The Stage 2 development was delayed by 6 months in the Partnering Process Ann.. Accordingly there has been no need for application for further Nordic Bond funding ... seemingly.
The partnering process is about financing Stages 2 and 3 and further downstream investment funding. Not to mention paying off Stage 1 funding. Its not about the sale of 20% to 49% of Stage 3 but the sale of the entire Pilgangoora Project asset, as I understand it.
I expect Stage 2 clarification when the partnering announcement is/if announced, which as Natanui said today, will most likely be Sept19.
"However, the Company has decided to defer the process to source the additional debt funding required for the balance of Stage 2 funding until the partnering process is further progressed."
http://www.pilbaraminerals.com.au/site/PDF/2371_0/Stage3PartneringProcessCommences
I'm sorry if I provide ammunition for the dark side here but ... in the Stage 2 funding announcement, KB mentioned that Bondholder consent would be provided in Q1CY2019. Then on 28Mar19 KB announces the partnering process.
So ... didn't get consent OR just coincidence?
"A proposed new US$50M (~A$70.9M) Nordic bond to be issued in accordance with the terms and conditions of the Company’s existing Nordic Bond (“Tap Issue”), to be implemented with bondholder consent in the current Qtr."
http://www.pilbaraminerals.com.au/site/PDF/2312_0/FundingPackageforStage2PilgangooraExpansion
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