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I will say this though, i'm still very doubtful that these Kenyan licenses will be reissued or renewed. Though if they are then RRR will have to pay millions to Kansai and no doubt the Kenyan authorities will insist RRR spend many millions progressing the asset. So like i say it could be a nightmare and it could an endless money pit if a positive Kenyan outcome was announced. And to Robins. To be honest i think these meagre recent high prices have long passed. Of course a now Red Rock price of 1p would be a pathetic 0.04p share price pre consolidation. So even a now 1p share price is unfortunately no good for your huge losses Robins. We can all see pathways where this present RRR excess money could be heading (be it Kenya, Congo or CLN loan repayments to the lenders) and then it's again out with the Bell begging bowl and no doubt Bell urging for patience and saying the good times are around the corner. Of course they never will be around the corner because Bell and Kaintz have a proven long track record of uselessness.

Hi booboo, i may have read todays RNS completely wrong but i don't think AB can bring himself to call them "£500,000 in placing shares" so instead he says "£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" There seems no ifs or buts that the £500,000 in additional RRR shares will be flooding the market (albeit 20% above market price) and that "Kansai" will receive them. And like you say i'm sure they will be happy to hammer them into the market and make £400,000 out of them. I'm certainly no expert on warrants but they don't appear like "normal" warrants because you would usually get warrants when you participate in a CLN or a placing. And usually warrants have a specific price. And to be honest it seems laughable that "Kansai" would say to RRR "Yes Mr Bell, here is £500,000 of our own money, now please convert our £500,000 in warrants into RRR shares, and yes we will pay 20% above market price, so our £500,000 that we give you will be worth £400,000 when you convert them into RRR shares" LOL if something doesn't add up then it's probably not true. They won't be paying a penny when they get these shares. It's just that AB can't bear to say "placing shares" so he says £500,000 warrants will be converted into RRR shares.

have a chuckle at is "Helpful's" post from last week. He/she wrote: Regarding DRC & Migori. "AB intends to bring these deals on line but is also saying that he has excess cash. Can only mean that whatever deal he has got lined up doesn't need big cash up front. DYOR" ...................... :) :)

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 ............................... Maybe i interpreted (3) wrong because normally someone would get warrants (with a placing or convertible loan note) and then the company would receive cash if that warrant holder converted those warrants into company shares. However these warrants don't seem to come as a result of either placing shares or a CLN and so all very strange. Like i said maybe i interpreted point 3 incorrectly because i read it like Red Rock would be paying and converting the warrants into Red Rock shares and then handing them to Kansai for them to sell. Maybe i'm reading it wrong but they look more like "freebie shares" because it seems all the £500,000 would be converted at the same time. Of course a genuine warrant holder may only choose to convert a few of their warrants in any one time but it seems (to me) that these will all be converted at once and then those RRR shares will be handed over to Kansai. Of course i may be wrong on that but that's how it reads to me. ................................. Also from RNS: "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" I've always suspected in the unlikely event that these licenses did get reissued or renewed then the Kenyan authorities would want vast sums of money spent and any slowness would result in the licenses quickly being taken back. So when the RNS says "subject to such renewal or resissue not being on unduly onerous terms". I think it means exactly that because the Kenyan authorities may want them to quickly spend many many millions so it could become everybody's worst nightmare. If they didn't spend and quickly progress then the licenses would quickly get taken back. I can remember a few years ago the previous Kenyan mining minister, i think he was called Najib Balala, and he was expressing how he positively loathed these foreign companies who snapped up Kenyan assets and just hung around doing very little with them. So if RRR do get them back then it could become their worst nightmare.

Completely agree Booboo. And if Stephen keeps making outlandish tweets like that I wouldn't be surprised if Kaintz and Bell soon decide that he would be perfect for a place on the RGM board.

Stephen Pearce tweets: RGM "Keep your eyes peeled for an operating Met coal mine landing "imminently" " https://mobile.twitter.com/BlissfullyBespo/status/1006449072138571777?p=v I consider myself a non confrontational poster (who doesn't like to get into arguments) but I think Stephen talking a load of codswallop because I don't believe RGM will be announcing via RNS that Legacy hill and RGM will be taking over an already operating coal mine. Though if Stephen truly believes his own tweet then I guess we'll know his "disappointment factor" because anything that's announced that isn't near to operating will be an huge disappointment to him and to those trusting PIs followers of his who believe his every word.

I listened to it at lunchtime and i don't know what others were listening to what got them excited? It was totally unexciting. During the interview he even said that RGM were on the lookout to get a better credit facility. I don't know about others but that doesn't tell me Bell has any great optimism that this proposed Legacy hill coal partnership will be raking in any great money. To me it just looks like he's on the sponge for more long term fundraising and dilution of shareholders. So to me that interview was certainly not a buy signal.

For the approx �7 million also add on warrant conversions.

