Member Info for zumore

" Hi Zumore ,a $1.6M loan will over 12 months cost $416k so thats a 26% interest rate"
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That's a shocking additional amount on that loan booboo: that's almost an extra $35,000 each month on top of RGMs $1.6 million loan.

And i'm perplexed where RGM found that extra $500,000 to make up the RGM $2 million to go into escrow. Even if they sold all of their ALBA shares (i personally think they have long been sold) then i still don't think they would've had that extra $500,000. So maybe they might have sold some Curzon energy shares to make up that $500,000?

I won't make my post any longer because long posts on RGM are inevitably pretty depressing reads.

"Regency has agreed to borrow gross proceeds of $1,600,000 (net $1,520,000) from institutional investors in order to fund a portion of its obligations under the JV. The loan will carry a 10% interest rate and be for an initial term of six months, and is subject to an implementation fee of $96,000. A further six-month extension available for a 5% fee. If extended, the loan may be converted by the noteholder at a fixed price equal to 130% of the 10 day VWAP prior to the initial repayment date/date of the available six month extension period (the "Fixed Price")."
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I recall at the time some twitterers were saying that RGM wouldn't dawdle around with any coal asset announcement because of the stacking up loan interest. Of course almost 3 weeks later still no announcement.

Looking at the above extract from the loan RNS it appears 10% interest over the first 6 months: so that would mean RGM would have to pay an extra $160,000 interest after only 6 months. Then if the loan extends past 6 months then there would be an additional $80,000 5% loan extension fee. Plus the extract above say there was a $96,000 implementation fee. So those three amounts mean that RGM would be paying an extra $336,000 on top of the $1.6 million loan. Of course if the loan went past 6 months no doubt there would be another 10% interest added on. Of course my figures may not be super precise on the loan but we can be pretty sure that the final loan amount RGM will be paying back will be pretty huge.

Like booboo mentioned last week Curzon energy's share price has been plummeting lately. So the Curzon energy shares that RGM bought for 10p a share can be presently sold for 7.75p a share. So that doesn't (at present) seem the best bit of RGM business by the RGM team of Kaintz and Bell.

It doesn't look good here. Yes the eternal optimists and rampers will say "Mr Bell will soon deliver". The only thing i can see him delivering soon is another placing.

"I can tell you now that if we are lingering around this price come September and RRR has made the progress I think it will on the various assets, that I will personally arrange for it to be taken private."
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Private? You know how to make enemies don't you? Mr Bell won't like that!

You know Mr Bell wants GUARANTEED WAGES which means future placings on AIM? Like i say private won't go down well with him!

SP says" ***** BREAKING NEWS ***** Zumore confirms long term holder investments are not a pump & dump." ........................ LOL you are trapped in this. Yes you may buy shares at different times but PJ will eventually sell up first and then his sheep will follow.

Stephen. All i'm saying is you and others have got long form on this. Here is some of your tweets from last year. You would've thought you would've all learnt from last year. Seems not, (B Turney19 April 2017) "Looks like @armcmb is about to deliver some telephone book numbers. Jolly good job shareholders didn't string him up over the YA deal! #RGM" (Paul Johnson 19th April 2017) "And so it begins - coal at Rosa #RGM first coal interest - market will like this in a tiny mkt cap business!! " (Darren Hazlewood 19th April 2017): "#RGM Rosa in production. That's all you need to know. Downside gone, upside unquantifiable at this stage. Now the journey really begins" (Stephen Pearce 19 April 2017) " #RGM Whoa, just a bloody minute! You mean, RGM is now producing Met coal ??? Kept that quiet" ................................................. (Darren Hazlewood May 31st 2017) "#RGM June 2017, the month I've been waiting for Life changing for some, painful for the Trolls Andrew Bell gonna set this market on fire" (Stephen Pearce 18th July 2017) "Coal is the main event. AB confirmed in recent interview talks are on going with Legacy Hill to manage. Looking forward to details of this"

Correction to last post. In my last post the correct spelling should've been "weary"

i go on HL and look at the RGM share price and i see a 9.09% rise and an high price buy of 0.65p. Instantly i think "wow the RNS must've arrived that announced the 'fully operating coal mine, that Legacy hill will be running" So i look for the big news RGM RNS and no RNS. So apart from the rampers ramping, why is this price rising? Let's be honest, give it a few days without any news and this price will be retracting again. The pumpers will have spiked more gullibles. I think some newbies don't realise that Paul Johnson, Darren Hazlewood, Stephen Pearce + others have been stuck in this hellhole for years; they aren't fresh RGM investors who are full of optimism: they are instead long term RGM investors who have been let down time and time again by RGM management and they are holding so many RGM shares so now they are absolutely trapped here. So huge difference between new investor full of optimism, and wary many years holder who is now clutching at straws and now can't sell because they would make huge losses. So in my opinion it is absolutely ridiculous piling into a share because you see a wary old long termer who is now attempting to pump again.

