Ann: Rimfire receives commitments of $3.25 million, page-9

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Roger Rabbit 123

30 Posts.

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22/12/23

17:20

Post #: 71595927
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Originally posted by givebobajob: ↑

I have a sceptic view of the outcome of the word "commitments". It can be used as a pacifier (i.e. a dummy for SHs that are treated as dummies).

Committed $1.15M from 3 x family offices @ $0/.01 -
This is fair value and appears to be a good deal as RIM verges on insolvency. The announcement fails to say when the funds will (in full) be received.

Committed $2.1M of exploration funding by JV Partner
The announcement fails to be more specific about this and sides-steps saying "Golden Plains Resources". GPR is subject to a Victorian Supreme Court action to oust the fraudster Giovinazzo who promotes himself as the controller of GPR. I think someone said this hearing will occur in the next 6 months. It is highly unlikely that any funds will flow from GPR until this is resolved.

SummaryWhen broken down, IMO, the announcement is really about a potential, purported, committed CR of $1.15M ($3.25M is unlikely) - to cover Director's salaries and overhead. With no advice on when, and from whom, funds will come.

2024 looks like a repeat of 2023. No exploration, no money and 'thin air' promises.

Does anyone want a side bet that come 14 June 2024 (six months), GPR has not stumped up $2.1M in funding?

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The way I read it the JV Partner (GPR) is providing the additional funding. Unless Rimfire has another JV partner we are unaware of.

GPR has stated it is committed to providing the funds. Let's see, but how can that be bad news?

RIM Price at posting: 1.6¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

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