It should not be too difficult to reach the minimum amount required considering that financial situtaion has already improved a lot. We will discover it soon.
From Chairman Address:
"Specifically:
• Our gold loan financier, Asian Investment Management Services (AIMS), agreed to convert essentially all of its loan in the amount of approximately $13.8 million to equity – and, in so doing, will become our largest shareholder
• Our current two largest shareholders, M&G Investments (M&G) and Ruffer, agreed to subscribe for further shares in the aggregate amount of approximately $4.2 million
• Exploservice, our largest trade creditor, agreed to convert half of its outstanding credit balance – approximately $4.6 million – to shares
• RiverFort Global Capital (RiverFort) has come on-board as a new financier, agreeing to provide $0.5 million as equity and $2 million by way of a convertible note facility, with the potential for an additional $3 million On 1 February, we announced that Exploservice had agreed to convert the additional amount of approximately $2.6 million from debt to equity for an aggregate conversion of approximately $7.2 million. Together, these transactions will see:
• The retirement of debt and liabilities in the amount of approximately $20.7 million
• The raising of cash in the amount of approximately $7.2 million We subsequently reached agreement with certain other trade creditors which saw us secure more favourable repayment terms. We also sold some equipment and supplies at Karouni that were surplus to requirements.
On 22 April, Troy announced the lease and assignment of certain non-core mining rights held in Brazil known to host iron ore minerals for which we will receive in staged payments the amount of US$4 million, noting that we will have to pay liabilities in the aggregate amount of approximately US$1.7 million – so a net US$2.3 million to the Company."
Also, in from the announcement of the 26th of July 2021:
"Maiden Ore Reserve of 1,082,000 tonnes @ 2.6 g/t Au for 89,400 ounces
• Highest grade ore identified to date situated at the apex of the ore body
• Head-grade is based on what is considered to be a conservative cut-off grade
• Preliminary economic assessment is for an initial 2.5 year mine life, LOM revenue of US$137 million and net cashflow of US$47 million • Incorporation of newly requested geotechnical data, when available, may well see the conversion of more Mineral Resource ounces to Ore Reserve status
• Mineralisation remains open at depth"
Not the easiest situation. I personally believe the worst is behind. Scope for improving the economics of the mine development. The oil/gold/usd dynamic of the last few months will have an impact.
In the initial prospectus:
"Directors Peter Stern and Richard Beazley intend to participate in the Rights Issue Offer in respect of their entire shareholdings. Director Andrew Barclay intends to participate in the Rights Issue Offer in respect of the amount of $11,000"
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