Put all the possible spin on you want, the money is still not available and is now 4 months behind. The original schedule was 28th of Feb to have the first $10m, not the signing of the term sheet. There is no reason that the new date will hold either going by the track record below.
LATROBE VALLEY PROJECT UPDATE NOVEMBER 2021 (25th Nov 2021)
The loan facility will be available to be drawn in three tranches: (i) $10,000,000 in full, on before 28 February 2022
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HALF YEAR FINANCIAL REPORT 31 DECE. MBER 2021 (15th March 2022)
The loan facility is available to be drawn in three tranches: (i) $10,000,000 in full, on before 21 March 2022;
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QUARTERLY ACTIVITIES REPORT 31 March 2022 (29th Apr 2022)
The signing of the agreement should take place within the next two weeks with the first $10 million drawdown schedule for May.
Today 17/05/2020
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LMG signs project loan documentation for $23M with the initial drawing of $10M scheduled for 11 June 2022 to fund the continued construction of LMG’s demonstration plant.
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How is it possible that a 4 month delay in receiving the first $10m...$10,000,000.00 does not delay the project?
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If anyone thinks LMG are on schedule or the schedule is holding, some facts are simply being missed. My tone is not condescending.
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I remain a positive holder but have to call a spade a spade.
Ken
