Ann: Finance Facilities Update, page-36

Thanks for that

Thanks for that pearl ..."Ian Pattison has got plenty of skin in the game."

Fore skin to be in the game is a very good thing if you are playing sex games but graphite mining and hi-tech value adding processing could be a little more challenging & slippery.

My (limited Google) research into Chimaera did not reveal  much body behind the skin - very little detail.
further limited research included a rather unflattering reference to a Mr Pattison back in 2008.

Anyway, back in Oct 2014, VXL announced
Valence Industries has received multiple proposals from financiers and has committed to establish $35M in senior debt facilities from short-listed proponents to fund construction of the proposed Phase II full-scale process plant.

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The company is working closely with the short-listed financiers and will continue to retain the right to assess and negotiate competitive terms and proposals as due diligence is performed by the financiers’ experts on the Phase II feasibility study program and the sales contract program established by Valence Industries as part of the conditions precedent to funding.

My point remains that the process is/has been less than clear and the due diligence phase is long and still continuing.  Plus a 20% interest charge on the initial $25M capital advance will add $5m to annual costs -not to be sneezed at!

Murky waters


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