of the largest mining companies in Africa. RRR is owed $10million for its share of the licence plus the court has awarded RRR damages of $2million plus legal costs against VUP the JV partner. VUP has already been paid $5million and is owed a further $5million but potentially the damages owed will be deducted from this.
The payment is owed by the state owned company Gecamines. Bell has always maintained that Gecamines is ready to release the $15million payment as soon as the arbitration process has been finalised.
Once this payment has been settled Bell has said he will commence a much larger legal claim for damages due on the amount by which RRR has lost out after the licence was resold to Glencore for around $400million
The chairman's letter to shareholders last week outlined the plan. Note the last sentence:
'After a 2023 which moved far too slowly as a result of the delay of these anticipated cash generation events and the gradual slide in lithium prices, we must move forward independently of the progress of matters whose timing we cannot control. With this in view, we have started working with a team of experienced mining and processing experts to put our trial gold project for alluvial free gold from Burkina Faso into early operation. This project is now advancing faster than we had anticipated, and we have reached the stage where in order to utilise cost-effectively the people brought in to implement the project, we must import and install key pieces of plant and equipment. We are in addition conducting diligence inquiries with our expert advisers on other projects that potentially offer access to prompt cash flow. Any funds raised at this stage will be put to good use.'