re: + + total cost of the gidgee project + +
Gerry you continue to put your spin on this and it is incorrect. They have not paid for the mine in full just yet.
Terms of deal were
Non refundable deposit 200,000 Cash settlement 1,300,000 For stock 500,000 16,667,000 shares in LEG @ 6 c = 1,000,000 Replacement of Bonds 2,000,000 ------------- Total at that point 5,000,000
Recent placement of 18m@18c realises 3,240,000 of which 1.2m will go to Abelle as final payment for the Gidgee Mine. As it will be paid prior to 31/3/2004 they recieved a discount of $200,000 on the purchase price.
Therefore they have just raised 2.04m to cover ongoing exploration costs and working capital requirments.
This quarter accounts will show us what their cash burn rate has been to date. This is the most interesting set of data to come in my view.
LEG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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