Ann: Federation Financing and Equity Raise, page-13

At last, the long-awaited financing package with inevitable accompanying equity raise. The package looks ok to me, though a bit expensive, it's that kind of market. Trafigura are a very credible partner and so long as the various concentrate offtake agreements are market related this arrangement should work well. IMO in this situation I prefer a partner like Trafigura than a conventional bank which would lend money with a host of hooks attached, debt covenants, hedging obligations etc & at the first sign of trouble a bank would likely screw the company & run for the hills. A lot of risk has already been taken out of Federation & if there is a better base metal project under development in Australia, I'd like to know about it. Onwards & upwards.