"For the meantime, based on the numbers, I'd be surprised if a CR is not needed and I'll be interested to see where the money comes from and at what price. Bouncing along with such low cash levels has risks in itself, should things go wrong, as directors have responsibilities under the law. Better not to risk putting the company into a position where it has to make hurried decisions."
Hi @chrisCarter
Looks like my words were prophetic. Sorry to see this happen to you guys but it did seem a likely outcome when I made those posts. You could see the writing on the wall as well. I agree with your interpretation of the funding arrangement. It's a very unusual and lousy deal as it doesn't give the company much breathing space. The $1.6 million gets dribbled back over 20 months and the payments can be reduced if the share price falls. Unfortunately Bergen Global Opportunity Fund II's interests align to a falling share price while the payments are being made.
When you read the company's headline "grab" it sounds like a stunning success, raising at a 13% premium.
This is turning into a very hard story to read from here.
Can they afford to fund North Portia and what's the implication for the mining partnership if HAV can't continue to fund ore processing? Is there money at the bottom of the Portia pit? and is there an expected due date for the Chinese paid and owned feasibility study for Kalkaroo?
Eshmun
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