from quarterly;
"During the quarter the company arranged a loan of AUS$1.1m with sophisticated investors, repayable in either cash or shares with coupon interest and options at the company’s discretion on June 30th 2008 (date of 20c option exercise). The loan was arranged when the company’s share price was just above 30c and it became clear little traction in the market was being achieved in spite of strong drilling results. A loan, rather than a placement, was arranged in order to prevent dilution at lower prices and on the presumption that a recovery would occur.
In April 08 (after report date) the company arranged draw down loan facility of up to $500,000 with sophisticated investors, repayable on or before 30 September 2008. The company is currently arranging financing for continued exploration programmes."
I can sleep easy now.
CTS
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