RAB Special Situations (fka RAB)

[reddog3]

Here is why I believe powerful whale-size investors, many related to Novation Companies Inc. $NOVC Board or controlling investors, are buying a sub-penny stock $NOVC off non-retail information courtesy of SEC & Board of Directors https://www.marketscreener.com/quote/stock/NOVATION-COMPANIES-INC-120787360/company/
I have confirmed my thesis with both Saxon Capital $SAX (sold to Morgan Stanley for $760M) ex-CEO Michael Sawyer & Jason Stewart the MREIT Director at www.jonestrading.com (ranked by TipRanks) formerly MREIT Research Director at FBR Friedman, Billings and Ramsey now EJF Capital www.ejfcap.com that these investors that control; $NOVC Board, $NOVC only Sr Debt to exit Ch 11 and 116M Common Shares Outstanding Dilute will not waste Novation Companies Inc. $NOVC $730M NOLs www.healthcare-staffing.com HCS or Rights CCR defined by Section 5.04 of Service Rights Transfer Agreement, SRTA see Exhibit 2.1 of 10Q filed for Q3 2007. $NOVC Board restructured Dynex Capital $DX NYSE tax-exempt MREIT with Fortress. Now Fortress/EJF Capital/Mass Mutual & sub-Barings/Jefferies & White Mountains Capital $WTM are these investors.
Mr. Sawyer and Mr. Stewart both know these investors above and agree with me they are some of the greatest MREIT Market Makers of all time, specifically Fortress/EJF Capital. Wesley Edens x Blackrock, Lehman Bros/Peter Briger x Goldman Sachs Sr Partner, Co-CEOs of Fortress and Neal Wilson Manny Friedman Co-CEOs of EJF Capital also Founders of Friedman, Billings & Ramsey FBR. I shared this thesis regarding what I believe to be the true restructuring of Novation Companies Inc. OTCBB $NOVC balance sheet and capital table. They separately agreed with the concept that $NOVC can break into 2 tax-free public companies by spin-out their former tax-exempt MREIT Novastar Financial Inc. NYSE $NFI which holds CCR cleanup call rights, that can be monetized into MREIT Dividend. Novation Cosigned a Service Rights Transfer Agreement SRTA a P&S between $NOVC & $SAX for the sale of MSR mortgage servicing rights, Section 5.04 provided for only $NOVC to retain these CCR rights that control the future use of billions in rich/seasoned collateral assets ideal to be leveraged/securitized into a tax-exempt MREIT dividend & external management fee EMF for Fortress.
Fortress cashed every year over $150M EMF at $RITM aka $NRZ until months ago when Fortress triggered a $400M termination fee. $NOVC Board and Boulay Group a top 100 CPA firm per #AICPA, paid well into 6 figures to audit/certify in accordance with GAAP $NOVC 10Ks fail to disclose this in SEC filings. Fortress/EJF Capital are the 2 top MREIT Market Makers and their control over $NOVC Board of Directors, ownership of 100% of $NOVC only Sr Debt & 27% of all $NOVC common shares are hidden behind CDOs Taberna I & II/Kodiak CDO I which they paid almost nothing to own via CDO Service Rights.
Fortress led the restructuring of Newcastle Investment Corp $NCT now traded Drive Shack $DS which retained all of the $160M NOLs as the 3 MREITs they spun out of $NCT are already tax-exempt per IRC. Newcastle Investment Corp’s previous symbol $NCT became Drive Shack $DS and 3 tax-exempt MREITs were spin-out including $RITM formerly traded $NRZ, $SNR New Senior sold for $2.3B & $GCI formerly New Media X $NEWM. If these investors duplicate this restructuring blueprint at Novation Companies Inc. OTCBB $NOVC they make BILLIONS and create an annual cash flow of hundreds of millions in dividends and EMF every year out of a sub-penny stock. These investors place expert investors ahead of Mr. Market courtesy of SEC Rule 15c2-11. This Rule stops the filing of SEC documents and quotes for retail bid/ask aka any news to Mr. Market. $NOVC outside counsel www.olshanlaw.com are experts in this Rule as are $NOVC outside auditor CPA firm www.boulaygroup.com
Evidence shows $NOVC Board of Directors; Barry Igdaloff & Howard Amster both made a mint restructuring Dynex Capital NYSE $DX with Fortress assistance. Both $DX and $SAX were tax-exempt per IRC MREITs spun out of the same public company based in Glen Allen, VA. Manny Friedman, and Neal Wilson, Co-CEOs at EJF Capital, were the book runners for both SAX and DX. $NOVC Board past and present have been working closely with investors including Whitney Tilson Small Cap Investors Chuck Gillman/Jeff Eberwein, Fortress Co-CEOs Wesley Edens, Peter Briger, EJF Capital Co-CEOs Manny Friedman, Neal Wilson, Barings and Mass Mutual William Bill Wallis and his former superior Barings CEO/Chief Investment Officer of MassMutual Thomas Finke, ex CEO/COB of Dynex Capital NYSE $DX, ex Board Member at IMH and major shareholder of $NOVC, Thomas Akin, President of Jefferies Brian Friedman, CEO of Jefferies Rich Handler, and Frank Bazos, Special Advisor and former VP Merger & Acquisitions at White Mountains Capital.

