Red Rock Resources Share Discussion Threads

[noirua] 09/12/2022 10:01

We can only guess from here that RRR has some support as the largest holder bought the bulk of his shares at 0.51p I believe. A placing of 100 million shares at 0.35p would bring in £350,000 a likely bet to avoid too much dilution. If AB and Co manage 0.4p to raise £400,000 it will show more solid support and belief in a good outcome for the ELEF IPO and DRC Arbitration. However, I doubt AB quite cares enough beyond getting in the cash as usual since the decline in 2011 that continues unabated to this point and maybe beyond.
Can AB prove us all wrong or are the cards already read?

[kemche] 08/12/2022 19:03

"We were pleased to have strong shareholder backing"

If you say so.

[kemche] 08/12/2022 15:48

Red Rock Resources
@RRR_RedRock
·
9m
As RRR heads towards the end of the year, the pace of activity hots up. We were pleased to have strong shareholder backing with all resolutions passed at the General Meeting today. This strengthens us in dealing with third parties, so thank you.



Whoosh!

The strength is now there against third parties. The pot may be empty but the strength is there.

Give me strength!

[m1sterx] 08/12/2022 15:00

Resolutions passed !

[noirua] 08/12/2022 14:19

8 December 2022

Red Rock Resources Plc, the natural resource development company, with interests in gold, copper, cobalt, and other minerals, announces that at the General Meeting, held today 8 December 2022 at 12:00 noon, all resolutions have been passed on a poll and results are as follows:

Resolution --------- For ------- Against
01 ------------ 377,227,620 - 24,082,436
------------- -----------
02 ------------ 377,427,620 - 23,882,436

[ It does look as if a large number decided not to vote. Not exactly a vote of confidence. ]
The issued share capital of the Company consists of 1,296,147,223 ordinary shares of 0.01p each (£4,666,129 at 0.36p) with voting rights ("Ordinary Shares"). No Ordinary Shares are held in Treasury.

[noirua] 07/12/2022 12:00

The Elephant Oil IPO is fully underwritten. So it could go ahead with the underwriters taking up unsold shares. It looks too late stage to turn back now.
It seems most likely the holdup is because a decision on whether to accept a lower price than hoped for and secure an overallotment has not been decided. It does look as if $4.65 is going to be the set price from yesterday's update.
ELEPHANT OIL CORPORATION to IPO in the short term on the NASDAQ - present holding 4% - 397,873 shares x $4.65 = $1,850,109.

[kemche] 07/12/2022 11:47

My money is on Kaintz and Parsons as the replacement dream team.

[m1sterx] 07/12/2022 11:37

It is fruitless voting on any Special Resolution concerning Red Rock as a small group of major shareholders seem to be working in concert, they have around 25% of the company, Andrew Bell also has a fair slice, all proposals are obviously put to this group by management to approve or disapprove.

One wonders how content these major shareholders are with the failure by Bell to deliver anything meaningful this year, he has been financially supported by them for nearly 2 years now by way of loan notes and minor funding events.

The last material placing (£1m) was in February 2021, Bell has stripped the cupboard bare of the RRR investment portfolio, selling just about everything the company held.

It looks like the last rites of the Elephant Oil NYSE IPO has appeared with a minimum raise now on the table, they tried for $20m, after 4 months with little success they are now down to $9m - if this fails they can go no lower.

It appears the major shareholder group continue to support Bell, in the real world if Bell was removed for a 'name' CEO the heavy discount on the stock would be immediately lifted, something the major shareholders seem to ignore, of course Bell would need compensation and he would dump his entire stake (40m shares) in a tantrum like he did with RGM when he was removed from office.

There is some thought process along the lines that the major shareholder group are being 'looked after' by the company (Bell) one former holder was suggesting a forensic audit should occur, what was this fellow implying one wonders ?

Whilst the above is a negative the circa $10m Congo cash could come in, a positive arbitration decision could double the stock price in a flash, receipt of the cash could treble the SP, it's probably best to stick around therefore.

[noirua] 07/12/2022 11:09

The GM is to be held at the Company's business address, We Work, 71-91 Aldwych House, London, WC2B 4HN on Thursday 8 December 2022, at 12:00 noon.

I have voted about three quarters of my shares - the rest are with HL and most investors do not bother to vote in their long winded process of being indirect brokers. If my holding was nearer 3% attending makes sense otherwise the result seems secured beforehand in my view. Sometimes a Chairman or CEO will contact larger holders and as nothing has happened it looks like a done deal with the 15% shareholder and other substantial holders.

[noirua] 07/12/2022 10:57

Elephant Oil Corporation NASDAQ: ELEP


December 6 2022 -

December 2022 - Presentation

[algernon2] 07/12/2022 09:38

General Meeting (GM) Tomorrow. Can't go myself. Anyone off to it? Noirua?

[noirua] 06/12/2022 17:37

A 7,500,000 share buy at 0.38p, probably Monday reported today, is the likely reason why the share price has held up against selling pressure.
The Red Rock share price is very low from a gambling viewpoint. That doesn't mean the punt will come off of course. If it wasn't for the likely placing coming up a price much higher would be warranted.
It is usually impossible to get a likely outcome leaking from an Arbitration Commission.

