Member Info for zumore

I interpreted yesterdays awful RNS meaning potentially billions of extra shares issued.

This nonsense 0.70p price only lasts for 30 days then it reverts to 5 day average minus 8% discount, plus price lowered to the nearest downward tenth. So if in over 30 days the lenders want £100,000 in RRR shares to pay back some of the loan then the price of their shares will be very low.

I also believe AB will allow the lender to convert lower than the 0.20p price floor because if share price is lower than 0.20p and the lender wanted repaying in £100,000 shares if RRR refuse then they will have to make that £100,000 payment in cash + 9% premium. So i can't see Red Rock doing that, so they would either allow them to convert lower or highly likely Red Rock would announce another share consolidation. Note in yesterdays RNS they mentioned fifty pence, twenty pence, i believe that was mentioned because of intentions of a share consolidation.
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From yesterdays RNS

"Concurrent with the Subscription, the Company will issue 28,000,000 of the Subscription Shares (the "Initial Subscription Shares") to the subscriber at par value (what price is par value?)

The Company will issue to the Subscriber 17,000,000 Shares (the "Fee Shares") (being the equivalent of £66,300 at the latest closing price on AIM) in satisfaction of a fee (so 0.39p a share)

The Company has applied for admission of the Initial Subscription Shares and the Fee Shares to trading on the AIM, and this is expected to become effective on or about 19 December 2022"
.....

So i believe over the next 30 days those above shares will be used by the lender to hammer down the share price. Then by the time they request to be repaid back some of the loan in shares the share price will probably be so low that Red Rock are scrambling to do another share consolidation.

All the above only my opinion. I've been wrong many times in the past.

Banburyboy, somebody on the other forum thinks it's even worse than you suggest. They believe because it says "rounded DOWN to the nearest tenth" that would mean a 0.29p price would be rounded down to it's nearest downward tenth which would be 0.20p.

I believe when the pre-emption rights were in place Red Rock couldn't dilute the large shareholders without their permission, so they were always offered a chance to partake in fundraisings so they could keep to the same percentage that they already held in the company.

However when the disapplication of the pre-emption rights were voted through some time ago those large shareholders could then be bypassed when Red Rock looked for new fundraises. So of course that means they can now be severely diluted.

I can remember a couple of years back poster 'Helpful' and his HNW clients seemed to have some control over Red Rock. I recall Helpful saying any fundraise would be voted down and if Red Rock wanted money they would first have to sell off some assets. AB duly did that and the £2.72 million that they still held in Jupiter mines shares were sold off last year and Red Rock's £900,000 Power metal shares were also sold off.

I know above named poster likes to make out Red Rock are in a great position but todays death spiral fundraise announcement looks absolutely awful for shareholders.

"3. one complaint is that RRR is a "one man band", so what happens when you get rid of the one man in a "one man band

4. the first thing a new ceo would do is clean house. He or she would write everything down as much possible, do a fund raise to wipe out the existing shareholders"

"Get real. This is why people on AIM lose money. Emotions get in the way, positive and negative. This is about money not an agenda. AB is key to making money here: it can't be done without him

DYOR"

Yes glancing at the RNS it certainly looks like a classic death spiral.

"The Subscription Price will reset after the initial month to the average of the five daily volume-weighted average prices selected by the subscriber during a twenty -day period immediately prior to the date of the subscriber's notice to issue Subscription Shares, less an 8% discount."

Plus the initial $500,000 loan is costing RRR an extortionate $548,000. Plus the lender can request to be paid back in one or several tranches so no doubt the lenders will drag down the share price lower and lower.

No doubt poster 'Helpful' and his HNW clients now must feel like Turkeys that they voted through all these recent fundraising resolutions.

Sorry it's dollars not pounds.

I forgot that AB had found some g?u?l?l?i?b?l?e? HNW investors to invest £100,000 for a 10% share in it's Zimbabwe lithium project.

https://www.lse.co.uk/rns/RRR/lithium-update-1hru4cqi114er1b.html

Extract from above 6 May 2022 rns:

"Ø A group of high net worth investors has acquired from the Company a 10% early stage interest in the Project for a consideration of US $100,000.

Ø The consideration funds will be applied to the development of the business of ALR."
......

I don't usually praise AB but him getting £100,000 and giving away 10% of something potentially worthless seemed a good bit of business by him. Mind you i bet that £100,000 has now long gone!

Helpful says "the Glencore action would disappear"

If AB were replaced i wouldn't worry about the Glencore action disappearing because Red Rock's non existant Glencore action only exists in your wild imagination anyway.

This photo should put everyone's mind at ease:

https://twitter.com/RRR_RedRock/status/1577671443327975429

Let's hope AB is soon on his trip to Burkina Faso.