Hi booboo. I cannot say i'm overly optimistic about the RGM and Legacy hill coal partnership. Going on Andrew Bell's past coal decisions there is a very strong likelihood this will be another coal failure. I'm sure if it is then Bell will waste no time in sticking the blame on legacy hill and i'm sure all the Bell fanboys will side with Andrew. Talking of Bell fanboys, Okenia always amuses me because he will occasionally write a post and he will tell investors that they should always take the blame for all their investment decisions and they shouldn't try to shift the blame onto others. But when Andrew Bell shifted the blame for his appalling coal investments with Stephen Moscicki last year then Okenia sides with Bell and doesn't blame him for his atrocious Moscicki coal investments. All right minded people know that Bell and Kaintz were responsible last year for their RGM Moscicki coal investments (they pulled the trigger to invest with Moscicki). It was total mismanagement by the pair. For example this years half year report said: "As a result of the Group's evaluation of its non-financial assets, an impairment loss of �821,566 on investments in associates and joint ventures was recognised in the income statement (2016: �nil). This relates to the Company's investments in Vali Carbon Corporation, a company targeting the acquisition and development of metallurgical coal assets in Virginia, as announced on 6 February 2017, 9 March 2017 and on 16 March 2017". If when Bell/kaintz originally invested in Moscicki's Rosa coal mine venture in December 2016 and they had cautiously and sensibly told Moscicki that Moscicki first had to make Rosa coal mine work before any more RGM coal investments happened. Of course reckless Bell and Kaintz didn't do that and Moscicki didn't have to prove anything, instead they quickly threw �821,566 of RGM shareholders money at Moscicki for an atrocious investment in Moscicki's Vali carbon corporation. Any apology from the shambolic pair? Of course not! Someone can correct me if i'm wrong but i believe through various means (placings, CLNs, UKOG shares) RGM have had around �7 million since December 2016? Let's be honest they've had an abundance of money and they've still not built anything here. They are useless! I would usually say "sack them" but there is really nothing here for anybody who took over. So there is no point.

I hope you are keeping well this Saturday morning? :) On another topic. Have you recently been approached to partake in another RGM placing? I know you can only respond if you haven't.

This was the court case PDF from October last year: https://www.pacermonitor.com/view/7NXU4OA/Cobalt_Coal_Ltd_v_GEM_Holdings_US_Corporation__vawdce-17-00039__0001.0.pdf?mcid=tGEZDS I believe Clincho were made bankrupt March this year. I believe a link is in one of my 8th May posts.

Here's an extract from one of my posts in May: "Briefly looking at the above PDF it seems Moscicki "US Carbon resolution corporation" (which is the company trying to sell RGM it's 80% of Rosa coal mine) in 2015 agreed to buy "Clincho Met coal" but he got took to court because of non payments. Moscicki had transfered Clincho over to his other company "G.E.M. Holdings U.S. Corporation" but they also didn't make payments. By the way Moscicki had made himself president at Clincho and David Windruss vice president: https://opencorporates.com/companies/us_wv/293998"

about RGM: "This could go up 10/20 times the current sp"

"Yes there will be commissioning costs, which of course will be fully budgeted for. Commissioning wont have come as a surprise to Steelmin" ................ Hello Ritchie, guesswork by both of us because neither of us know if these delays will have been budgeted for. All i know is that Bell said in an old interview that the electricity consumption was the biggest cost with these plants and so if Steelmin are using huge amounts of electricity for months on end but bringing in no income then you would think that would be very costly for Steelmin. ................................ To Richemondo. Andrew Bell did mention in his UK investor show presentation that he may take some Para placement shares and i'm not surprised he decided to do this. I mean if he had took the final part of the promissory note in cash then any future talk about Colombia would've had to been about Royalty payments and from my observations he doesn't like focusing on the small Royalty payments RRR are receiving. So taking some PARA shares means that when he talks about Colombia in the future he'll be able to concentrate on those shares and avoid talking about the meagre Royalty payments. Of course that is only my opinion but i suspect that to be true.

said that was when the little Geordie fellow visited the RRR offices last year to interview AB. Back then i recall Bell saying that Steelmin could be competitive because Bosnian electricity was cheap but even so he said margins were still tight from the huge amount of electricity these plants consume. Of course to the uninformed you would've thought "workforce" would cause the biggest costs but apparently it is "electricity consumption" that racks up the huge costs. So you would think it's absolutely vital they are soon bringing in the money or else the racking up of costs of the electricity consumption could be devastating.

Helpful + Richie, you would think the cash burn at Steelmin would be immense at the moment? I conclude that because i remember Bell saying last year that the number 1 costs with these types of plants is the sheer amount of electricity they use. Yes i know Bosnian electricity is cheap but you would think months of testing, using up electricity without bringing in any income could cost Steelmin millions.

Yes booboo, like you that's what I think. I think we all agree it's all pretty dreary here. Plus on top of today's depressing announcement I'm expecting another big fundraise very soon. So double depressing news. Of course with Mr Bell steering the RGM ship that's triple depressing news. Of course let's not forget Scott. That's 4.

I can tell you one of the liabilities MrMagic, the �1 million CLN that RRR still owe the CLN holders. I believe 10% interest on that �1 million CLN, so whatever amount of that is left unconverted by 19th December 2018 then RRR will have to repay back that CLN loan money to the lenders.

was not the $1.6 million death spiral loan but that RGM had the additional $400,000 in cash to be able to put $2 million in escrow. I've long since suspected that RGMs Alba shares have long been sold and to be honest i thought those cashed in Alba shares had long been spent. So where RGM got that additional $400,000 (to make up the $2 million for escrow) is to be honest is pretty puzzling.

Hi MrMagic, let's not forget Bell is also good friends with Riverforts Brian Kinane (formerly of YA). Also because other additional money was used by RGM for this $2 million in escrow. We can now safely assume RGM are now stone broke and so i wouldn't personally be surprised if another RGM fundraise is announced in these next few days