Going through the last Qtrly, it is clear why we are suspended.
Loan Facility of $18.4M fully drawn, overdraft of $1.493M fully drawn and $152k in the bank. We cannot afford to pay interest accrued to the bank. Bank wants its money. Director chucks in $640k so the lights stay on in the S/T. ASX I assume are still not happy with this or are of the opinion we will not get further funding to survive the next 2 Qtrs.
BSR tell us we have a financier who will invest USD$2M but cannot get back to his home country to effect money transfer. He has given us a Letter of Commitment. Is this legally binding and why does he have to go home to organise the money? Most banks can accept email/fax indemnities that will allow investors to request that the bank transfers money to anywhere in the world on their behalf. I work in Banking, I know what banks will and won't do here in Australia. Overseas banks have their own policies so I cannot comment there.
The group has negotiated, but not yet received, further debt funding of FCFA 1 billion (AUD$2.5 million) from its existing project debt financier. Does that mean we applied for a loan but it has not yet been approved yet?
The group has also mandated a financier to raise up to US$30 million. If only we knew how that was going? Time will soon tell.
If the tenements are as good as posters on here say (even the likes of GP), then there should be no reason that financing will not be approved (fyi...start up plan is for 2000-2200 ounces over the next 12 weeks (AUD$5.4M), not 8000-8800 ounces over the next year as what they are saying is that they will move to full scale mining after the 3 months - provided funding comes through). Won't go into full scale numbers. This thread is long enough!!
Maybe the bank is just waiting for accounts to be back in order b4 they approve more funding. Maybe this AUD$2.8M man is getting cold feet from all the mudslinging here. Maybe the $30M is all but locked away. Lots more maybes but it's late and I'm tired. Too much analysis! Should have gone fishing!!!
Sincerely GLTA 2306 SH's......high risk/high reward (if we get funding). I have faith!!!
All IMO and not to be taken as advice.....just facts summarized into 1 large parcel for everyone to make up their own minds!
Your welcome....good night/morning.......zzzzzzzzzzzzz
BSR Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