This is the thesis why related experienced HF investors own almost all $NOVC common, all $NOVC only Sr Debt to exit Ch 11 and control the Board of Directors. This is also the thesis explaining why whale-size investors many related to $NOVC controlling investors are BUYING millions of $NOVC common at sub-penny prices https://www.marketscreener.com/quote/stock/NOVATION-COMPANIES-INC-120787360/company/

[reddog3]

Same Investors that restructured Nationstar $NSM (merged for $3.8B with Mr. Cooper $COOP formerly Washington Mutual $WAMU or $WMIH inside Ch 11 saving $7B NOLs) are at it again at Novation Companies Inc. OTCBB $NOVC. Fortress/EJF Capital hidden behind CDOs which they paid almost nothing to own via CDO Service Rights own 27% of $NOVC common 31.3M shares after exit Ch 11 paid all their back interest compounded. NOVC Board gain no cram down or other consideration yet gave them Fortress/EJF 11m cash mostly interest and 31M shares at below one cent. They did not obtain one dime in Sr Debt reduction for either 11m Cash or 27% of the shares see https://www.globenewswire.com/news-release/2019/08/09/1900133/0/en/novation-companies-inc-executes-first-amendment-to-senior-secured-note-purchase-agreement.html

Those investors are world-class MREIT Market Makers Fortress Co-CEOs Wesley Edens x Blackrock, Lehman Bros and Peter Briger ex Goldman Sachs Sr Partner head of Special SItuations Group with Mark McGoldrick aka per WSJ Goldfinger. Fortress has partnered again with $NOVC Board of Directors own 35% 40M of $NOVC common most hidden or camouflaged and Mass Mutual and sub Barings per 10K owns 19.3M 17% of $NOVC common see also link above. Fortress hidden behind Taberna CDO I & II and EJF Capital hidden behind Kodiak CDO I own 31.3M shares and retained 100% of $NOVC only Sr Debt to exit Ch 11. EJF Capital was formerly Compass Pointe Research and FBR Co CEOs Emanuel Manny Friedman and Neal Wilson.

Novation Co $NOVC Board of Directors Chairman Barry Igdaloff and Howard Amster. Igdaloff and Amster restructured Dynex Capital NYSE $DX another MREIT 2000-03 with Wesley Edens, CEO of Fortress. Fortress hide their ownership of $DX behind Capstead Mortgage $CMO where Wesley Edens was also CEO of $CMO now traded $FBRT. Jefferies $JEF also owns 20M $NOVC common per 13D filed 6/23/2011.

$NOVC Board weeks ago triggered SEC Rule 15c2-11 which stops all quotes for only retail investors aka ends bid/ask on $NOVC and stops SEC filings for the first time since $NOVC formerly NYSE $NFI Novastar Financial Inc. was founded. So while retail investors and Mr. Market are not allowed to trade $NOVC whale-size investors are trading Buying MILLIONS of $NOVC Novation Co common shares per www.marketscreener.com

What news are these whale-size investors expert investors per SEC using to BUY millions of Novation $NOVC shares? https://www.marketscreener.com/quote/stock/NOVATION-COMPANIES-INC-120787360/company/
This link shows expert investors buying $NOVC many since $NOVC Board triggered SEC Rule 15c2-11 including Goldman Sachs bought 360K $NOVC common, Blackrock bought 260K $NOVC common, David Dreman/Dreman Value Mgt bought 533K $NOVC common, Putnam Investments bought 387K $NOVC common, Bridges Investment Mgt bought 479K $NOVC common, Bank of America, NA bought 671K common, GE Investment co bought 333K $NOVC common. Mass Mutual & sub-Barings hold 19.3M $NOVC common 17% and Thomas Akin’s HF Talkot Capital owns 1.9M $NOVC common. Akin served on the Dynex Capital NYSE $DX Board of Directors for many years with $NOVC Chairman Barry Igdaloff, JD, CPA. Igdaloff served 20 years on the $DX Board (per DX 8K filed 9/3/2020) after restructuring $DX with Fortress assistance. Akin and $NOVC Board of Directors Barry Igdaloff and Howard Amster made a mint at Dynex Capital MREIT like $NOVC ex MREIT NYSE $NFI Novastar Financial Inc.

[johnlw]

Hedge funds stop cash withdrawals
From The Sunday Times
October 26, 2008

Investors fume as they are barred from pulling their money out of struggling firms

Iain Dey and Kate Walsh

ONE of Britain’s best-known hedge funds, RAB Capital, has stopped investors cashing out of a second of its flagship funds. Investors in RAB’s Energy fund - which has lost more than 50% of its value this year - have been told they will not be able to liquidate their holdings.

Those who want to quit will be handed “redemption shares” instead of cash - a promise on behalf of the fund to pay back investors as and when it can sell out of enough stocks....

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5014602.ece

[feint]

excellent fund - has great choice in stocks

I picked up TNR Gold Corp ($.13) back when RAB did private placement

[Tackler]

MNR Mediterranean 26,522,600-share private placement

2006-02-24 20:46 ET - Private Placement

The TSX Venture Exchange has also accepted for filing documentation with respect to a brokered private placement announced Feb. 3, 2006.

