IF res 6 gets approved that would barely be enough to pay the existing Creditors - 50,000,000 x 0.08 = $4,000,000.
Given the capex still required after IPO and 2 x CR, who is going to re-finance the Chimaera debt? The Plant has a current value of -$5m and Chimaera won't advance any more funds under the Interim Facility; hence CR3.
CD should get on the phone to the Financiers who were queueing up this time last year. SEVERAL OFFERS HAVE BEEN RECEIVED AND TERM SHEETS CONSIDERED. F***ing weasel.
Good luck tomorrow
VXL Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
