Hi there is no cash issue, they already did a smart more than...

Hi there is no cash issue, they already did a smart more than sufficient capital raise (7M$), they are fully financed to get them through a full blown refurbishing program and thus to profitability + a new resource estimate for Mahefadok deposit for expansion by q1 2017 (they have now some 4M$ left). However, they may need a capital raise (or not) by q2 2017 to advance the feasibility study of the new processing plant of 18.000tpa+. Most of the spending will occur on q4 2016 (3M$ for refurbishment and drilling, after that internal cash flow is sufficient until q2 2017).

As for the construction of the new plant by end of 2017 - beginning 2018, they may use a mixture of : internal cash flow + equity raise + debt. Financing wont be a problem if they succeed refurbishing the plant and achieve nameplate production at 6000tpa and profitability, financiers will be jumoing on the opportunity to finance the new plant.

Hope that helped,