RE: Thanks for playing.12 Mar 2019 15:43
Booboo, that's 14th January rns also says about repayments to YA:
" US$160,000 repayment will be made from the proceeds of any third party financing including the issue of any further tranche of the Notes"
.....
At present RGM only have authority to issue up 500 million new shares this year. So a placing at 0.1p using maximum authority would raise £500,000 .... YA would then receive a third of that £500,000 which would leave RGM around £334,000 ....but the 14th January RNS also says any third party financing would mean YA would receive another $160,000, so let us out of that remaining £334,000 RGM pay YA another £120,000 (or $160,000), so that would leave RGM with only £214,000.
One problem with the high net worth investors is that they always require warrants when involved in a placing but Mr Pearce as told us on numerous occasions that warrants count towards a company's share authority. So a 0.1p placing raising £250,000, would use 250 million new shares but if 250 million warrants were also given to the hnwi then all the 500 million maximum authorised shares would be used.
So when you consider that YA expect monthly payments in May + the USA coal partners expect RGM to contribute huge amounts of money to pay their way in the coal joint venture + yesterdays RNS also indicated unspecified creditors in the US coal venture also expect money + going by last years RGM administrative costs, RGM were needing £60,000 a months last year, so they may also require that this year + RGM require money for exploration at Mambare.
So bearing all the above in mind i struggle to see how RGM can survive.
I guess RGM's most liquid assets are around £60,000 worth of RRR shares and around £70,000 in Curzon energy shares. Apart from that very little here.
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