Shares: 26,522,600

Price: 25 cents

Warrants: 13,261,300 share purchase warrants to purchase 13,261,300 shares

Exercise price: 35 cents for a two-year period

Placees: 81

Insiders: RAB Special Situations (Master) Fund Ltd. 6,885,000; Peter Guest 120,000

Pro groups: Dr. Frank Lucas 800,000; Kevin Reid 80,000; Northern Securities Inc. 40,000; Paul Reid 20,000; Ronald Wortel 20,000; Richard Pinkerton 30,000; Vic Alboini 100,000; Tim Dalton 20,000

Agent: Northern Securities Inc. and Loeb Aron & Company

Agents' fees:

Northern Securities Inc.: $226,361 cash and 1,064,592 agent's options to acquire 1,064,592 units at a price of 25 cents per unit for a period of two years

Loeb Aron & Company: $289,437 and 1,543,668 agent's options to acquire 1,543,668 units at a price of 25 cents per unit for a period of two years

[johnlw]

African Copper shareholder RAB discloses holdings

2006-03-23 06:02 ET - News Release

Mr. David Jones reports

AFRICAN COPPER PLC DISCLOSURE OF SHAREHOLDING

African Copper PLC was notified on March 22, 2006, that RAB Capital PLC has a notifiable interest in 6,558,810 ordinary shares in the company, representing 12.58 per cent of the company's current issued share capital.

[Tackler]

WOW shoulda reloaded.

[Jackjc]

Yes, noticed a little vol. Think they were featured in some psesentation. And they now have the cash to advance, but raised at too low a price. But what can a jr do without money ?

[Tackler]

CCE...

[Tackler]

Commerce Resources Ltd. on BTV http://www.b-tv.com/i/videos/commerceresources.wmv

"an exploration and development company focusing on rare metal deposits like tantalum and niobium with a potential for economic grades and large tonnages."

[Tackler]

Yup, this tantalizing play attracted RAB...

CCE Commerce Resources 8,868,333-share private placement

2005-12-05 16:30 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Oct. 28, 2005.

Shares: 8,868,333

Price: 12 cents per share

Warrants: 8,868,333 share purchase warrants to purchase 8,868,333 shares

Exercise price: 18 cents for a one-year period

Placees: eight

Insider: RAB Capital PLC 8,333,333

Finder's fee: Christopher Grove will receive a finder's fee of $5,000 and 50,000 common shares

The company obtained shareholder consents to the creation of the control position held by RAB Capital PLC.

[Jackjc]

Yes took the 15 PP a yr ago. Hafta be patient on this one IMO.

But Tantalum I believe has had about the biggest price
advance of any metal over past several decades. Not a
cyclical thing like most.

[Tackler]

Lots of volume Friday, you in?

[Tackler]

Interesting, they are drilling a Uranium prospect now.

[Jackjc]

Heard RAB funding 1M to CCE Tantalum deposit.

[Tackler]

Looks interesting, lots of bag holders from August.

[Ed Monton]

ACU

[Ed Monton]

African Copper Plc: Disclosure of Shareholding

LONDON, UNITED KINGDOM--(CCNMatthews - Nov. 16, 2005) - African Copper Plc (TSX:ACU)(AIM:ACU)(BSE:African Copper) -

The Company was notified on 14 November 2005 that RAB Special Situations (Master) Fund Limited has a notifiable interest in 6,050,910 ordinary shares in the Company, representing 11.64% of the Company's current issued share capital.

[Tackler]

HBM HudBay says RAB Special holds 2%, not 40.24%

2005-09-23 10:00 ET - News Release

Mr. Tom Goodman reports

CLARIFICATION

HudBay Minerals Inc. is issuing the following clarification in connection with an early warning press release issued in Stockwatch on Sept. 22, 2005, by a securityholder of the company.

In Stockwatch on Sept. 22, 2005, RAB Special Situations (Master) Fund Ltd. announced, among other things, that it had acquired 25 million warrants of HudBay through the facilities of the Toronto Stock Exchange.

RAB Special Situations reported that following the transaction (and the sale of certain common shares of HudBay) it held 52,711,666 warrants of HudBay, which would represent approximately 40.25 per cent of the issued and outstanding common shares of HudBay on a partially diluted basis.

HudBay wishes to clarify that its warrants were previously issued on a preconsolidated basis and such warrants are subject to a 1-for-30 consolidation adjustment. Accordingly, 52,711,666 warrants of HudBay would represent approximately 2 per cent of the issued and outstanding common shares of HudBay on a partially diluted basis. HudBay currently has 84,003,662 common shares outstanding.

[Tackler]

RAB's Richards says U.S. more than Asia to blame for oil prices
Thu Aug 4, 2005 8:21 AM BST

By Pratima Desai

LONDON (Reuters) - Rampant demand for crude oil in the United States is a bigger factor behind sky-high prices than strong demand from China and other fast-growing Asian economies, a hedge fund manager told Reuters.

Hedge fund firm RAB Capital's Philip Richards told Reuters in a recent interview that oil prices over time will probably surpass recent record highs unless Western countries curb demand.

"What's really causing the oil price to go up is the fact that America continues to guzzle (gasoline) as if there is no tomorrow," Richards said.

"There really wouldn't be a demand problem on the oil side were the West to adopt a prudent energy-saving regime."

U.S. crude oil spiked up to new records above $62 a barrel after the death of Saudi Arabia's King Fahd this week raised worries about world supplies.

Many oil analysts and traders have recently blamed the rocketing cost of crude oil on higher demand from China and India, where economic growth has taken off in recent years.

But the numbers show a different picture, Richards said.

Chinese demand for crude oil in 2002, 2003 and 2004 was 6.4 percent, 7.1 percent and 7.8 percent of total daily demand of 77.9, 79.4 and 82.3 million barrels a day respectively, according to the International Energy Agency.

The IEA expects Chinese demand in 2005 and 2006 to rise to 8.1 and 8.5 percent of world demand respectively. Asian demand is forecast at about 19 percent in 2006, up from 18.6 percent this year and 18.1 percent in 2004.

In comparison, the United States has used up more than 30 percent of world supplies over the last three years, and the IEA sees that figure holding steady this year and next.

