re: Ann: Alcyone secures $25m in funding and ...
There is so many things wrong with this announcement I don't even know where to begin.
How/why does a company on the verge of bankruptcy, with a yet to be proven mine of its own, go on a credit fuelled spending spree. You got to be kidding.
I'm too baffled and angry to even rant.
But one thing I want to ask. The $25 mill new 'credit facility'. Okay, so $4 mill is being used to purchase this yet to be proved land (from the same mob providing the loan mind you), but what about the remaining funds?
In the announcement intro it says the funds will, amongst other things, 'enable consolidation of existing debt'. That means using the new credit facility (debt) to pay for existing debt.
There is no other reference to how much of the $25 mill will be used in just paying off existing debt. How much will be left for them to build their 'world class portfolio!'!!
What a joke!!
Get the friggin mine we have profitable. Use said profits to get our debt under control. Consolidate the registry. Begin to look like a real company. Easy.
Milesy
AYN Price at posting:
0.2¢ Sentiment: Sell Disclosure: Held
