Does anyone seriously think that the monies raised in the new CR will go soley on up-ramping the production of Woods Point?
White Rock Minerals Limited (White Rock or the Company) (ASX:WRM, OTCQX:WRMCF) refers to previous announcements on 8 December 2022 and 14 December 2022 and confirm that all Convertible Notes have been repaid today and the Convertible Note Agreement (Agreement) with Obsidian Global GP, LLC (Obsidian) has been terminated. New funds were provided by Significant Shareholders of the Company to fund the early redemption of the Notes. A number of transactions will occur today in connection with the finalization. The Company thanks the Significant Shareholders for providing the funds to early redeem the Convertible Notes and thanks Obsidian for providing funds at a critical time when other funds were not available to enable the Company to continue its ramp up of gold production at Woods Point.
Or do you think it will be mostly used to pay back the loans fron significant shareholders that paed off the last Credit Note and the $500k owing to WRM's number 1 S/H
After the have paid back money owed to those share holders that doesnt leave anything left to "ramp up" at Woods Point
Thinking this is just a CR to pay off bad debt before administrators get the call
WRM Price at posting:
6.3¢ Sentiment: Sell Disclosure: Not Held
