Ann: Equity Raising and Key Board Appointments, page-55

"Which is why I can say the finance deal announced was nothing more than trying to flesh out an m&a, conditions precedent meant it would never fly, don't even start on the ridiculous gr's deal."

What conditions precedent? You speak like you have inside information. Please tell.

The letter of credit for $107 million of debt funding was secured from Macquarie. Maybe the conditions precedent was that the board didn't get rolled in which case the funding lapsed as it wasn't capable of being accepted by the new board.

Or and more likely the funding doesn't come into the plans of the new board, which is to hand the company to Regis on plate when they are ready to transfer the mill from Moolart Well. Regis won't need the bank funding with half the infrastructure already available to them and cash in the bank so the new board just let the funding offer lapse when they took over, opting instead for the boot filling option prior to the handover.

If you know why the funding was allowed to lapse or why the funding was just some sort of elaborate ruse to elicit M&A activity by the old management please tell us the truth Mr insider. Frankly going to the trouble of getting a funding offer from Macquarie just to flush out an offer for the company seems a highly implausible theory and a waste of everybody's time. Any miner looking at the project will have been able to do their own due diligence. Seems that Regis did but the deal wasn't good enough for the major holder which is now onboard with the flog off plan and filling their boots at 6.5cents.

Just a matter of time. How much ore have they got left to process at Moolart Well? Anyone follow that story? That will tell you when things will start to happen here IMO.Esh