This is getting more difficult to unravel. Presuming the last capital raise was to pay out creditors, service short term debt and provide working capital for the mine, then there is still the matter of the WEG buyback and receivable.
Mining of Stage 4 will be completed at the end of 2015 so a commitment for earthworks on the $80m seawall for Stage 5 will have to be made soon to ensure ore is available in 2016.
The mine can't be throwing out too much free cash at the moment and another rights issue will probably keep the Oct 14 oppies under water. I'm guessing a lot more than $40m in equity is required.
PLV Price at posting:
3.4¢ Sentiment: None Disclosure: Not Held
