Well you probably know why, but you want to be mischievous so let me entertain you and the other cubs in the #WolfPack ;
1. You probably know but don’t want to acknowledge the 9 banks are only interested in providing debt finance to the Sconi Project. This can only be done with a robust BFS that demonstrates to the banks the project has strong financial fundamentals and the banks will carry minimal risk in providing the debt finance.
2. They went to Bergen for short term cash flow requirements to complete the Flemington acquisition and drilling, which is not able to draw on project debt funding from Sconi.
3. It would seem the BoD expected to have the SKI equity input prior to now to fund working capital for the Flem project, but it has been delayed, so they needed other funding.
So that is IMO why they went to Bergen. And they have the flexibility in the CN agreement to pay it out should they have the funds and business decision to do so. It’s a short term funding deal IMO .... treat it as you like.
Reward to the upside far outways risk to the downside at present .
All IMO
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