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Shoats Creek is dead we are not interested.
Ah but there is an update in a roundabout kind of a way. In the last RNS, Red Rock described itself as "the natural resource development company with interests in gold and steel feed materials". Which says everything that needs to be said about the success and future viability of its two failed oil exploits.
He sold his shares back in Aug and moved on, unlike Magic/Torp who still bitter after 6 years.
MrMagic
yes we took out a CLN, this will get converted in dec, it may be extended, part converted or paid back, the company hasnt decided.
At least you dont go on about the warrants, the ones in summer expired and the nov one will likely also. That was your theme, rofl.
Still no update forthcoming from this BOD on the Shoats Creek venture which has been imo a huge disappointment and another damp squib.
Partner Mayan Energy pulled out of the field in early May this year relinquishing their 50% working interest. In their RNS they said:
"The relinquishment will also protect Mayan from potentially significant Plug & Abandonment ('P&A') liabilities associated with abandoned well bores at Shoats Creek."
So where has left RRR? Why has RRR not given shareholders any update on this venture? Poor show really.
RNS 10 Nov 2017:
"RRR . . . has raised £495,000 by the issue ("Tranche 1") of £495,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"
RNS 12 Dec 2017:
"RRR . . . has raised £215,000 by the issue ("Tranche 2") of £215,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"
RNS 14 Dec 2017:
"RRR . . . has raised £290,000 by the issue ("Tranche 2") of £290,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"
So, those RNSs covered £1,000,000 of CLNs convertible at 0.8p. Equates to 125m shares if converted.
Of those potential 125m CLN shares only 6.4m (£50,000 worth) have so far been converted as reported in the RNS of 9th March 2018.
I think the point that is being made Helpful is that the dividend will be totally swallowed up by salaries and administration expenses.
More likely..... the wrong type of Management
The share price staying where it is for the moment is okay. Ideally, we want the November warrants to expire before the share price rises.
It going to 0.9p would be the worst of all worlds because it gives the warrants enough head room to exercise and get out whilst diluting the rest of us.
Obviously the wrong type of money.
Love the fact that share price drops on the announcement of receipt of $500k +
No doubt will be used to fund some new investments in a company such as White Elephant Oil or paying directors wages
Maestro: "What did we spend on migori? You know the license they stole off us"
They revoked the Mid Migori licenses because after 26 years the promised heavy investment never arrived. Article here worth reading:
https://www.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/index.html
The article states:
"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme.
Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”
The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter"
Regardless, for me this whole Migori situation is just another damp squib. Nobody seemed particularly interested in the project before the licenses were revoked so even if they do manage to get them reinstated I doubt it will have any significant lasting affect on the SP here. More likely the legalities will drag on for years imo. The article above also mentions things like ancestral land issues.
Oh dear, crying bout bells wages well he set up company maybe you can also and get paid for it. Do you really believe he opened a company on stock market to be a good samaritan, of course he didnt. Get the emotions out and trade aim stock.
What did we spend on migori? You know the license they stole off us, that will be returned soon. We spend near £9m on that. Once we get that nack it will be transformational.
Meanwhile of course Mr Bell has done nicely out of the whole proceedings thank you very much:
2017 total emoluments - £155,243
2016 total emoluments - £152,408
2015 total emoluments - £91,495
2014 total emoluments - £139,008
2013 total emoluments - £154,746
2012 total emoluments - £221,729
RGM Emoluments
2014 total emoluments - £76,506
2013 total emoluments - £78,344
2012 total emoluments - £122,598
2011 total emoluments - £85,377
Magic Clutching at straws, go and read rns when they returned money earlier this year we made profit on transaction on top of share in company. Fact: We have over £3m cash in bank Received 500k divi yesterday Own shares in jms valued c.3m On verge of migori returning which has jorc resource of 1.2Moz and the potential to increase. Yet mkt cap measely 3.5m. Something gotta give..
Maestro: "should note while other company went bust under the downturn rrr survived"
What a pile of utter Billy BS Maestro !
I can stand on the street corner handing out £10 notes to passers by in exchange for £5 notes all day long for as long as some fool keeps supplying me with £10 notes to do so. To consider my "business" there a success and some form of survival would be utter moronic.
RRR has had a devastatingly poor performance over the years. It has resulted in the SP being utterly destroyed and billions upon billions of shares being issued and numerous capital reorganisations. As always I will counter your drivel with actual indisputable facts. Here are the results of the past Annual Accounts :
Profit/Loss and monies raised mostly via share issues:
2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000
So in total this BOD had consistently made a loss and managed to raise £15,052,200 over this period.
Where is all that cash now?
Your definition of "survived" imo is at best moronic and at worst simply deluded.
Note 13 on their annual report was truncated, which was unfortunate, as it says that €2.3m of loans were converted into 400m odd shares in march 18.
The important bits are missing. My question is, do RRR still maintain their 22% stake or has that been diluted??
Maestro: "How much money did steelmin cost us? Ot cost us nothing"
Really?
I'd hazard a guess that you are failing (deliberately?) to take account of the £100,000 that was paid to the "investors" as part of that financing deal.
Magic We got 22% of steelmin in return for us to lend them money, they paid us back and we retained 22%. Whatever we get from steelmin is bonus dont know why you complain about things that are not material. When they returned the loan we actually made a profit on interest etc etc if you care to read the past rns's.
Steelmin accounts released a fortnight ago. Net assets £1.59m Dec 17
https://beta.companieshouse.gov.uk/company/07734349/filing-history
2 charges outstanding - https://beta.companieshouse.gov.uk/company/07734349/charges
What is 22% of nothing?
Magic Sorry this is aim, its should note while other company went bust under the downturn rrr survived and are now getting in strong position. Easy value here just look at the numbers..
How much money did steelmin cost us? Ot cost us nothing we'd prefer they sell so we can get couple of million euros out of it. Just look at the mkt cap how stupendously low it is. 3.48m!!!
Maestro: "You are implying that El Limon production will stay the same for 27 years, i gave you projections for 2017 and 2018"
You offered nothing more than the usual "jam tomorrow" rhetoric which most here are quite immune to. It's been "jam tomorrow" at RRR for the past 8 years whilst shareholders have been horribly dilutled and the SP utterly devastated. Remember, it is this BOD that performed 2 capital reorganisations within the space of 12 months, lowering the nominal share value from 0.1p to 0.01p and performing a share consolidation. Actions that permitted the dilution to continue. Nothing will change here imo until the large investors replace the BOD.