Ann: Kingsgate Equity Raising Presentation, page-33

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elzephyrus

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27/03/23

16:45

Post #: 66980307
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Originally posted by AGreedyCroc: ↑

And here lies the reason that myself and a number of other shareholders had been flagging the financing situation for months. If you didn’t see this coming as a reasonable possibility, you are asleep at the wheel.

Will be interesting to see if they extend the Taurus facility. I imagine they will see how the raise goes and whether the Thai bank financing materialises. Taurus are asking for their pound of flesh if this gets extended further than May.

Kingsgate and Taurus have agreed to provide a waiver in relation to the financial indebtedness arising from the preference shareholder advances received on the condition that certain conditions are satisfied including that (i) Akara must accede to the Bridge Facility Agreement as an additional guarantor (already satisfied); (ii) Kingsgate to provide and implement a detailed funding plan that is satisfactory to Taurus by 31 March 2023 and (iii) Kingsgate to use its reasonable endeavours to progress the disposal of Nueva Esperanza (or an alternative sales transaction) and provide regular updates (no less than monthly) to Taurus. Kingsgate and Taurus have also agreed that subject to the satisfaction of the same conditions, the maturity date of the facility can be extended to 10 August 2023 upon payment by Kingsgate of an extension fee of US$150k (excluding GST) by 31 March 2023 and the issue of a maximum of 2m options or such lower number as is proportionate to the amount outstanding under the Loan Agreement on 31 March 2023 to Taurus by 30 April 2023, with the options carrying a 5-year exercise period and exercise price equal to: (a) if Kingsgate completes an equity raise (for an amount of not less than US$20m, or its A$ equivalent), 120% of the price per ordinary share for the lowest price ordinary share issued in connection with the equity raise; or (b) otherwise, A$1.50 per ordinary share, provided that an additional US$300k (excluding GST) must be paid if the maturity date of the facility is extended beyond 10 August 2023.

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Option a) looks OK. Option b) not so much. Hopefully they're oversubscribed so they can just pay off Taurus and be done with them.

Last edited by elzephyrus: 27/03/23

KCN Price at posting: $2.01 Sentiment: Hold Disclosure: Held
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Ann: Kingsgate Equity Raising Presentation, page-33

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