Ann: Update on institutional standby funding, page-8

Hi Stirer,

What does it matter if the announcement came from Andrew (who is the contact for the ASX Announcement) or if the message came from the board.
The message is still the same,

"Most of those alternative sources of funding considered by the Company were too costly, and/or do not provide an adequate amount of committed capital, and/or were too dilutive, and/or could not be executed in a timely fashion"

Its a dire warning to shareholders and backs up all the comments from the non holders that WKT has struggled to gain support from institutional investors when other projects haven't had these issues.

@MysticMind I got the impression the comments were also directed at Mike Elliot. Without him continuing it inject money into WKT I highly doubt the company would have avoid administration last year.

BMCG is here to make money, they really had no option expect for supportive the company, it would make it very difficult for BMCG to work for other companies providing finance if they called in their loans when effluent hit the fan.
BMCG still have US$2.5mil left to convert under the old agreement (debt to BMCG) and WKT has no money to pay BMCG back with funds, WKT is has very little liquidity for BMCG to convert these shares without causing significant downward pressure on the SP. I can fully understand why the "Institutional Standby Funding" announcement detailed liquidity is now required with this new deal.

BTW, you could also interpret the announcement as BMCG reducing the amount of money they are willing to provide to WKT from $3mil down to $2.15mil