4 questions lodged at 2025 Ronin Resources virtual EGM
March 24, 2025
Below is the text of the 4 written questions submitted at the 24 minute Ronin Resources (RON) virtual EGM via this Zoom link held at 4pm on March 24, 2025. Market cap $6.6m on EGM day. See notice of meeting and voting results with no protests. I was the only shareholder asking questions during the formal business and one other shareholder asked two operational questions at the end.
Q1. Resolution 1 question: who owns Kaii Pty Ltd, was there a competitive tender for their services, how many different shareholders did they procure to support the placement and why are they being paid in cash rather than shares or options, as is common with many other capital raisings at the smaller end of the resources sector where cash needs to be preserved?
Answer: The chair Joseph van den Elsen said Kaai is a Perth-based AFSL capital provider. It was CPS that did the 2021 IPO that raised $5m for a Colombian coal prospect that is now on care and maintenance awaiting a change of government and Kaai Capital was the financial adviser. He also claimed that it is common the fees are paid in cash, when that's not the case if you look at all EGMs that have been held so far in 2024. Watch video of exchange via Twitter.
Q2. Resolution 1 question: Did we give consideration to doing a pro-rata capital raising that treated all shareholders equally and why aren't we doing a share purchase plan for the 300 retail shareholders who weren't offered an opportunity to participate in the selective placement which was only available to institutional investors or sophisticated high net worth private individuals?
Answer: The chair Joseph van den Elsen said pro-rata would take too long and and there was too much cost with an SPP. Watch video of exchange via Twitter.
Q3. Resolution 2 question: How many different shareholders took up the options?
Answer: The chair Joseph van den Elsen fixated on the fact that the 25c options hadn't been exercised as yet, rather than explaining how many shareholders participated in the 461k placement at 13c and received the accompanying 3.5m options at 25c. Watch video of exchange via Twitter.
Q4. General question: Less than 20 of our 317 shareholders will be watching this EGM live. Is the meeting being recorded and will the chair undertake to make an archived copy of the full webcast available for all shareholders on the company's website?
Answer: The chair Joseph van den Elsen threw to company secretary Justin Mouchacca who said it wasn't being recorded, so that was that. You need to be on this web page to find out part of what was said during the debate. Watch video of exchange via Twitter.
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