Ann: Debt Facility, page-22

The terms of the loan is it is an initial draw of $10.526 with a discount of $0.526 so KCN only gets $10M but has to repay $10.526 - where do you get any notion of the facility being an undrawn back up, it will essentially be fully drawn from day one.
The facility limit of $11.5M covers the possible capitalisation of interest & line fees for the 9 month potential term but the royalties will need to be paid in cash.
The interest & fees equate to an effective annual interest rate in excess of 20% then add the royalties so it is a very pricey facility but beggars can’t be choosers.
I just hope they get their act together & generate sufficient gold sales to repay the facility - it should be relatively straight forward but the recent track record of accomplishing relatively straight forward goals gives rise to a modicum of concern.