[noirua] 05/12/2022 11:31

Unfortunately, Red Rock is too small for Glencore and DRC to recognise as existing. Kamoto Copper a 100% owned subsidiary of Glencore is the company involved with Musonoi and now owns Red Rock's Musonoi Area 1 like it or not. Only the DRC Arbitation Commission can decide what Red Rock gets for its stolen tenement. That decision could come at any time though Red Rock has to be comfortably positioning itself financially for the long haul just in case. However, trust in Red Rock's directors to get things right looking back at Greenland and Steelmin raises enormous question marks.

The kind of intermediary Gecamines had transacted with VUP SA legal owners of 49% of Musonoi Area 1 and Kamoto Copper. AB has reported that Gecamines gained a sum in excess of US$400 million in the transaction. Kamoto paid US$5 million to VUP SA. VUP SA went to court to get the remaining US$15 million from Kamoto. At this stage, Red Rock stopped this procedure and was awarded US$4.505m by a DRC court against VUP SA. This amount has not been paid.

From the above Gecamines arranged a meeting brokered by them between Red Rock Resources and their advisor and legal representatives and the representatives of VUP SA. Also regarding any reparations to be made by Gecamines to RRR. This came to nothing despite Red Rock agreeing on a figure to be paid to them also agreed by the representatives of VUP SA. Ultimately VUP SA failed to sign an agreement.

The matter is now in Arbitration and a decision is awaited. This may be subject to a possible Appeal in which any side is given 90 days normally.

[undertaker] 05/12/2022 11:01

so if Glen are settling with the DRC, will the DRC now settle with RRR on behalf of Glen?...confused!

no market reaction for RRR

[kemche] 05/12/2022 09:37

"Glencore has reached an agreement with the Democratic Republic of Congo ("DRC") covering all present and future claims arising from any alleged acts of corruption by the Glencore Group in the DRC between 2007 and 2018 ("Agreement"). This includes activities in certain Group businesses that have been the subject of various investigations by, amongst others, the United States Department of Justice ("DOJ") and the DRC's National Financial Intelligence Unit and Ministry of Justice.

Under the Agreement, Glencore International AG, on behalf of its Congolese-associated companies, will pay the DRC US$180 million and will continue to implement in the DRC the Ethics and Compliance Programme the Company committed to continue to implement in its resolution with the DOJ. The Agreement is governed by Congolese law and the only admissions made are in respect of the conduct already acknowledged in Glencore's resolution with the DOJ."

Whoosh!

[noirua] 04/12/2022 14:08

A view by the robot driven SimplyWallStreet:
Recent Transactions:
Largest shareholder: 15.75%
Charles Topham 204,147,627 £765.6k 0% no data

[kemche] 03/12/2022 15:25

I have been a fan of Bell for more than a decade now and in that time the man has delivered a never ending stream of successful projects for shareholders to reap rewards with nary a thought for his own pocket. With the hundreds of projects entered into over the years you would expect the odd failure - but not a single failure for our Bell.

Politics' loss is our gain.

And as every successful leader does, he has mapped out the succession planning with the sheer talent that is Kaintz. Shareholders here can only dream of the returns he has delivered over the years at CRCL and CZN. Will he be able to replicate the success here too? Shareholders must be salivating at the prospect!

All we need now is for Parsons to join the BOD and we will have the dream team and then Whoosh!

Helpful will no doubt be lining up another LNW in anticipation.

[noirua] 03/12/2022 13:19

There is a concern in the Red Rock RRR share price as to what AB and Co are up to, or is it, plans on the financial front that are generally unclear or dare I say 'SUSPECT' no indeed not.

How much needs to be raised if DRC hoped for cash does not arrive in the first half of 2023? Or maybe the oil price continues its decline putting a float of NASDAQ: ELEF back on the shelf.

So apart from quoted shares in Power Metal at 1.45p bid and Juno Minerals at 9c, there is no other silver left except maybe a few Jupiter shares priced at 20c and yielding around 10%.

So AB and Co have let expenditure go marginally out of control with income at or close to zero.

Trading of RRR shares looks a bit strange with some unloading expecting a cash raise at 0.3p or so. Others gambling DRC Arbitration will go Red Rock's way - my experience of Arbitrations is they take from 9 months to 14 years to be finalised. This includes Appeals. The time involved is mainly due to getting the three Arbitrators on the panel together at a specific date together with one or more parties continuing to take a long time to respond.

Maybe there are one or two kind individuals wanting to see AB do well out of this and buying the odd 1m or more shares here and there. Maybe that's you?

[noirua] 01/12/2022 16:57

The gold price has touched $1,800 again and has been very gradually climbing back. With a slowing of inflation forecasts and also interest rates holding, so gold is less expensive. As confidence returns, we should see the yellow metal pushing on to $1,850 in the short term.
3 day gold:

[noirua] 30/11/2022 13:03

What is the difference between "imminent" and "a piece of string"?

Maybe a 'Windbag Grade 2 ensemble' of 'Imminent Danger' and perhaps 'Pasadena' or RRR is 'Driving Me Crazy'.