Ann: Appendix 4D, page-14

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Tbeatts

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04/03/20

17:04

Post #: 43305713
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Originally posted by Tbeatts: ↑

It has been over a week since the CLP board meeting, at what point do we say we didn't get approval this meeting?

Is there only one(!!) more until board meeting before 30 June 2020?

Then the next hypothetical is what are the chances NAIF extends till Dec 2020, probably high - jpower already has.

Then the next question is can GNX make it till 2021, we had $17.5m cash at 31 Dec 2019, probably have 14.5 by the end of March, at last quarters burn rate, which could be reduced if these software devs can get their act together and KS1 is producing full time, and also incorporates some one-off financing costs, so until we really draw down this facility we should be able to get our burn to around $2-2.5mm a quarter.

But we are paying to build JSP at the same time? Well at 31 Dec 2019 we had drawn $100mm of the debt facility ($192mm) and ALT energy thinks this thing is going to cost $70.25mm and we had already invested 17.5 * 75% (with the other 25% probably going towards KS1 and KS-H) = 13m so we should probably only have around $60mm more to draw down and shouldn't need to touch the bank account for development.

So we have a 14.5/2.5 = 5.8 quarter runway, incorporating the full draw down to fund JSP.

So if the lads can't get K2H closed by 30 June 2020 or by 31 Dec 2020 (and really probably even if they do), Then they will probably be preparing the next raise for March/April 2021, with 2 50MW solar farms complete and with any luck operational.

I think that is enough time not to be too worried in the very short term, no matter what clp are thinking.

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Sorry $175mm, still should more than cover it.

GNX Price at posting: 18.5¢ Sentiment: Hold Disclosure: Held
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