Red Rock Resources Share Discussion Threads

[greenpastures2] 12/11/2020 10:17

That was I thought in 2017. I wrote the loss off.

[60000 muppets] 12/11/2020 09:37

This time next year Rodders

[torp] 10/11/2020 17:17

Kemche - "Another fundraising soon?"

Have the participants of the last one managed to flip their shares yet?

I'm thinking not. share price dropped below the placing price of 0.8p pretty quickly
so I'm wondering if they are now locked in. If so, can't imagine they will be
eager to go for another round of the same.

Now only about 1 month before the deadline for the £830,000 (plus 12%pa interest)
worth of Convertible Loan Notes which are convertible at 0.6p.

Will they get rolled over and kicked down the road for a forth laughable year?

Or will the holders convert and maybe sell for a modest profit?

Either way can't see any reason to buy shares here above that 0.6p conversion
price myself.

DYOR

[kemche] 06/11/2020 15:36

Whoosh!

Another fundraising soon?

[noirua] 05/11/2020 11:09

Evil Knieval at play on November 4 with braces holding them up:

[torp] 03/11/2020 23:16

You're playing catch up as always Noirua

People posted ages ago that there was only Prospecting Licenses

The RNS of 15th June 2018 states clearly:

" 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, and
(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. "


You keep trying to suggest these monies are not payable due to type of license
but you cite no grounds for that assertion.

The licenses HAVE been renewed/reissued so the monies are surely payable.

.

[noirua] 03/11/2020 13:22

What is the process for awarding mining rights in Kenya? What steps must the company and the government follow?
19 August 2020

Companies do not apply directly for mining leases but must first apply for a PL, which is then graduated to a mining lease.

It can be seen from the above that Red Rock Resources PLC's Kenyan subsidiary has a PL. It has not yet been graduated to a mining lease.

[torp] 03/11/2020 11:55

No more comments on the Kenya licenses then Noirua?

[greenpastures2] 03/11/2020 11:10

Had they converted they not have been able to sell above 0.6 due to the volume.

[noirua] 03/11/2020 09:24

Touch and go now for the CLN conversion and the holders look to have missed a trick: That is they could have converted at 0.6p and sold at a profit quite easily. They instead sat on their 12% interest. SOMA Gold have reversed sharply and Jupiter have not recovered well despite expectations of iron ore interests being sold - the CRCL shares have also pulled back sharply. POW shares stand at a 180% profit. Much depends on whether the gold price can recover in November to revive interest in microcap explorers in Canada, so the flotation of RRR's interest in RRR Australasia Limited can be seen to be more certain to go-ahead well.

[noirua] 02/11/2020 17:25

Evil Knieval at play and racing to save the nation on 2 November:

[torp] 02/11/2020 11:41

Noirua

You appear to be trying to make a distinction between "prospecting licenses" and
some other type of licenses. I'm not sure why.

RNS 7th May 2015 states:

"Red Rock's local partner in Kenya, Mid Migori Mining Ltd ("MMM"), has today been
advised by the Ministry of Mining of the termination of its Special Licenses
numbers 122 and 202 ("the SLs")."

So it was SL 122 and 202 that were terminated



The RNS from 17th Aug 2020 states:

"Further to the announcements of 31 March 2020 and 19 September 2019, the
anticipated renewals of Prospecting Licenses PL/2018/0202 and PL/2018/0203
(formerly SPLs 122 and 202) have now been received for a period of three years
from 2 August 2020."


Thus the formerly terminated licenses have now been renewed


Are you trying to suggest there are other licenses involved here?

[noirua] 31/10/2020 13:01

Red Rock and Power Metal's developments in Australasia


This project's flotation on the TSX very much depends on how the gold and silver price performs and how well mining precious metals explorers are faring. A decision needs to be made as to how much of the cash raised stays with 'Red Rock Australasia Limited'. I guess expenditure by Red Rock and Power Metals will be dealt with as a loan on the books, as will the C$600,000 ( guesstimate ) needed in the flotation. There is an additional flotation fee, included in the C$600,000, of C$120,000 ( 0.4% ) for the marketing at a market quote of C$30 million. C$30m mentioned by RRR's Chairman in the video interview in the header.

[noirua] 31/10/2020 12:07

New prospecting licences have recently been granted for a period of three years, PL/2018/0202 and PL/2018/0203. The Company will now continue the work it began at the licences during the period to 2013. The work culminated with an initial 1.3 MMoz mineral resource under the JORC Code for the licences in 2012. It also found that gold recoveries of more than 90pc were achievable at a prospect called MK, while mineralisation at all prospects remains potentially open at depth and along strike of key higher-grade zones.