[Tackler]

RAB Capital increases assets under management
29 Jul 2005

RAB profits double in first half.

Hedge fund firm RAB Capital increased assets under management by nearly 30 percent in the first half of the year and increased pretax profits by 140 percent compared with a year ago, Reuter reports.

Profits rose to £5.1 million in six months of the year, more than half in the same period last year. Assets under management at the firm have risen to $2.26 billion (£1.29 billion) in the first half of the year RAB announced today.

Tej Randhawa, analysts at Evolution Securities, said the results were solid particularly in terms of accrued performance fees. Accrued performance fees are more than five times the level at this time last year.

RAB said the acquisition of Cross Asset Management at the end of June added $247 million to assets under management.

The company booked some performance fees as well.

RAB’s stock was up 4.3 percent at 69.1 pence earlier this morning.

RAB raised the interim dividend to 15 pence from 10 pence, and diluted earnings per ordinary share (EPS) jumped 107 percent in the first half of the year to 93 pence.

Analysts said the EPS appears to be growing at around 25 percent per year but that the stock would probably continue to trade at a discount because so much depends on performance.

Randhawa said tha first half is always weaker for hedge funds becasue they don't book performance fees until the end of the year.

RAB said trading varied in the first half from being very good in the first quarter but more difficult in April and May.

RAB's flagship Special Situations fund had assets of $551 million at the end of June, up from $416 million at the end of December. The RAB Global Macro fund has been discontinued.

[Tackler]

Hedge fund article discusses RAB...

http://www.safehaven.com/article-3168.htm

A good example of this phenomenon is the extraordinary performance of RAB Capital's Special Situations fund, which returned an amazing 2000%+ over about two years. RAB performance is somewhat more transparent than many funds because the manager is a publicly quoted company, listed in London. The team is highly professional, and expert at what it does, but the up and downward journey in the returns of RAB's premier fund tells an interesting story.

The fund's main area of investment has been junior mining shares, which started severely out of favor, and "off the radar screens" of most hedge funds and large institutional investors. RAB invested where others feared to tread. A fall in the dollar, and resulting rise in gold and commodity prices have brought these smaller companies very much into favor. In the past two years, the sector was "discovered" and the crowd rushed in and bid up valuations. The RAB fund benefited enormously, because the small size of these companies meant that valuations rose quickly as the liquidity flowed in.

But cyclical thrusts do not go on forever in a straight line. The dollar's slide stopped at the end of 2004, and since then the dollar has bounced, rising about 7.5% from its year-end low. Initially gold and gold stocks held, but in the past two months with the latest rally in the dollar and the de-gearing in the hedge fund sector, gold shares have slid in value as money flowed out of these shares. Like other investors in the mining sector, the RAB fund's performance has been hit, and they have suffered a drawdown. The result is ironic. Those who avoided the fund 2-3 years ago because the small cap mining sector was too tiny to be of interest missed out on the outsized returns. Eventually many were convinced by the strong performance and jumped in after the mining sector's market capitalisation grew and it became fashionable. Those who invested recently may be regreting their late arrival as the fund finally got hit with losses from a downcycle. RAB invests in small and mid-cap companies. Some of these shares are relatively illiquid, so it is not able to shift easily its overall position from long to short*. RAB has seen these shifts in investor preference before, and they prefer to ride out the correction, because they are convinced the the longer cycle is still up. (Indeed, they talk of a possible super up-cycle in commodities, lasting more than a decade.) Last year, the fund suffered a dip of 20% in its performance, but then went on to achieve a subsequent +100% return. Hurray for the big cycle, which has been so profitable to ride.

[Tackler]

BUFu Buffalo Gold 3.1-million-share private placement

2005-08-03 16:43 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 18, 2005.

Shares: 3.1 million

Price: 15 U.S. cents per share

Placees: 39

Insider: RAB Special Situations (Master) Fund Ltd. one million

Pro groups: Christopher Hunt 50,000; Dean S. Duke 50,000; Mark Redcliffe 10,000

[Tackler]

KLM Kermode Resources five-million-share private placement

2005-07-29 16:22 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 12, 2005, amended April 27, 2005, and amended July 18, 2005.

Shares: Five million

Purchase price: 20 cents per share

Warrants: 2.5 million share purchase warrants to purchase 2.5 million shares

Warrant exercise price: 25 cents for a one-year period; 25 cents in the second year

Placees: Four

Insider participation: RAB Special Situation (Master) Fund Limited, four million

Finder's fee: $80,000 payable to Ocean Equities Ltd.

[Tackler]

PAF Pan African Mining 1.5-million-share private placement

2005-07-18 16:19 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to Pan African Mining Corp.'s non-brokered private placement announced April 12, 2005, and July 11, 2005.

Shares: 1.5 million shares

Purchase price: $1 per share

Warrants: 750,000 share purchase warrants to purchase 750,000 shares

Placees: Two placees

Insider: RAB Special Situations LP one million

Finders' fees: Credifinance Securities Ltd. will receive $50,000 and 80,000 warrants, where each warrant is exercisable for one share at a price of $1.20 per share for a one-year period. Canaccord Capital Corp. will receive $25,000 and 40,000 warrants, where each warrant is exercisable for one share at a price of $1.20 per share for a one-year period.

[Tackler]

PAX Pacifica 10.92-million-share private placement

2005-07-13 16:15 ET - Private Placement

The TSX Venture Exchange has also accepted for filing documentation with respect to Pacifica Resources Ltd.'s brokered private placement announced May 3, 2005, and June 8, 2005.

