" .... the Company had Reasonable Grounds to Believe it could pay its debts as and when they fall due "
Dunno if that will wash,shoulda had a plan B minimum, though most likely a plan C and D would have been more professional.
UPDATE 1.40pm: Galaxy Resources has told shareholders it has got back its mojo after recent years in the wilderness.
And the performance of the lithium player’s share price suggests investors believe in the story.
In an update this morning, the company announced that all its historical debt had now been fully repaid.
In 2013, Galaxy had about $200 million worth of debt, very little cash, negative cashflows, a mothballed spodumene mine at Mt Cattlin near Ravensthorpe and a poorly functioning lithium plant in China that was bleeding money.
A new board and management set about restoring the company’s finances and re-positioning the company for growth
Without too much thought, DSO grade Graphite is an option, I would have thought,just how big is that vein?
The current board almost certainly should have gone to the SHrs for a production loan,irrespective of the POTENTIAL Singers loan.
With the loan in tact,the current SHrs most probably would have taken up their options,and as they say the rest would have been history.
Will the board minutes see the light of day?
Without the methodical engineering process driving the Refurb,it was all built on shifting sand ,el ah out of nowhere the tailings dam scenario.
Raider
VXL Price at posting:
11.5¢ Sentiment: None Disclosure: Held
