Tomboys Creditors Meeting Report, page-223

I disagree there because Jantimot first comes in and stated that they burnt 115M in cash since mid last year which I debunked it by saying that they only received borrowing of 55M so basically hasn't done no DD and start posting comments (it's not like we haven't done our own DD before investing).

I think they said it to imply MBN burnt so much money despite MBN have projecting their capital expenditure is around 28-32M annually (which they have been on track) and some imply they even spent 6M on capital expenditure in 1 month in July.

It's currently in VA because of the record low nickel price where the market says 65% of all nickel producers are making a loss (and the big ones are cutting production or folding) so MBN (who just created a risk management committee) will need some cash injection to get through this and Wellington offered 30M in borrowing. Yes, we need to see this borrowing in more detail but at least MBN has got a life line here (the concern was there was no third party financier so it would definitely go into liquidation and some were posting "why would anyone offer them cash in this market condition", yes from the known bashers that just showed up).

I think the key is still nickel price and REAL affecting the COP numbers and I honestly think they didn't know the REAL would have devalue so much so yes they need to re-evaluate their projection (from memory MBN thought it would be around 3.2) and it does looks like nickel price is rebounding from its low of 4.3US/lb when they went into VA. If it goes to 5.5US/lb later this year, I will be very surprise if they are making a net cash loss for the quarter after subtracting capital expenditure and payment and will need to draw down on their cash balance.

I couldn't care less about both pumpers or bashers, I just use their information and do my own DD and it's still debatable whether MBN needs to pay the convertible notes holder the entire 115M + 5M interest given technically they aren't in default because they have an offer for additional funding and the loan hasn't run it's entire maturity date til 2017/2018.