Shares: 10,925,000 flow-through shares; 13.65 million special warrant units

Purchase price: 20 cents per flow-through share; 20 cents per special warrant unit

Special warrants: Each special warrant shall automatically convert into units upon the closing of the Howard's Pass option agreement. Each unit will consist of one non-flow-through share and one-half of a non-flow-through common share purchase warrant exercisable for a two-year period at a price of 25 cents per share.

Placees: 54 placees

Insiders: Harlan D. Meade 75,000 f/t; RAB Special Situations Master Fund Ltd. six million s/w; Phillip Richards one million s/w

Pro groups: Bernhard Hensel 75,000 f/t; Robert Sellars 100,000 f/t; John Panneton 125,000 f/t; Michael A. Reid 100,000; f/t Stephen L. Sandler 100,000 f/t

Agents: Paradigm Capital Inc., Salman Partners Inc. and Dundee Securities Corp.

Commission: 7-per-cent cash commission in the amount of $344,050 and 10 per cent in compensation options exercisable at a price of 20 cents for a two-year period to purchase 2,457,500 units with the same terms as the special warrants or non-flow-through units

[Tackler]

NOM Norsemont 3,985,878-share private placement

2005-05-16 16:30 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 13, 2005, and May 5, 2005.

Shares: 3,985,878

Purchase price: 80 cents per share

Warrants: 3,985,878 share purchase warrants to purchase 3,985,878 shares

Warrant exercise price: $1.10 for a two-year period; if the closing price of the company's shares is $2.00 or higher for 20 consecutive days, the company may give notice of an accelerated expiry date, which would be 20 calendar days following such notice.

Placees: 57

Pro group participation: Adam Skillen and Rachel Jacques, 22,500; Todd Robinson, 10,125, 5,625; Gundyco in trust for Brock Aynsley, 112,500

Insider participation: RAB Special Situations LP, 2.5 million; Aly Mawji, 86,625; Gundyco in trust for David Babbitt RRSP, 33,750; Marc Levy, 22,500; Amrit Paul Gill, 10,000

Finders' fees: Leona Pinsky will receive $2,160.00; Northern Securities Inc. will receive $720.00; CIBC Wood Gundy will receive $7,200.00; Lloyd Waller will receive $6,320.00; Araceli Delos Reyes will receive $1,008.00; Element & Associates will receive $160,000.00.

[Tackler]

CCH Campbell Resources Q1 loss grows to $2.67-million

2005-05-11 11:47 ET - News Release

Mr. Andre Fortier reports

CAMPBELL RESOURCES ANNOUNCES A $5,000,000 CONVERTIBLE NOTE FINANCING AND ITS FIRST QUARTER RESULTS FOR 2005

Campbell Resources Inc. has confirmed that, subject to receipt of regulatory approval, it will be concluding a private placement of convertible unsecured promissory notes to RAB Special Situations (Master) Fund Ltd., a Cayman Islands registered hedge fund managed by RAB Capital PLC, for total gross proceeds of $5-million.

The notes shall bear interest at 1 per cent per calendar month and are convertible into units at the option of the holder at the conversion price of 38 cents per unit at any time prior to the third anniversary of the notes. Each unit consists of one common share in the capital stock of Campbell and one-half share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at an exercise price of 38 cents, exercisable for a period of three years from the date of issuance of the warrant. An underwriting fee of $1.5-million is payable in shares on closing of the financing. The maximum number of common shares to be issued upon conversion of the notes, interest and exercise of all of the warrants will be 30,789,421 for a total proceed of $8.4-million (27.3 cents per share).

Closing is scheduled to be held on or around June 6, 2005. Proceeds from this financing will be used for working capital purposes as Campbell used its working capital to finance the completion of the Copper Rand project. The company's balance sheet will thus be improved accordingly.

For the first quarter, Campbell recorded a net loss of $2.7-million or two cents per share in the first quarter of 2005, compared with a net loss of $1.8-million or two cents per share for the same period in 2004. The main reasons are a lack of improvement in the performance of the Joe Mann mine and the delay in the start-up of the Copper Rand mine.

Gross metal sales for the first quarter of 2005 were $5.5-million (9,365 ounces of gold) compared with $4.4-million (7,570 ounces) for the comparable period in 2004. The average market price for gold in the first quarter was $427 (U.S.) ($524) compared with $409 (U.S.) ($537) for the first quarter of 2004. The average sale price was $523 per ounce of gold compared with $542.31 in the first quarter of 2004.

Mining expenses for the first quarter 2005 were $5.6-million compared with $4.5-million for the corresponding period of 2004. Amortization costs were $1.7-million compared with $1.2-million in the first quarter of 2004. Total cost per ounce produced was $565 (U.S.) ($693) compared with $455 (U.S.) ($598) in 2004.

[Tackler]

Star Performing 2200% Gainer RAB Special Situations Fund Lists on AIM

By David J. DesLauriers
27 May 2005 at 03:43 PM EDT

TORONTO (ResourceInvestor.com) -- If Canadian investors have been wondering about the recent large block trade executed by TSX House 72, Credit Suisse on their favourite natural resource stock or warrant, they need look no further than London based RAB Capital, presently reorganising its Special Situations Fund in preparation for an AIM listing. Some 20-30 companies were affected, mostly developers, and the majority of the trades took place after hours.

The $641 million (latest figure April 1) Special Situations Fund is managed by RAB CE Philip Richards, and has registered unbelievable performance showing a 2200% increase since January 1 2003. The company initially sought to raise £100 million with a minimum £25 thousand investment level through a placing of shares and warrants at a price of 100p, but the cloud hanging over the resource sector and hedge fund community has resulted in only £40 million or $73 million being raised at the selfsame price, with all subscription receipts now in.




