RIM rimfire pacific mining limited

After conferring with the GPR supporters and asking a lot of...

  1. 261 Posts.
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    After conferring with the GPR supporters and asking a lot of questions of my network i will correct your post yet again.
    My responses are in Bold Italics:
    You said:
    (1) Change of Control Was Real and Legally Recognised: Let’s address the facts head-on.The Resource Capital v Giovinazzo [2024] VSC 548 judgment confirms that a material change of control occurred in GPR — not just technically, but via oppressive conduct.Giovinazzo issued shares and installed a board without lawful authority. The Court declared these moves invalid and set them aside. That is a change of control — both in law and in practice.
    RCL took control of GPR in September 2020. Giovinazzo illicitly issued 10,000 shares to himself in July 2022 to take back control from RCL. It did not work.
    (2)Rimfire’s Termination Rights Were Triggered: GPR had a contractual obligation to disclose any change of control to Rimfire under the earn-in agreements.That didn’t happen.Rimfire discovered the changes after the fact, confirmed by the Court — meaning the termination was not only justified, but based on a clause designed exactly for this kind of situation. It is all about what one does with termination rights. There are many precedents around in valid terminations of contracts. Terminations may not be valid if rights are exercised in an unconscionable manner.

    (3) The Fraud Angle Doesn’t Hold Water: Let’s be clear - Rimfire never raised capital from “mums and dads” under false pretences. Any funds loaned into GPR by third parties — based on misrepresentations made by Giovinazzo — are not Rimfire’s liability. If those lenders want restitution, their case is with Giovinazzo or GPR (as improperly controlled), not Rimfire. No fraud has been alleged or proven against Rimfire. Full stop. No postings that I have seen allege that at all. I would strongly suggest that Rimfire cannot keep money obtained in a contract signed by Giovinazzo in 2022 as the director of GPR.
    I think that was a $2.5 million contract of which $1.5 mill was paid. I do not believe that any Court in the land will find that Rimfire can keep this money.


    (4) ASIC and the Courts Have Not Accused Rimfire of Anything: There are no class actions filed, no ASIC investigations announced, and no judicial findings of wrongdoing against Rimfire or its board.Throwing around words like “fraud” and “illegal” without legal backing is reckless. If real legal consequences were imminent, they’d already be underway. Bit premature for that but it will happen. Legal action to clean this mess up was commenced by RCL in 2022 and it will be ongoing as aggrieved parties come looking for their money.

    (5) Let’s Stick to Reality, Not Fear Narratives: You may not like Rimfire’s position. But the suggestion that it's about to collapse under lawsuits is pure speculation.The facts — as confirmed by the Court — are that:GPR’s control was improperly altered,Rimfire acted within its rights to terminate, and the arbitration will determine the commercial consequences, not social media posts.Let’s keep it grounded. The change of control of GPR shareholding was never improper when it actually did happen in 2020. Do a company search, as it is a matter of public record and was a matter of public record at the time the change was made and has been a matter of public record since 2020. I have spoken about "convenient blindness" in posts before.

    Im happy to put the specific parts of the GPR vs Giovinazzo case below. Actually I will, and see what you reckon

 
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