The next stage will focus on drilling and will involve more work on the higher-grade areas and on expanding the resource. The next stages of exploration will aim to increase the size of the resource and its grade.

Red Rock will pursue the early development of the tailings - scroll to end of page.


-- From the above it can be seen that PROSPECTING LICENSES have been granted for 3 years. A mining license and approval for tailings production has NOT been made. So the sum of $2.5m is unlikely to come up for payment for several years to come

[torp] 30/10/2020 21:09

Relevance of type of licence to the need to make the payment???

Statement of AB on LSE:


"You are correct that a payment needs to be made. You will imagine that we have had plenty of time to think about this and have internal as well as external options for it. You will possibly fear that we will be dependent on the market for part at least of this payment; such a fear would be understandable and is something we cannot stop people worrying about, if it worries them, but may not be our preference. You may if you have looked at our balance sheet wonder what assets we might sell, if we went that way: a part of Kenya itself, or something else? What we choose will be important, and when we have worked out what is optimal an announcement will be made.

Where will they get $2.5m from? Asset stripping is mentioned.
Not good imho esp if it means pawning off the crown jewel Jupiter shares.

I personally expect lots of confetti

DYOR

[noirua] 30/10/2020 12:33

Hi Torp, good point about the $2.5m payment. I'm not sure that a mining license has been granted as yet - I thought it had not. RRR's subsidiary was only granted an exploration access as far as I'm aware.
Comedy gold - can't disagree at this point in the high risk phase.

[torp] 30/10/2020 10:37

Comedy gold Noirua

Could you highlight for readers where you think RRR will generate the required
$2.5m needed for Kenya? Poster Zumore on LSE suggested that the deadline for
that payment was 2nd Nov (3 months after license renewals) which is this coming
Monday.

Plus of course the regular £47,000 a month for admin and expenses?
Plus of course expenditures for any of the other projects?


DYOR

[noirua] 29/10/2020 20:35

The new RRR video in the header does show that Red Rock has a lot to do: Maybe too much. A valuation of the Aussie assets at $30 million by AB looks like a hope. Kenya looks to be a long job and not for Red Rock, maybe others. DRC also looks too big a job for RRR. At least Jupiter is an easy hold and gold royalties from SOMA.

With the CLNs converted the market cap will be around £7.5 million at 0.8c a share.

[torp] 29/10/2020 10:26

Another RNS today, bit of a non-story TBH.

Smacks of desperation imho.

I personally assume it's an attempt to try and help the placees sell their
shares but it's unlikely to work imho. 125m shares were issued at 0.8p but the
SP is currently 0.775p. Placees appear to me to be locked in, might even have
to accept a small loss to get out. Anyone think the same? Not sure that will help further placings.

DYOR

[torp] 28/10/2020 21:05

So today's RNS states Jupiter holding is now only worth AUD 3.8m

Shares are currently AUD 0.28 according to ASX

That would suggest there are now only 13.5m shares

There were 17.02m in April so the holding appears to have been reduced by 20%

And for what? To pay salaries and expenses? or to fund something else?

Either way . . . . poor for shareholders imho

DYOR

[noirua] 28/10/2020 18:58

Evil Knieval at play, over the hurdles:

[noirua] 27/10/2020 12:03

Thanks Torp for your fine efforts. Let's hope you are right and the shares fall a bit further than your forecast. I would respectfully point out the shares were at 0.18p when you retained your negative position at the time. One of those shares that could continue to retrace but good news could appear at any minute. Good luck and good fortune to all.

Hi Torp, I'm not here to answer questions like all others here on the ADVFN bulletin boards, excluding ADVFN themselves of course. Surprised you are at a loss to understand the current CLNs by now?

[torp] 27/10/2020 11:28

Noirua - "Hi Torp, You may have overlooked that the question you ask has
been answered in the header for many months now at number 14."

With respect Noirua No, your No 14 doesn't deal with the question at all.
It merely states that the CLNs are due by 19th Dec which everyone knows.
It doesn't state what happens if the CLNs HAVE NOT BEEN CONVERTED by that
deadline. So as always you have a serious reluctance to answer certain questions.

Meanwhile the Bid is now around 0.70p and the Ask 0.80p which surely means
the placees of the recent confetti placing are underwater and locked in as
the placing shares were issued at 0.8p. I wonder what effect that might have on
any subsequent placing desires?

In my opinion the share price is just going to head towards that CLN conversion price
of 0.6p.

DYOR
.

[noirua] 22/10/2020 15:11

Point taken kemche - now included at the top of the header. We need the share price down further for me to get back in again around 0.5p.