PLS clears it's final major hurdle to production, and has met all financial conditions for the $100M senior secured bond.
"PLS... has received the Works Approval from the Department of Water and Environmental Regulation (DWER), which represents the final major environmental approval required for it to complete construction and facilitate the ongoing operations of the processing and ancillary plant at its 100%-owned Pilgangoora LithiumTantalum Project in Western Australia. All other key environmental and regulatory approvals were secured earlier this year with the approval of the Mining Proposal on 10 May clearing the way for the start of major site construction works.
Pilbara is also pleased to advise that it has achieved financial close on its US$100 million senior secured bond. The bond trustee has confirmed that all conditions precedent required for draw-down of the bond proceeds have now been satisfied, other than the customary requirement to first spend the required project equity proceeds, which is expected to occur in the current quarter."
Expect this to bunt. It's already been steadily moving up from the sell down to $0.40 in June. I'm going to put this out there - I'd expect the share price to double over the next 6 months due to FA + speculation in a sector that is really starting to heat up.