Yes Cgull it's a great pity the FCA aren't stronger, With someone else a bit stronger we'd have probably long since arranged a PIs bus trip to visit them in the slammer. Ah well nevermind., Now i go to bed feeling really disappointed. :(

Now correct me if i'm wrong, but i believe in a court of law having ignorance that you were breaking the law is not an excuse? So if you give false or misleading information and then you plead ignorance: then that is not an acceptable excuse.

"RGM didn't create the misinformation, they we're fed it by SM." ............ The FCA say "misleading or false information may constitute market abuse and could lead to 7 years in prison" ............ Now correct me if i'm wrong, but i believe in a court of law ignorance that were doing something wrong is not an excuse? So if you give false misleading information and then you plead ignorance: then that is not an acceptable excuse.

Stephen if you had sat on the RGM board 2016/2017. Do you think you are the type of person who could've quickly sussed SM out? If so, you could've saved everybody a fortune and you should now sit on the RGM board. If you are not a subservient person then go for it. A different perspective can often spot glaring mistakes. And if some PIs pelt tomatoes at the computer screen when you sell some shares, so what? To be honest the shares in issue at RGM are escalating dramatically these days and you should try your up most to protect your investment. Watching Bell and Kaintz up close like an hawk is the best thing you could do. So get on that board Stephen. One last thing. They do say that some ordinary people are great actors and if you only meet them for a few minutes, then they can fool you by putting on a show. On the other hand, meeting somebody regularly, then their mask slips and you can quickly work them out. Some people who you meet occasionally and you think are great may be an absolute disaster if you meet them a few more minutes. You know what i'm getting at Stephen. GET ON THAT BOARD!

"Zumore. Last years coal projects we're RGM taking a 25% position directly with the vendor - SM, whom was an unknown to RGM." ......... Stephen, that you seem to give little blame to Bell and Kaintz over last years coal calamity is so disappointing. Didn't you say that you and others had urged them to concentrate on just one coal mine, Rosa, and make that a success before investing any more money with Moscicki? Obviously they didn't listen because the RGM RNS the other week basically said that the £900,000 invested in the SM Vali project had been written off by RGM. So those two RGM boys pulled the trigger to invest fortunes with SM and so please don't exonerate them when they majorly screw up. RGM will also be a 47% minority holder in this latest JV. So if this also goes wrong do they also get zero blame because they are also minority holders in this project? My personal opinion is no because they pulled the trigger to invest.

"What's a "warrant price" zumore?" ....... LOL that's funny MrMagic! :) Because you seem to think i don't understand what warrants are, and likewise i sometimes wonder when you are talking about all the near expiring warrants on the RRR thread that you don't quite understand what warrants are. Firstly i am hugely pessimistic that warrant holders would exercise a warrant when a share price is only 10-20% above the warrant strike price because i always think the profit margins are too tight especially if like minded warrant holders did the same thing, which of course could be catastrophic to the share price if all tried to make a quick buck by converting warrants into RRR shares and then attempting to sell. So in my opinion way too risky. Now don't take offence but i sometimes wonder whether you fully understand "warrants" because on one hand you come across as a massive Red Rock Resources "bear" with RRR having little to offer shareholders, but on the other hand you come across positively RRR ramptastic because you seem to be saying that most of the RRR warrants will get exercised and converted into RRR shares. Like i say absolutely rampastic ,because you are saying RRR warrant holders love RRR so much they are willing to hand Red Rock Resources further thousands maybe hundreds of thousand, to convert their warrants into RRR shares, and all for a measly (but no guaranteed) 10 -20% profit. I personally think they would be absolutely bonkers to risk further money in RRR for such tight profit margins. ......... And with the Kansai warrants, i DO realise they don't exist and they probably never will exist. AndrewRBell posted on the RRR thread the other day: "(1) if Kansai want to exercise warrants they would presumably have to wait until the price had risen over 20% from the price of shares at the time of issuance, (2) and then pay the exercise price (ie for all of them £500k" So from what Bell says, if Kenyan license renewel occured then RRR would issue Kansai some warrants (the exercisable price would be determined by taking a 3 day average RRR closing price + 20% on top of that price). Then like he says in number (2) once it rises above that price then they could pay RRR £500k to convert those warrants into RRR shares. ..................... I really don't know why we are arguing because it's a tedious subject arguing about a non existent thing.

