Haven't been up to of date late, funny you mentioned pipes and smoke. Have all the greenies concerns been met zubana?
Mines & Money 2014
Lance Project Funding Notes
• US$22m in senior secured notes from BlackRock for pre-licence construction
• US$9.4m drawn; further US$12.6m available for drawdown • Notes have a coupon of 11% Debt • Approx. $50-60m in senior debt planned
• Discussions on senior secured debt facility underway with shortlisted banks: – Behre Dolbear (USA) has completed technical Due Diligence for banks – Term sheets presented – Extent of interest reserve account and standby credit will determine final funding needs – Expected completion in Q1/Q2 2014
• Secondary debt discussion with 3 financial groups - Note BlackRock has first right of refusal on further notes Equity
• On debt closure, planned rights issue for $20-$30m to existing shareholders
PEN - the Benjamin Franklin decision, page-7
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