Honestly….I am confused by the structure of these deals.
- We have the bridging loan at $1.6m.
- Jinpeng to be issued 25m+ shares at 11c = circa $2.75m.
- A drawdown of US$4.4m on the BMCG standby funding (which many here claimed wouldn’t be used) = circa $6.4mAUD
- TNR vendor finance package to $1m
= total expense of circa $11m AUD.
And Jinpeng get milestone payments of circa $700k+, same with BMCG commitment fee at $700k+ and Faro receiving shares worth north of $50k.
The company rightly points out the need to communicate revised cost structures shortly.
A found the reference to 3 months worth of funding is still in place pending the drawdown of any debt funding.
A convoluted mess.
Ann: All EPC equipment to be shipped from China, page-5
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