Member Info for zumore

These are the links I was looking at:

https://earthresources.vic.gov.au/projects/north-central-victorian-goldfields-ground-release/for-explorers

https://earthresources.vic.gov.au/projects/north-central-victorian-goldfields-ground-release/tender-process

https://earthresources.vic.gov.au/projects/north-central-victorian-goldfields-ground-release/tender-process

Didn't I read somewhere that the Australian license panel make their license decision in March 2021?

It'll be interesting what is hidden away in the soon to be released RRR annual results.

Last year's annual results contained lots of shockers. I guess that's why AB released it on half day trading on Christmas Eve.

because the 12.69% holding was already mentioned in the CRCL 17 November 2020 RNS. Their percentage went up because Corcel partially paid them in CRCL shares.

In the 17 November RNS it says:

"Sinom Hong Kong Limited ("Sinom") have sold their entire long-term debt position in RMI to Corcel:

o AUD 3.05 million of debt purchased for a consideration of AUD 640,000 cash and 23,711,018 new ordinary shares of the Company (representing a 62% discount to the face value of the debt or at full face value an effective issue price of CRCL shares of 5p)

· Subordination of the small remaining Sinom debt in RMI (circa AUD 170,000) to Corcel's senior lender position

· Signature of a relationship agreement with Sinom as a locked in cornerstone investor in Corcel with a 12.69% equity position (held through its subsidiary Base Asia Pacific Limited ("Base Asia")."

(1) $2.5 million still owed to Kansai mining

(2) An additional $1 million promissory note that Kansai mining can cash in in around Feb 2022.

(3) Almost £930,000 is still owed to the CLN holders.

(4) $1 million loan facility that RRR appear to have with death spiral lenders YA and Riverfort.

I'm suspecting the upcoming final results RNS may reveal more.

I incorrectly said Andrew Bell set up RRR coal ltd in 2018.

It was actually 4 March 2019. Then he set up the $1 million loan facility through that subsidiary company on 11 April 2019.

Red Rock's 18 November 2020 RNS says:

"In addition, Red Rock has issued to Riverfort Global Opportunities PCC Limited and YA II PN Limited a total of 16,000,000 thirty six month warrants, exercisable as to half at a price of 1.6 pence a Share, and as to half at a price of 2.4 pence a Share, in consideration of the extension of existing facilities and grant of a six month repayment holiday on drawn amounts"
............

This is somewhat peculiar.

According to companies house Andrew Bell set up 'RRR coal ltd' on 4 March 2018 then it was first revealed to Red Rock shareholders in Red Rock's 24 December 2019 final results RNS that Andrew Bell then used RRR coal ltd to be a Red Rock Resources subsidiary company.
Then without promptly informing shareholders he used that subsidiary company to set up a $1 million loan facility with death spiral lenders YA and Riverfort.

Bear in mind the extract from the below 24 December 2019 RNS says Bell set up the $1 million loan facility on 11 April 2019 but it was only first revealed to RRR shareholders when it was buried away in Red Rock's 24 December 2019 RNS. RNS extract says:

"On 11 April 2019 The Company's 100% owned subsidiary, RRR Coal Limited, agreed a loan facility of up to US$1,000,000 with Riverfort Global Opportunities PCC Limited and YA II PN Limited. The terms of the loan call for US$400,000 to be transferred to the borrower, with additional tranches available to the lenders at their absolute discretion. The notes are secured by 5,500,000 shares in Jupiter Mines Limited, which were transferred from the Company to the borrowers as well as by a corporate guarantee executed by Red Rock Resources plc. The notes carry an interest rate of 10% and come with a 7.5% implementation fee and are repayable over a period ending in April 2020. A total of US$200,000 has been drawn down on the facility to date"
.......

Red Rock will soon be releasing its 'final results' RNS. So let's hope that reveals how much money they still owe YA and Riverfort.

this loan was first announced way back in November 2017 https://www.lse.co.uk/rns/RRR/issue-of-convertible-loans-and-warrants-80sbt87huzt0wsr.html

LSE poster 'Helpful' or Stephen Lundy says he set up these loan notes with Red Rock. However year after year these loan notes are rolled over for another year.

They are due to be converted by 19 December 2020. Though I wouldn't be surprised if Lundy weakly agrees to roll his loan over for yet another year.

Just because CEO Andrew Bell can't bring himself to say it in interviews then that doesn't mean it's still not owed.

Red Rock's 18th November 2020 RNS says:

"Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and other minerals, reported on 17 August 2020 the renewal of its licenses relating to a gold project in Kenya (the "Project"). As originally announced on 15 June 2018, as part of a transaction whereby Red Rock acquired the remaining beneficial interest in the Project from a subsidiary of Kansai Mining Corporation Limited ("Kansai") the renewal of the licenses triggers the following actions by Red Rock:

· Payment of £25,000 to Kansai by the issue of 3,571,429 Red Rock shares ("Shares") at a price of 0.7p a Share;

· Issue of a $1,000,000 Promissory Note payable in fifteen months to Kansai;

· Grant to Kansai of £500,000 of warrants exercisable for 30 months into Shares at 0.7p a Share.

