This is what I think will/should happen unless they can pull a rabbit out of a hat (all speculation no fact)... Company to issue 200m shares @ 25cps to raise $50m before costs. Funds to be used to assist to refinance debt at lower interest rates, “fast track stage 2 development” and assist with ramp up / general working capital.
Call it downramping if you will but they are in dire need of cash and even if they get a little 5,000t shipment at A$1,000/t away in August - it ain’t going to alleviate their cash flow problems. I also struggle to see them being able to refinance at better rates until they sort out issues with offtake partner (JRO).
Hope I’m wrong...
Ann: Corporate Update, page-296
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