Hi JDI like your work. Yes, I always thought the $6M was the...

Hi JD

I like your work. Yes, I always thought the $6M was the Rabobank debt that either SN or the office junior had forgotten to mention in the Euroz presentation made to instos. Not a good look when you're presenting to finance professionals, especially after you've had 2 serious technical problems in the field.

And I think you are spot on as to the $40M facility. While it is still technically "approved", one of the conditions before a drawdown can be made is for STX to first to demonstrate it has enough cash on hand to meet its ongoing obligations and plans. It's the usual story of having to show a bank that you don't need their money, before you can borrow more.

I did ask our retired business bank manager @papasmurf61 for an opinion on the "maintaining liquidity levels" condition that is described in the announcement made on 19 Dec 2022 since he was convinced it was "approved" and he had almost 40 years banking experience, but no reply.

Just another day in the Wild West.

Cheers
ft