Stephen says: "You don't have to like the RGM management, you don't have to like RGM's other assets. An investment into RGM, is an investment (soon) into an operating coal mine and Legacy Hill's management." ................................. For a person such as yourself who has invested hundreds of thousands into RGM then you have a pretty atrocious RGM promotion angle. Your basic ramp angle is "You may not rate the RGM management and you have little confidence in the RGM management, but don't worry it wouldn't be them who'd be running the coal mine. So invest in RGM." ......... Like i say, what a shocking promotion angle for a person who has invested so much in RGM.

"You don't have to like the RGM management, you don't have to like RGM's other assets. An investment into RGM, is an investment (soon) into an operating coal mine and Legacy Hill's management" ........................ Stephen and if we go back 15 months ago you would've probably been saying something similar. You would've probably said: "You don't have to like the RGM management, you don't have to like RGM's other assets. An investment into RGM, is an investment (soon) into an operating coal mine and Stephen Moscicki's management" ................... I do recall you last year saying you went down to Wetherby to meet Stephen Moscicki and he got the Stephen Pearce seal of approval because you then quickly partook in another RGM placing to help Mr Moscicki speedily bring another coal mine into money making production. Of course terrible judgement on your part because it never happened. Why do you keep saying RGM & Legacy hill are buying into a fully operating coal mine? Where did you read that?

"Zu I really do still think you're not understanding the warrants in that RNS." .................. Hello MrMagic, we are on the wrong thread but i actually do feel comfortable with what i said in my post on this thread at 14.54 yesterday. The warrant price would be determined by taking the average closing price over 3 trading days prior to issue, then adding 20% on top of that 3 day average price. That is how the Kansai "warrant strike price" would be determined. If you disagree then please give your example.

If you look over on the RGM thread then you'll see i did apologise to Booboo for misleading him about these warrants, but let's look at what was said in Friday's RNS again and then we'll understand why i misunderstood. The RNS said: 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 ............ I'm no grammar expert but part 3 contains no full stops and so everything flows into one. So because it contained no full stops and because it said part 3 was one of the payments methods RRR would be paying Kansai, then that part 3 which contained no full stops instantly read to me, that RRR would be instantly turning £500,000 in warrants into Red Rock shares and this would be 20% above market price, and this would then be one of the payments to Kansai. Of course then Mr Bell explained it was a normal warrant. But if you choose not to use fulls stops or commas to separate then you can't criticise someone when they join everything you say into one.

Thanks for answering some of my questions Andrew. And to others, if you didn't like any of my questions then you should've asked him some questions yourself.

Question 1: "Is Red Rock's 22% stake in Steelmin a set in stone 22%? Which means if Steelmin raise further funds can Red Rock's 22% in Steelmin get diluted?" Andrew Bell answers: "there is anti-dilution protection against all current instruments outstanding. Not future issues if any" ..... Question 2: "with Steelmin we only know 22% is owned by RRR. Do we know exactly how many Steelmin shares RRR own?" Andrew Bell answer: "Ha. There is a historical reason for that. The agreement was to issue us percentages of fully diluted capital. The mgmt had committed to cancel certain existing conversion rights, which they were doing slowly. And some shares were issued to the lender that took our loan out, and our interpretation, was that our protection extended to that dilution. The initial issues of shares to us to give us our correct percentage gave us short measure. We had to put our points firmly and I'm glad to say the principles were accepted. So we could state percentage, but didn't have a final share number, at point where we announced. The number of shares will be stated in our AR and no doubt our website" .................................... Question 3: "You do seem to take great risks investing in undesirable countries. For example for many years Kenya was in the bottom 3 of the most uninvestable places in the world. Likewise many other companies wouldn't even consider investing in Congo. I do understand great risks, great rewards but isn't the risk too great for smaller companies to invest in those countries?" Andrew Bell answers: "when we went in Kenya's risk not considered bad. Later it fell on the Fräser Institute table: but beware of reading too much into that, there was still v little going on in country in mineral sector and I wd suggest only a handful of respondents (with 1 or 2 long-standing issues so I think manipulated result). Kenya isn't bad; our area had a business-minded MP, so we were unlucky there for a while. Let me say it again, Kenya is in general a good place to do business" Andrew Bell also answers: "understood re Congo, but legally and in terms of regularity and predictability Congo has taken a step forward. There are reasons we have taken a long time on DD - far longer than expected - and a main one is we want to plan out risk to the extent feasible. Cobalt comes from Congo (most of it in fact) , copper too. If there is a huge rich opportunity one might take limited risk. Or one might trade the opportunity on. As you say, minerals aren't always in the most developed countries. I hope we have a balance and a spread and we avoid heavy capital commitments especially in higher risk countries"

That last part should read "I completely misread"