RMX 0.00% 1.2¢ red mountain mining limited

Real Concern!, page-2

  1. 108 Posts.
    So be it in the Philippines, and thanks for the link, but I think our concerns are here in Aust with the former board. BMV share price closed at 2.50 pence and RMX took them up at 5.75 pence with absolutely no disclosure beforehand that they would do so. What did the former board envisage that the benefit would be using shareholder funds to take BMV shares. I do wonder, was it a case that BMV said they would not get their raising across the line and be able to list on LSE without RMX putting in funds. After all, we took around 30% of the raising and given RMX main objective was to focus on Batangas, why did they put effectively AUD 900k into BMV shares, and the BMV listing was meant to happen a hell of a lot earlier than it did, hence me wondering did BMV struggle to get funds.

    The other Aust based issue I see is the constant capital raisings on the promise of further drilling. Go back to the SPP last year and right thru until BMV listing in April 2016 we were told drilling imminent. Not until May 2016 did we get told that application to drill further was with Philippines MGB for approval. When was that application actually made? If it was, for example, April 2016, then what supported the preceding ASX announcements. I will wait and see what the new board advises over the next couple of weeks or so, but there are a few questions to be answered in my mind.
 
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