Stunt30 Aug 2023 13:49
Banburyboy
This was the stunt Bell came up with:-
RNS 23/11/2022
"The Company is at an important juncture, as it awaits the signing of the arbitral award in the Democratic Republic of Congo, where it seeks from the buyer of certain assets partially owned by the Company, $7.5m of the consideration due to be paid. The Company separately seeks the enforcement of its existing judgment for $2.5m against its former partner in respect of that portion of consideration already paid. We have reason for confidence in the arbitration, and believe that payment of the award will be duly made once the judgment is given. However, the delays in issuing the award, though in part unavoidable, mean that time has passed and we must now show our stakeholders how we would provide the working capital necessary to keep the forward momentum of the Company were there to be further delay or were these amounts not to be received. Accordingly, Resolutions will be proposed at the forthcoming General Meeting to provide authorities to the Directors under Section 551 and 569 of the Companies Act 2006. Passage of the resolutions is, in the view of the Board, necessary and desirable so that the Company can demonstrate that its future cashflow needs will be met irrespective of the outcome in the Congo, given that payment of any award is not likely to be immediate".
Which was followed up by this.
RNS 15/12/2022
Fund-Raising
Red Rock Resources plc, the natural resource development company focused on gold, with developing interests in copper, cobalt and other minerals, announces it has entered into a funding agreement (the "Agreement") with Diversified Metals Holdings, LLC (the "Subscriber"), a U.S.-based institutional investor. The Company will initially raise US$500,000 by way of a subscription by the Subscriber for new ordinary shares of £0.0001 each in the Company ("Shares") to an ascribed value of US$548,000. Following this initial subscription, the Subscriber may make an additional advance of US$1,000,000 by way of a further subscription for Shares to an ascribed value of US$1,098,000, within the next 18 months. Further information regarding the Agreement is set out below."
A lot of what was raised went to pay off loans, the rest was s p u n k e d up against a wall. So far all that Bell has delivered is the middle of a donut.
TDT
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