Ann: Company Update, page-18

Shadowboxer,

Just repeating WM's comments during his glorious final hours.

Also WTF with the cash burn rate?!?

At the end of the March quarter, the company had just $16.2 million cash on hand, and expected to spend $11.1 million in the June quarter. It had drawn down $62 million of a $68 million loan facility at the end of the quarter.
CuDeco said in the statement the three Chinese parties had agreed to provide a short term loan to the company while it waits for its bank to complete the paper work for a drawdown of its debt.
"The company has applied to drawdown a further $US5 million under the terms of the existing facility and a further $US35 million which was originally approved by Minsheng Bank," CuDeco said.
"To assist with this, CuDeco's major Chinese shareholders have agreed to furnish to th


Read more: http://www.smh.com.au/business/mining-and-resources/shareholders-call-for-cudeco-chairmans-resignation-20150723-gij7iq.html#ixzz3ghwRFbgb