I think when Bell's 80 (he's 67) he'll still be achieving nothing at Red Rock and still be running Red Rock.

These past few years Bell has struck lucky with Stephen Lundy (or Helpful) and his wealthy clients. Afterall they lend Red Rock money. The added bonus for AB is they are gullible, weak and subservient because they deal with AB's many failures not by getting rid of him but by lending him more money.

Specinvestor what do you think of what Bell said when he was interviewed in the 23 August Stockbox interview?

"The arbitration hearings have been completed. We have indicated to us what the decision is...we have not seen it in writing; and of course those that lost ..have been busy trying to offer inducements to change things..but i don't think that is going to work. I think we'll be able to say things quite shortly"
....
On reflection i don't think he should have said the above because Arbitration, Gecamines and VUP could all take a dim view on what Bell said. I think most people would think Bell is suggesting attempts of bribery are taking place. If VUPs legal team had seen what Bell said i'm sure they could use it against Red Rock.

From last post:

"It's" should have been "its".

https://m.youtube.com/watch?v=a-fMzWeXYOs

Hawaii, in the 23 August 2022 stockbox interview Bell said the DRC hearings had been completed. From the 19 min 50 secs mark he says:

"The arbitration hearings have been completed. We have indicated to us what the decision is...we have not seen it in writing; and of course those that lost ..have been busy trying to offer inducements to change things..but i don't think that is going to work. I think we'll be able to say things quite shortly"

5 weeks have passed since that interview and there has been no update. The silence and recent fundraise doesn't instil confidence.
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Regarding the proposed Elephant oil IPO. It's main licence is the Benin Block B licence and according to the recent documents posted by Specinvestor, come this October the 9 year licence comes to an end. So if the licence isn't renewed or if there is delays would not having that star licence impact the IPO?

Even in Kenya it's three year prospecting licence ends at the beginning of August 2023. So will renewel or upgrade of licence run smoothly?

I know some paint a rosey picture at Red Rock but last year they still had £2.7 million in Jupiter shares and £900,000 in Power metal. However just over a year later those shares have been sold, that money has long gone, now we are back to the Red Rock era of numerous fundraises.

https://m.youtube.com/watch?v=a-fMzWeXYOs

From 19 minutes 50 seconds in the Stockbox interview he says the arbitration hearings have completed. He then says he's heared that they have come to a decision. Then he talks about the losers offering inducements to try to change the decision. So when he talks about losers he clearly means somebody won.

He said all that on 23 August and here we are on 15 September and still no good news RNS.

Yes i agree he is pretty useless. After all he is CEO of this company and he's doing an absolute atrocious job and he is also CEO of Curzon energy (CZN) and they've been in suspension since November 2020. You can't get much worse than that!

I'm sure Scott occasionally looks at himself in the mirror and thinks "i am utterly useless...but i am being rewarded handsomely for my uselessness. Aren't i lucky?"

The question marks at the bottom were meant to be happy looking smiley's. Obviously no happy smiley's showed. :(

In two RNSes last year one said RRR had £2.72 million in Jupiter mine shares and another said they had £900,000 in Power metal shares. We knew the Jupiter shares were sold and it's highly likely the Power metal shares were also sold.

In this latest fundraise there was mention of a debt facility. Looking at the 36 page PDF on companies house website RRR a couple of months ago took out a new £1 million debt facility with a company i've never heard of called Prime resources limited.
https://find-and-update.company-information.service.gov.uk/company/05225394/filing-history

So just like previous years Andrew has been absolutely motoring through the money. So if some money does come Red Rock's way then that should make Andrew VERY happy. ?????

Helpful, i really didn't want to respond but you are no truth teller. We all know you are lying when you say Musonoi would now be in production if RRR still owned it.

With you everything is near. Everything is the maximun amount. You tell people to do their own research but if their research is different to yours then you will often go into an aggressive little hissy fit. You think that posters are out to get you to damage your share. That seems paranoid.

Yes i agree.

I see when the CINE bankruptcy speculation started around 1.30pm (uk time) LSE have since removed lots of those posts from the time the price collapsed.

LSE don't usually make posts but they did today on that thread when posters contacted them to say some posters are saying worrying things:

https://www.lse.co.uk/profiles/londonsoutheast/

CINE is reported to be filing for bankrupcy and their share price has been decimated.

Looking at the CINE thread some are saying they've lost all their life savings and one did a very worrying post and said his life is now over. So really sad to see.

Some say they wished they had listened to some of the negative posts instead of listening to all the positive posts.

One thing for sure i couldn't do what 'helpful' does. I'd feel so guilty.