A FURTHER ANNOUNCEMENT WILL BE MADE IN RELATION TO FUTURE OBLIGATIONS TO KANSAI"
......
The above RNS extract mentions the 15 June 2018 RNS. The 15 June 2018 RNS says:

"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

(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 don't know how Red Rock find that amount of money. Maybe they will arrange to pay in installments? In an interview a month or so ago Bell briefly mentioned he had interest from some Chinese parties over a Kenyan joint venture https://mobile.twitter.com/RRR_RedRock/status/1138109907809579011 so maybe that will happen and those Chinese parties will pay the owed $2.5 million?

Regardless of how it's paid that $2.5 million is clearly still owed.

Correction from last post: should have said £838,000 Administrative expenses. So it's even higher. Shocking!

his total wages have gone up from £83,000 in 2019 but now in 2020 his total wages are up to £187,000. It's a classic case of snout in the trough. This company is loss making. I would have expected a pay decrease not a whacking pay increase.

Shockingly from final results this company's Administrative expenses are a whopping £830,000. This company market cap is £3 million, they have 4 company directors, so they are a small company, yet they somehow have Administrative expenses of £830,000.

I remember a chairman saying not to ignore Administrative expenses .. because whatever they are (in this case £830,000).. the company will have to raise the bare minimum of that amount of money in a year just to get by.

I don't like to say it but this company is most definitely a snouts in the trough lifestyle company.

It will be interesting if Bell maxed out that $1 million YA loan facility. The 18 November 2020 RNS says RRR have agreed a 6 month repayment holiday with YA and Riverfort. Though I wouldn't be surprised if some of the money from Red Rocks recent £1 million placing was used to partially pay back some of the YA loan facility. If that were true then I guess Bell could then quietly draw down on it again and max out the loan facility without shareholders knowing.

The upcoming final results RNS should make an interesting read because last year's final results RNS revealed loans taken out that shareholders knew nothing about and loans given by RRR that shareholders also knew nothing about. I actually think all the loans that RRR gave were all written off. So that's not good.

I will be voicist here. The guy who runs this company kind of has a Terry Thomas voice. Those kind of voices often deceive people into thinking "a fine upstanding individual who can be completely trusted". If I was in a trust class with him and he asked me to trust him and fall back in his arms so he could catch me I know I would smash my head.

Morning Matlot! I think Bell gets more sneaky by the day because he took out a $1 million loan facility with YA in April 2019 but the first announcement about it was when it was briefly mentioned in the December 2019 final results RNS.

I remember Madpat posting on this thread just a few months back. Also it's great to see that Mr Magic and Briarbank seem to get on well these days. Both of them seem to agree on many things about Red Rock.

Bambos22. You have been ramping RGM now called Corcel for years.

This share price must have gone 100 to 200 times smaller since you first began ramping it all those years ago.

is also CEO of Curzon Energy (CZN). Recently they went into temporary suspension. Some hopefuls are confident they will return and multibag but I'm personally not confident they will return. Kaintz has been next to useless at Regency mines (now named Corcel) for years and he's been utterly useless since he joined Curzon a few years back.

I'm not too sure if Corcel still own shares in Curzon? If they do I wouldn't be too hopeful about them.

I know the last poster was scathing about James Parson's but Scott Kaintz was taught everything by the notorious AIM chairman Andrew Bell. So with James Parson's being Corcel chairman and Scott Kaintz being Corcel CEO then I think that's an awful combination that is destined to let shareholders down again and again.

Just to point out, Vinihedgepig was a whingebag who would verbally attack anybody who dared to talk negative about Red Rock. He must have had the record number of bannings on this website because he would always quickly return under a new username. Though not seen him on here for a couple of years. I expect he's also finally seen the light and he too no longer rates Bell.

Hi, I think you were slightly before my time. But I do recall posters like Vinihedgepig talking non fondly about a poster called something like TheShed. And posters like rrrRRRrrr and Briarbank are no longer Bell fanboys, so they've come around to your viewpoint.

When you join up all my post extracts today to me it shows Bell in a pretty grubby light.

I recall a video with Bell and Kaintz doing a sharetalk video presentation in March 2018 and Bell and Kaintz were saying Red Rock would by May 2018 have over £3 million cash in Red Rock's bank account. In Red Rocks 2018 final results it said that by the Red Rock's year end on 30 June 2018 RRR had over £2.2 million in cash and equivalents. Yet 6 months later Red Rock's half yearly report (dated 29 March 2019) revealed RRR had on 31 Dec 2018 just £27,059 in cash and equivalents.

From posts below you can see RRR loaned almost £1.6 million. All of which was later written off.

Then 4 March 2019 Andrew Bell sets up a mysterious company called RRR coal limited. They were apparently a subsidiary company of Red Rock Resources. Then on 11 April 2019 Bell through new company RRR coal limited agrees a $1 million loan facility with YA and Riverfort. At the time Red Rock Resources shareholders were not told about this new loan.

To me it comes across oh so grubby. I mean he p*ss*d away the company money. But to hide it from shareholders he sets up a new RRR subsidiary company then on the quiet he sets up a loan facility with them. Of course eventually at a later date Red Rock shareholders will get diluted to pay this loan back.

I've said it many times before he's a disgrace.

To poster NecessaryEGM.

Stephen Pearce and his chums managed to get rid of Bell at Regency mines. Here's his twitter account if you want to contact him:. https://mobile.twitter.com/spearce999?lang=en