The first part of the Bridging options has already been issued, they were issued on the 17th of October,
This mean that first part of the loan ($2,967,447 that did not need shareholder approval has already been paid to the company. Based on the existing loan that has been issued and the existing cash balance prior to the QTR, WKT would have around $4mil in cash,
WKT will have $2.6Mil in cash at the 31st of December, prior to the loan being repaid when the $6mil options are exercised.
IMO the market has been mislead by the company claiming "The Bridging Debt will be used to meet due diligence and operating costs of the Company including the continued development of the Lindi Jumbo Project until further project financing is available. The significant terms of the bridging loan are:"
based on the QTR cashflow report, the full $5 mil loan was not required.
I am sure there will be a few T40 shareholders who took part in this offer, will all shout, "we have the equity part for the loan" IMO we will soon see if that is true too, as the company is looking to raise $40mil for a project that only requires US$28 Mil.
I do love the misinformation that is posted on WKT thread, I remember seeing @BoonTime mention why the US$28mil figure had increased to US$40mil, a contingency was given for a reasons. obviously he didn't read the presentation (page 28)
Walkabout’s latest remaining capital cost estimate for the Lindi Jumbo project is USD 27.9m. A total of USD 3.35m has already been spent on early works of the project, and adding a USD 2.18m contingency leaves a remainder of USD 27.9m remaining.
WKT Price at posting:
28.0¢ Sentiment: None Disclosure: Not Held
that did not need shareholder approval has already been paid to the company. Based on the existing loan that has been issued and the existing cash balance prior to the QTR, WKT would have around $4mil in cash,
(20min delay)