Replies to post #349 on Red Mountain Resources Inc. (fka RDMPQ)

[SeaOhToo]

LMAO, Double the DEBT and STILL NO CASH!

Did you see the llatest financials.......

RDMP has At August 31, 2012, we had $0.2 million in cash and cash equivalents, $8.0 million outstanding under various promissory notes and $2.5 million outstanding under various convertible promissory notes, net of an aggregate discount of $1.3 million. At August 31, 2012, we had a working capital deficit of $13.0 million compared to a working capital deficit of $7.5 million at August 31, 2011.

RDMP currently does not have sufficient funds for our planned exploration or development activities for fiscal 2013 and will need additional capital to continue our operations beyond November 16, 2012, or sooner if demand for payment is made under either our line of credit or promissory note with First State Bank of Lonoke (“FSB”). We are exploring available financing options, including the sale of debt or equity. If we are unable to finance our operations on acceptable terms or at all, our business, financial condition and results of operations may be materially and adversely affected.

[SeaOhToo]

So much for that portfolio of assets.....

On October 18, 2012, the Company, Hunter Drilling and the Trustee entered into a termination agreement (“Termination Agreement”) terminating the Purchase Agreement. Pursuant to the Termination Agreement, following the satisfaction by the Company and Hunter Drilling of certain conditions as set forth in the Termination Agreement, the Trustee returned the $250,000 deposit previously paid by Hunter Drilling to the Trustee pursuant to the Purchase Agreement and the Purchase Agreement was deemed terminated effective as of October 23, 2012.

Another FAILED deal. NO CASH!

[SeaOhToo]

NO CASH, No deal!

Another failed deal

[SeaOhToo]

So much for the "optional" debt holders. I guess they choose "NO" on the ballot box.

[SeaOhToo]

WHEREAS, the Trustee asserts that Hunter Drilling and RMR are unable to perform their respective obligations under the Asset Purchase Agreement based upon, among other things, information contained in RMR’s Form 10-K filing on September 13, 2012 and RMR’s Form 10-Q filing on October 16, 2012;

[SeaOhToo]

Now there is something you dont see everyday.....

On October 30, 2012, Red Mountain Resources, Inc. (the “Company”) adjourned the Annual Meeting of Shareholders due to the lack of a requisite quorum. As stated in the Company’s proxy statement, the requisite quorum was a majority of the shares of the Company’s common stock entitled to vote, represented in person or by proxy.



The Annual Meeting will be reconvened on Wednesday, November 14, 2012 at 10:00 a.m., local time, at the Company’s principal executive offices located at 2515 McKinney Avenue, Dallas, TX 75201. The record date of September 14, 2012 will remain the same for the reconvened meeting. Valid proxies submitted prior to the October 30, 2012 meeting will continue to be valid for purposes of the November 14, 2012 meeting, unless properly changed or revoked prior to the vote being taken at the November 14, 2012 meeting.

[SeaOhToo]

Boomer, this one just hit a new low. Looks like the house of cards is starting to fall.....