I must say that I'm a little confused by some of the comments regarding the announcement. Specifically, what the funds will be used for, CIL plant, etc.
It seems to be all there within the announcement .....
The use of proceeds includes:
1. 30,000 drill metres at Old Pirate 2. Sterilisation, geotechnical and hydrological works programs. 3. Plant design (underway), construction and commissioning. 4. Detailed metallurgical test work at Buccaneer. 5. Other opportunities including exploration throughout the central desert. 6. Working capital.
Please note that there is no mention of ceasing to use the existing loan facility. If I remember correctly there may already be a draw down in the last quarterly ... $1.3 m bond payment??
So, I'm open to discussion, but unless I have missed something this Raising is fully allocated. I cannot see anything here to suggest that a CIL plant will be introduced, or anything else that has not already been disclosed for that matter.
I'm not seeing how we will get any new and material information on todays preso.
Views?
ABU Price at posting:
2.6¢ Sentiment: None Disclosure: Held
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