Ann: NCZ SECURES WORKING CAPITAL FACILITIES WITH VARDE PARTNERS, page-11

VARDE is a quality fund. The reason you deal with this kind of money is next to no covenants and ultra flexibility. Varde partnered with KKR in Australia to take GE's consumer credit business for example in a 6.3b deal.

Mining investors like Owen Hegarty's EMR Capital used funds like this (Farralon etc) to great success in the ramp up of Martabe Gold Mjne.

The directors of NCZ know what they are doing here. They have gained more available credit and with flexibility and avoided equity dilution. Shorts beware.