re: Ann: POSCO to Invest in the Coburn Zircon... Manila,
28 million earn in fee, no shares issued, thus no dilution of shares on issue, a goodf deal.
Also means GUN should not need to issue more shares to raise funds, once again good, no futher dilution of shares on issue, keeps a tight share register, dont forget Tilbrook holds close to 30 million shares, when the insto want to buy in they will have to pay.
POSCO to fund 40% of capital cost, GUN the other 60%, funding to come from a korean investment fund, who have allready completed due diligence, so it should not be a major issue.
The financials of the project are very sound, payback i believe within 3 years, i could bo wrong here, but a payback with 3 yeras is a very solid situation and most lending instutions would jump at this.
So all in all IMO a very good result.
Cheers
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