RRR Fundraise this week for the £250,000 owed to POW?12 Aug 2024 08:57
Although RRR Chairman Andrew Bell did say in the 12th June RNS:
"We have the backing of major shareholders for our cash commitments under this transaction including the first cash payment of £250,000 due two months after Completion."
The above Andrew Bell comment could mean that the major RRR shareholders will lend RRR the money to pay Power Metals. Or it could mean the major RRR shareholders are supportive of Red Rock in raising money to pay Power metals.
That RRR need to pay Power Metals £250,000 cash this week, also another £250,000 cash at 9 months after sale completion (so around 19th March 2025), also the 6 month £250,000 convertible loan notes will expire around 19 December this year, so Power metals could easily let that expire and then Red Rock would then have to pay Power Metals £250,000 cash plus the interest. So you would think the major RRR shareholders are not lending all that money to RRR.
I could easily be wrong (wouldn't be the first time) but my hunch is a big placing this week.