Rambler Metals & Mining Share Discussion Threads

[amaretto1] 08/11/2022 17:17

Copper on the rise ! Dollar weakening

[amaretto1] 08/11/2022 17:16

Shareholder funding

[amaretto1] 08/11/2022 17:15

So your saying .....The major share holders are behind Newgen ....To pick up the pieces ...After the mine has been funded by small investors etc ... ?

[excellance] 08/11/2022 16:55

We have to wonder why the major holders here decided to straddle RMM with so much debt, rather than work a comprehensive finance deal, with bonds, open offers, warrants, placings, and small unsecured loans, until the mine was running to plan.

I can't believe they're so stupid, so either they had no choice or they wanted to inject a high level of risk into this in the form of foreclosure risk.

Maybe we'll get a court transcript for when it goes to trial.

[amaretto1] 08/11/2022 16:10

What's your opinion on relisting ?

[pensionplanner] 08/11/2022 09:58

ameretto. There is already a serious problem for them.

Life's Rich Tapestry

[amaretto1] 08/11/2022 09:00

I'm not disputing the possible intention at all ....You maybe right. All i will say.....if this situation comes to pass ... and in the end the asset is stolen off of investors due to technicalities etc ....Those individuals set to gain from our loss ...Should make the most of this gain .... because they have just given themselves a Serious problem !!!

[pensionplanner] 08/11/2022 08:43

Sadly as Newgen are cited as the Administrative Agent, they seem very much in the driving seat, as its not Newgen that have defaulted.

However as I posted yesterday Newgen are only Administrative Agents and anonymous third parties entrust Newgen as Administrative Agents.

In similar circumstances it depends really on who the anonymous note holders are, and what their objective is, and whether they may conceivably have been complicit in events leading up to a situation to acquire in order to obtain a valuable asset proved up with shareholder funding, which has occurred in companies previously.

They are though under scrutiny

[amaretto1] 08/11/2022 07:47

I'll find out ...But after a conversation last night..Newgen are not in the driving seat ! A restructuring as started with ALL party's ...So I'm presuming Newgen are now at the table with large investors.Imo it will be relisted before Xmas. Fingers crossed.

[pensionplanner] 08/11/2022 07:43

amoretto. rather than assumption just look at the details of the charge on Company's house files. I hope it does come under some Canadian law, but can you specify which precise law, as in the charge it specifies the specific law? Not to be disputatious because I have the distinct feeling that the law the charge comes under doesn't alter whether there was deliberation to arrive at the point we are at, and so much suggests it.

[excellance] 07/11/2022 19:15

That's the mistake DME creditors made. They assumed Australian law, but the asset was in Botswana, and the court decided that Botswana law prevailed.

[amaretto1] 07/11/2022 19:10

It's on Canadian soil !!!Makes a huge difference.....Thankgod it's not in Botswana

[amaretto1] 07/11/2022 19:08

No it's not ....It's all under Canadian law !!!I'm 100 percent certain. My source is very close.

[pensionplanner] 07/11/2022 19:04

part (2) NEWGEN RESOURCE LENDING INC for itself and as AGENT for the NOTEHOLDERS on the terms and conditions set out in the Note Purchase Agreement (the Administrative Agent) which expression shall include any person for the time being appointed as administrative agent for the purpose of, and in accordance with, the Note Purchase Agreement.

"Charged property" means all the assets of the Company which from time to time are the subject of the security created or expressed to be created in favour of the Administrative Agent by or pursuant to this Deed.

under 1.2 Construction (a) it gives the Agent, i.e. Newgen to assign

Section 2 Covenant to pay
The company covenants that it will pay and discharge the Secured Obligations to the Administrative Agent when due. (we now know that they didn't even pay them in September).

20.2 Assignment and disclosure of information
The Administrative Agent may assign and transfer ALL or any of its rights and obligations under this Deed. The Administrative Agent shall be entitled to disclose such information concerning the Company and this Deed as the Administrative Agent considers appropriate to any actual or proposed direct or indirect successor or to any person to whom information may be required to be disclosed by any applicable law.

Only a few of the terms, but easy to log in to companies house and see full document.

None of the terms suggest its governed by Canadian law as it suggests it is EU law.

[amaretto1] 07/11/2022 19:01

It will be a very painful morning.... when RMM gets relisted...For those that have sold imo

[amaretto1] 07/11/2022 18:55

Botswana ?? We are in Canada employing nearly 300 personnel....Not to mention we have big investors.... who are not going down for 9 million UK.Believe me

[amaretto1] 07/11/2022 18:51

It still all comes under the umbrella of Canadian law ...It's a registered Canadian company.The Newgen deal was to put it mildly on scandalous terms.Did RMM get advised to default ...Imo they did ...Knowing they were protected....Forcing Newgen to renegotiate at better terms

[pensionplanner] 07/11/2022 18:42

ameretto. worth looking at the loan details.They are available at companies house.I published a link previously.

One very important thing to note is that Newgen did NOT provide all of the loan, they were in charge of it, but unnamed third party(s) provided finance in that loan arrangement overseen by newgen

[amaretto1] 07/11/2022 17:41

Or basically a restructuring of debt.

[amaretto1] 07/11/2022 17:40

U need to read Canadian law ....Newgen CANNOT for close on loanIf a suitable conclusion can be made or adequate recompense to the lender. I can see RMM re listing at a substantially higher share price ....Imo 15 plus

[cinoib] 07/11/2022 17:30

ex, don't kid yourself, have seen too many de-list, never to return so I think you need a very large pray mat.

[excellance] 05/11/2022 11:06

John Meyer said exactly what I said, that the mine would continue and finance would be refinanced one way or another.