"Approximately $53 million of the proceeds will be used to repay Apexs senior secured notes, which represent all of the Companys senior secured debt. The repayment terms represent a 12 per cent discount to their face value. A further $23 million will be spent on mine development as part of a revised operating plan that will see Apex mining at four independent underground zones over the next six months, providing far greater production diversity than having just one zone in production as was the case until recently. Approximately $16 million will be available for working capital and $10 million to repay a short term facility" "Cash on hand at 30 November 2009 was $22 million with all the $70 million senior Secured notes (including a short term $10m element) having been fully repaid (at a cost of $63 million) and with trade and other payables having been reduced from $44 million at 30th June to $14m at the end of November 09."
I don't remember $44 million trade and other payables debt being mentioned before.
Whats happen to our $16 million working capital?
Whats happen to the $23 million working capital to develop other working zones?
Must of cost alot to fix this bloody crusher.
Does anyone feel they have been had.
AXM Price at posting:
2.7¢ Sentiment: None Disclosure: Held