CAI 9.52% 11.5¢ calidus resources limited

The bank will take security over the 100% owned subsidiary Keras...

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    The bank will take security over the 100% owned subsidiary Keras (Pilbara) Gold Pty Ltd, which is the operating company for the project.

    This is where all of the expenditure to date on exploration would be sitting in.

    And they will also take the new subsidiary which houses the Blue Spec mine.

    And furthermore you'd think that the bank would extend whatever debt they provide to us over a 3 year amortising profile, or even longer. Or possibly even a
    delayed start to principle repayments to allow us to build cash, and then a steeper amortisation profile.

    Ether way the company should have accumulated well over $150m in cash prior to debt repayment in the first 3 years, and quite a bit more if the gold price keeps going up.

    But to add to your comment about Non current debt to non current assets at first pour it should look something like this -
    (excluding current cash on hand to be used for working capital.)


    NCA 30/6 25,051,442
    Current acq. 19,500,000 (Blue Spec gold only)
    YTD Capex Jul-Nov10,000,000 (Guess)
    Capex 116,000,000

    Total Assets 170,551,442

    Total debt 94,850,000 (116m + 19.5m) * 70%

    Debt / NCA ratio 55.61%

    On this basis (and all of the assumptions which go along with it), 70% debt could be easily accommodated, imo.

    So they need to raise $40.65m in capital, but lets say $55m to be conservative @ $0.60 = 91.7m shares.

    Strengthening balance sheet and conservative gearing to get thru the riskiest years of production.

    And the bank may demand some level of hedging which could clip the ticket a bit if the gold price continues to rise.



    https://hotcopper.com.au/data/attachments/2493/2493328-ef868924455feaf702b4b719a0718355.jpg



    Last edited by HomeBrand: 22/09/20
 
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