Just been doing some due diligence.. (bored). Have a look at the...

Just been doing some due diligence.. (bored). Have a look at the latest Share Information 17th of June 2010 on RCP's site. Stirling is 27+% and the other 19 holders are less than 2%. La Jolla's exposure is very small in the scheme of things. Also it was mentioned Bruce Morrin in the December 11 announcement It is difficult to raise start up capital in Australia and La Jolla see the distinct value creation potential by supporting companies early in their development stage. What support. The cash is spent.
Another concern is RCP paying consulting fees with shares. It smacks of SRE has used any equity in RCP as their cash cow and now that is drying up. A merger is a good way to hide all the loans if you ask me.
Quote from the March 2010 Cashflow report:

"Note: Cash at bank since the end of the March 2010 quarter has increased as a result of funds received under the La Jolla Cove Investors facility by approximately $300,000. The Company has at the March 2010 quarter end, AUD$6,745,000 yet to be drawn down under this facility. The Company also has the financial support of its major shareholder."

Add the deferring of activity to mid 2011.

Note, Redbank has a joint venture with Glencore International, I can not find details of this. Can anyone point me to where that is.