I have read the company insight and how I read it is that $10-12 million is required now with the banks funding the rest. That reads to me like a Capital raising. How that is doing we dont know so we will have to wait and see.
I agree that Mr Finch always does miss timeframes and costs are always underestimated. Now we have bank funding within 3-4 months - come on! what are they doing. They have had over a year to sort out since the Definitive feasibility study why should it be taking so long. I think Thadius posted that Ian had told him that finance was imminent. In addition that lack of finance weighs on the SP and therefore makes the options less viable. They run out I believe at the end of March whos going to take them up at 75c when the SP is below that.
On the positive side I do think that IFE will be shipping Iron Ore sometime this year, but based on past history I think that it will be more likely that it will be the second half of the year and will also mean however that those "free" "performance" shares due to the directors which angered many on HC may now not be granted which IMO would be good.
TYX Price at posting:
67.0¢ Sentiment: Buy Disclosure: Held
