Hi @inittowinit, EUR din not actually “draw down” the A$2M, they applied to!
Re: “We find out that we did not get the loan funds from Winance only 6-7 weeks after saying the company had drawn it down.”
I hope the following is easy to follow(?)
On 30-Dec-2019 EUR announce a A$12M debt facility. (Helvetican)
04-Mar-2020
Voluntary suspension
Funding update and Stephan leaving.
05-Mar-2020
3Z final interest notice Stephan M.
On 05-Mar-2020 EUR announce a drawdown from the existing Winance debt facility.
(The Helvetican one was meant to pay out Winance)
From the 05-Mar-2020 A$2M draw down ann.
“The Board of European Lithium Limited (ASX: EUR, FRA: PF8, VSE: ELI, NEX: EUR) (the Company) advises that it
has agreed to
drawdown a further AUD$2m from its existing finance facility with Winance Investment LLC (Winance) (Finance Facility).”
Quote from the last quarterly.
“On 5 March 2020, the Company
announced that it had agreed to
draw down a further A$2.0m (2,000 convertible notes) under the Winance facility (Tranche 2).
Simply, EUR agreed to and applied to draw down A$2M from Winance and as at 30-Apr-2020 Winance has not supplied the A$2M”
The headline from the 05-Mar-2020 drawdown ann. (Is it just a touch misleading compared to the finer print? Yes, in my opinion!)
“EUROPEAN LITHIUM DRAWS AUD$2M FROM EXISTING FACILITY”
Helvetican and Stephan gone and no money from Winance!
Oh dear! What’s next? Magna?
Ann: 31 March 2020 Quarterly Report, page-7
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