RAB SSC will be a close-end investment company, and the hope is to provide better liquidity to investors through the secondary market listing. A spot on AIM and the concomitant fundraising will also create additional liquidity for the fund itself, allowing for participation in more opportunities, and “the acquisition of significant stakes in projects.” Though the fund has no specific asset or geographic exposure guideline, natural resources is where the money has been made, where the lion’s share of funds are invested and where RAB continues to place its bets.

Despite the abysmal state of the resource sector, commodity prices remain buoyant, and this may actually be an opportune time for RAB SSC to list. When investors inevitably rediscover the sector, valuations should return to more normal and appropriate levels, giving the fund a renewed lift in NAV. Especially in light of the considerable share of developers in the portfolio with projects coming on stream in the next couple of years, there should be a significant re-rating, assuming commodity prices hold fast, as companies shed discounts and begin to acquire the premium multiples of their producing peers.

The majority of the 2200% gain since the fund’s debut in 2003 is attributable to the 1274% return in the first year. A compounded 49% in 2004 and 11.6% year to date (latest figure April 30) have helped to boost the total performance number. The gains last year and this, must be a reflection of quality and nimble money management strategies. A glance across the spectrum of other well known high commodity content funds yields nothing but red arrows, minus signs, redemptions and plunging NAVs, with the majority of such funds holding illiquid paper that has gone down in a vacuum.

If you are on the right side of the trade, it is relatively easy to make money in the sector when things are hopping, but it is refreshing to see a fund still in the black when the majority are losing their shirts, and maybe their pants.

Clearly though, RAB’s inability to raise the desired £100 million is illustrative of the suffering of resource sector investors, over the last year and a half and considering how well the fund has done, this is especially true. Perhaps this represents a sign of a bottom, and a contrarian indicator?

RAB SSC will commence trading on AIM Tuesday May 31, under the symbol RSS. RAB Capital is currently listed on LSE as RAB.

[Tackler]

RAB has had a busy month... buying low.

[Tackler]

IFU iFuture.com shares privately placed with RAB

2005-03-09 14:29 ET - News Release

Mr. Neil Warrender reports

RAB Special Situations has subscribed for a total of 1.25 million shares of iFuture.com Inc. at a price of 60 cents per unit. Each unit consists of one common share in the capital of the company and one-half share purchase warrant. Each whole warrant entitles RAB Special Situations to acquire one additional share of the company at a price of 75 cents per warrant share for a period of 12 months from the closing. The transaction took place off the market by way of private placement and closed on Feb. 25, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 10.57 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 1.25 million shares and 625,000 warrants, representing approximately 10.57 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations and its joint actors, if any, do not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Tackler]

MEX Midlands Minerals sells 4.5 million shares to RAB

2005-04-08 16:01 ET - News Release

Mr. Neil Warrender of RAB reports

RAB SPECIAL SITUATIONS L.P./MIDLANDS MINERALS CORPORATION-ANNOUNCEMENT

Midlands Minerals Corp. has revealed that RAB Special Situations Limited Partnership has subscribed for a total of 4.5 million units of the company at a price of 20 cents per unit. Each unit consists of one common share in the share capital of the company and one transferable share purchase warrant. Each one whole warrant shall entitle Special Situations to purchase one share at a price of 30 cents per warrant share for a period of two years from the closing date. The transaction took place off the market by way of a private placement and closed on March 23, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 32.27 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 4.5 million shares and 4.5 million warrants, representing approximately 32.27 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of Shares. However, Special Situations and its joint actors, if any, do not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Tackler]

PCL Piper Capital shares acquired by RAB Special Situations

2005-04-08 15:25 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB SPECIAL SITUATIONS L.P./PIPER CAPITAL INC.-ANNOUNCEMENT

Piper Capital Inc. investor RAB Special Situations LP has subscribed for 1.25 million units of the company at a price of 20 cents per unit. Each unit consists of one common share in the share capital of the company and one-half of one transferable share purchase warrant. Each whole warrant will entitle Special Situations to purchase one share at a price of 25 cents per warrant share for a period of 12 months from the closing date. The transaction took place off the market by way of private placement and closed on March 22, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 11.29 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 1.25 million shares and 625,000 warrants, representing approximately 11.29 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations, together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations and its joint actors, if any, do not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Tackler]

WAR War Eagle raises $1-million for Tres Marias

2005-04-14 15:14 ET - News Release

Mr. Terence Schorn reports

WAR EAGLE RAISES $1,000,000 FOR TRES MARIAS MINE, MEXICO

War Eagle Mining Company Inc. has completed a total of $1-million in private placement financings in 2005. Bolder Investment Partners and RAB Special Situations LP have each completed $400,000 and a private investor also participated for $200,000.

The company has received approval for an extension and repricing of shareholder warrants originally due to expire Dec. 29, 2004, at 60 cents, now expiring Dec. 29, 2005, at 30 cents per share. The company is seeking exchange and warrantholders' approval to reprice shareholder warrants originally due to expire March 1, 2006, at 45 cents per share also to 30 cents per share.

War Eagle Mining is progressing with the mine development and exploration program at the Tres Marias zinc/germanium mine in Chichuahua, Mexico, and will report developments on a timely basis throughout the year.

[Tackler]

GGC Genco 4.51-million-unit private placement

2005-04-14 16:32 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation from Genco Resources Ltd. with respect to a non-brokered private placement of Feb. 23, 2005.

