Hi Sirrobbo, re your question on any reasons why they haven’t...

Hi Sirrobbo, re your question on any reasons why they haven’t raised already given the cash position. Just some possibilities

1. They may still have access to the US$1m that appears to be undrawn on the Gemcorp facility. Whilst the original drawdown deadline that was announced has passed perhaps they agreed an extension with Gemcorp. Obviously with an interest rate of around 21% they wouldn’t want to draw further on this until necessary.

2. They may believe future receipts are sufficient, but their announcement on 1/10 re sales didn’t give the impression of too many firm orders other than 800 tonnes

3. Annual report release may have gotten in the way or maybe wanting to wait until it’s released. I guess Brokers and sophisticated investors may like to see the audited reports along with audit comments. Having the latest audited reports available may also make a raising easier, particularly a raising under a prospectus.

4. Possible other funding arrangements.


They are some of the more favourable possible reasons I could think of, perhaps others can come up with some more.