MDI previously had this approved in its 2019 AGM and used it to issue $4M in securities to Bell Potter.
That money was subsequently used to support the exploration that we’ve seen this past six months.
Given the strong cash position of the company and the advanced stage of its Feasibility Study, my question is ‘why does this need to be approved again - what will the funding be used for?’
The recent financial reports indicated MDI would be financing the refurb of the mill through debt (a loan), not a shareholder placement.
What do they intend to use the cash from this facility for?
Anyone want to email investor relations to find out?
MDI Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