Number of shares: 4,518,625 shares

Purchase price: 80 cents per share

Warrants: 4,518,625 share purchase warrants to purchase 4,518,625 shares

Warrant exercise price: 90 cents for a two-year period

Number of placees: nine placees

Insider participation: RAB Special Situations LP, 2.5 million; Robert Gardner, 35,000; Makwa Exploration Ltd. (James McDonald), 10,700

Finders' fees: Union Securities (International) Ltd. will receive a finder's fee of $8,000; 502757 BC Ltd. (Peter McLean) will receive a finder's fee of $105,000


Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The company must also issue a news release if the private placement does not close promptly.

[Tackler]

GAL Galantas Gold raises $3.5-million privately

2005-04-18 13:47 ET - News Release

Mr. Jack Gunter reports

GALANTAS CLOSES FINANCING FOR OMAGH GOLD PROJECT

Galantas Gold Corp. has closed the second tranche of a private placement. This tranche resulted in gross proceeds of $1.17-million. Totalled with the first tranche, the placing raised a total $3,503,333.

Pursuant to the private placement, Galantas issued 11.7 million units on April 14, 2005, and 23,333,333 units on April 4, 2005, as reported in news in Stockwatch on April 8, 2004, at 10 cents per unit. Each unit consists of one common share in the capital of Galantas and one-half of one common share purchase warrant of Galantas. Each whole common share purchase warrant may be exercised by the warrantholder for one common share at an exercise price of 15 cents within one year. Institutions that took part in the placement include RAB Special Situations LP and JP Morgan Fleming Asset Management (UK) Ltd. Finders' fees in the amount of $57,365, representing 5 per cent of the gross proceeds of the second tranche placement, will be paid to several parties in connection with this placement.

Proceeds of the private placement will be used for construction of the first phase of the mining project at Omagh, Co Tyrone and a targeted exploration program on the 189-square-kilometre exclusive licence area.

In addition to the equity finance raised through the private placement, Galantas has secured an offer of lease financing in the amount of 200,000 pounds from Barclays Asset Finance in order to acquire open pit mining equipment.

[Tackler]

TGX True North units bought by Special Situations, Richards

2005-04-22 13:52 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB Special Situations LP and William Philip Seymour Richards, respectively, subscribed for a total of five million and 500,000 units of True North Gems Inc. at a price of 40 cents per unit. Each unit consists of one common share in the capital of the company and one share purchase warrant of the company. Each whole warrant entitles Special Situations and Mr. Richards to acquire one additional share of the company at a price of 50 cents per warrant share for a period of two years from the date of issue. The transaction took place off the market by way of private placement and closed on April 14, 2005.

The subscribers have ownership of and control over the securities they purchased in the private placement. The purchased securities represent approximately 27.98 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned five million shares and five million warrants, representing approximately 25.77 per cent of the issued and outstanding shares on a partially diluted basis, and Mr. Richards, who may be considered a joint actor with Special Situations, owned 500,000 shares and 500,000 warrants, representing approximately 2.91 per cent of the issued and outstanding shares on a partially diluted basis.

The subscribers purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations, together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations together with joint actors, if any, does not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Tackler]

GDX Goldex Resources 4.5-million-share private placement

2005-04-22 16:28 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced March 24, 2005.

Shares: 4.5 million shares

Price: 20 cents per share

Warrants: 4.5 million share purchase warrants to purchase 4.5 million shares

Warrant exercise price: 30 cents for a two-year period

Placees: one

Insider: RAB Special Situations LP, 4.5 million shares

Agent: Dominick & Dominick Securities Inc.

Commission: $72,000 cash and 450,000 agent's options exercisable for two years at 30 cents

[Tackler]

BPM Bralorne Gold one-million-share private placement

2005-04-26 16:34 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 22, 2005.

Shares: one million shares

Price: $2.60 per share

Warrants: one million share purchase warrants to purchase one million shares

Warrant exercise price: $3 for a five-year period

Placees: one

Insider: RAB Special Situations LP, one million shares

Finder's fee: Meridian Capital International Ltd. (Anthony Pollard, Dorothy Atkinson) will receive a finder's fee of $195,000

[Tackler]

FPX First Point Minerals 4,345,001-share private placement

2005-04-27 16:34 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced March 14, 2005.

No. of shares: 4,345,001

Price: 15 cents per share

Warrants: 2,172,499 share purchase warrants for 2,172,499 shares

Warrant price: 20 cents for a 24-month period

Placees: 17 placees participated

Insiders: Roderick Kirkham 100,000; J. Christopher Mitchell 66,667; RAB Special Situations LP three million; Robert A. Watts 100,000

Pro groups: Bob Kerr 20,000; Alfred Stewart 116,667

Agents: Canaccord Capital Corp.; Leede Financial Markets Inc.; Odlum Brown Ltd.

