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clock Created with Sketch. 03/09/24
13:10
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Originally posted by Cosmoterios:
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This was the original package:A$760 million debt funding package This is expected to fund construction activities required for first production in the middle of 2024 A$550 million1 debt facility agreement which is designed to ensure the Company's Kathleen Valley Lithium Project (Kathleen Valley or the Project) is funded through first production and ramp-up to the 3Mtpa base case2 US$250 million (A$379 million1) Note, they originally said $760M funding was expected to fund construction activities Required for First Production . Then, they said $550M was needed through first production. But of course, they changed that to $379M in July. So massive cuts from initial estimates to the last estimate: cuts from $760M down to $379M. ou can see why shorters are attacking this!!!
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On the funding note - as i recall bank syndicate funding of 760m and 550m was intended to refinance Ford facility as it has seniority and they don't coexist well. With convert notes LGES direction the board kept the Ford 300m facility at attractive rates, and added 379m in convert notes which was a spectacular move given the circumstances. Not sure how they pulled that off in fact.
(20min delay)