Using the current currency of 73.34c the debt of $US268.1m is $A365.5m so 2 times this is $A731m compared to $A775m at 30th June.
So they had to pay the contractors with shares as using $40m cash would take them down into a breach.
With the cap raising assets have gone up to $825m less continued expenditure as they ramp up. If they keep losing money the cash balance could easily fall enough to trigger a breach, but if IO price stays where it is, they can last a couple of more months. Every 1c fall in the $A helps the bottom line, but brings them $A5.36m closer to breaching the debt covenant.
They are sailing so close to the wind, no wonder the Commsec buyers are the big ones.
Using the current currency of 73.34c the debt of $US268.1m is...
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