Agents' fees: Cash -- $5,687.50 is payable to the agents; securities -- 54,167 broker warrants with an exercise price of 20 cents exercisable for two years from the date of issue

[Tackler]

BLR Baltic shareholder RAB subscribes for 1.5 million units

2005-04-22 17:34 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB SPECIAL SITUATIONS L.P./BALTIC RESOURCES INC.-ANNOUNCEMENT

RAB Special Situations LP has subscribed for a total of 1.5 million units of Baltic Resources Inc. at a price of 20 cents per unit. Each unit consists of one common share in the capital of the company and one-half of one share purchase warrant of the company. Each whole warrant entitles Special Situations to acquire one additional share of the company at a price of 30 cents per warrant share for a period of 18 months from the closing date. The transaction took place off the market by way of private placement and closed on April 7, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 13.25 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 1.5 million shares and 750,000 warrants, representing approximately 13.25 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations together with joint actors, if any, does not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Tackler]

VST Vast sells one million shares to RAB Special Situations

2005-04-22 17:49 ET - News Release

Mr. Neil Warrender of RAB Special Situations reports

RAB SPECIAL SITUATIONS L.P./VAST EXPLORATION INC.-ANNOUNCEMENT

RAB Special Situations LP subscribed for a total of one million units of Vast Exploration Inc. at a price of 50 cents per unit. Each unit consists of one common share in the capital of the company and one-half of one share purchase warrant of the company. Each whole warrant entitles Special Situations to acquire one additional share of the company at a price of 65 cents per warrant share for a period of 18 months from the closing date. The transaction took place off the market by way of private placement and closed on March 29, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 8.83 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 1,466,667 shares and 966,667 warrants, representing approximately 13.94 per cent of the issued and outstanding shares on a partially diluted basis and William Philip Seymour Richards, who may be considered a joint actor with Special Situations, owned 166,667 shares and 166,667 warrants, representing approximately 2 per cent of the issued and outstanding shares on a partially diluted basis.

[Tackler]

SLV Stealth shares acquired by RAB Special Situations

2005-04-08 15:01 ET - News Release

Mr. Neil Warrender of RAB reports

RAB Special Situations LP has subscribed for a total of one million units of Stealth Ventures Ltd. at a price of 55 cents per unit. Each unit consists of one common share in the share capital of the company and one-half of one transferable share purchase warrant. Each whole warrant shall entitle Special Situations to purchase one share at a price of 75 cents per warrant share for a period of 12 months from the closing. The transaction took place off the market by way of private placement and closed on March 22, 2005.

Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 8.25 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).

Immediately after the private placement, Special Situations owned 2.25 million shares and 1,125,000 warrants, representing approximately 17.94 per cent of the issued and outstanding shares on a partially diluted basis.

Special Situations purchased securities for investment purposes only and not with the purpose of influencing the control or direction of the company. Special Situations, together with joint actors, if any, may, subject to market conditions, make additional investments in or dispositions of securities of the company in the future, including additional purchases of shares. However, Special Situations and its joint actors, if any, do not intend to acquire 20 per cent or more of any class of the outstanding voting or equity securities of the company.

[Ed Monton]

RAB SPECIAL SITUATIONS L.P./Majestic Gold
Corp.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - March 16, 2005) - RAB Special
Situations L.P. ("Special Situations") announces it subscribed for a
total of 1,000,000 units (the "Units") of Majestic Gold Corp. (TSX
VENTURE:MJS) (the "Company") at a price of Cdn.$0.70 per Unit (the
"Private Placement"). Each Unit consists of one common share in the
capital of the Company (a "Share") and one (1) Share purchase warrant (a
"Warrant") of the Company. Each whole Warrant entitles Special
Situations, to acquire one additional Share of the Company (a "Warrant
Share") at a price of Cdn.$0.90 per Warrant Share for a period of two
(2) years from the Closing Date. The transaction took place off the
market by way of private placement and closed on March 4, 2005.

Subsequent to the Private Placement, on March 11, 2005, Special
Situations disposed of 29,000 Shares of the Company over the market, at
a price of Cdn.$0.90 per Share (the "Market Disposal") (the Private
Placement and the Market Disposal are collectively referred to herein as
the "Transactions").

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 5.89% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Transactions, Special Situations owned 3,562,500
Shares and 1,000,000 Warrants, representing approximately 13.43% of the
issued and outstanding Shares on a Partially Diluted Basis, RAB Europe
Fund Ltd., who may be considered a joint actor with Special Situations,
owned 1,000,000 Shares, representing approximately 3.03% of the issued
and outstanding Shares on a Partially Diluted Basis and Philip Richards,
who may be considered a joint actor with Special Situations, owned
250,000 Warrants, representing approximately 0.75% of the issued and
outstanding Shares on a Partially Diluted Basis.

Special Situations concluded the Transactions for investment purposes
only and not with the purpose of influencing the control or direction of
the Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. However, Special Situations and its
joint actors, if any, do not intend to acquire 20% of any class of the
outstanding voting or equity securities of the Company.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
RAB Special Situations L.P.
Mr. Neil Warrender
(44) 20-7389-7000
(44) 20-7389-7054 (FAX)
[e-mail]
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

[siempre33]

Consolidated Global Minerals -CTG.V-
RAB Special Sits owns & controls 29.5% of oustanding shares....

http://www.stockhouse.ca/news/news.asp?newsid=2600244&tick=CTG

[siempre33]

Century Mining -CMM.V-
RAB Special Sits has purchased 31.75% of outstanding shares....

http://www.stockhouse.ca/news/news.asp?newsid=2641780&tick=CMM

http://www.centurymining.com/

[siempre33]

RAB buys 2.5M units of Apogee -APE.V- controls 20.74% of company's shares....

http://www.stockhouse.ca/news/news.asp?tick=APE&newsid=2642924

[siempre33]

RAB controls 21.32% of Zaruma Resources.....

http://w5d2.ccnmatthews.com/scripts/ccn-release.pl?/current/1206127n.html

[siempre33]

I know there have been several recent purchases not listed here....this one is from Dec.10....RAB holds 25% of shares in AFK after this buy....

http://www2.ccnmatthews.com/scripts/ccn-release.pl?/current/1210093n.html

[Ed Monton]

ADT