" Loan for the sum of US$5.8 million (AUD$8.76m) from iBorrow LP. Interest at 9.75% pa, maturing on7th August 2024. Secured by property. Refer ASX announcement 19 July 2023 and the Company’s2023 Annual Report for updates on this facility."
How will they pay for that or roll it over or default?
so at 30th June they had $950k Got another $200k from noble They just raised net $250k ( noble not paying but using repayment of debt)
Thats approx $1350K
Have used cash ? in last 30 days They owe Noble 4 mill at 9.97% $32k a month in interest. Have they stopped paying interest on previous loans to IBorrow - will they be in default
They spend $300k a month and as Noble are not paying for rights only extra net $200k odd came in.
Ouch - crunch
Noble meanwhile use the money they have loaned to EDE to use to take up rights all while earning 9.97% interest on balance. They want to use cash EDE already had rather than put in more ?
The Noble Loan, which is unsecured and repayable on demand, is accruing interest at 9.97% per annum.As noted in the “Pro-rata Non-Renounceable Rights Issue” Prospectus, Noble has notified the Company that,if the above Offer is fully subscribed, its present intention is to take up its Entitlement in full (and, in thatscenario, there will be no increase to Noble’s voting power in the Company). If the Offer is not fullysubscribed, Noble will only take up its Entitlement to the extent that this will not cause its shareholdinginterest in the Company to exceed 34% (being exactly three percent higher than it currently is), in relianceon the exception in item 9 of the table in s.611 of the Corporations Act.Noble has notified the Company that its present intention is that a portion of the Noble Loan will be appliedto pay for the Application Moneys for all New Shares it subscribes for under its Entitlement, in partialsatisfaction and repayment of the Noble Loan and, accordingly, the Company will not receive any cash fromthe New Shares and New Options taken up by Noble under its Entitlement.
Copeak the corp adviser basically got $200 for this issue as Noble was excluded - lucky them - They get some more if shortfall is placed
Copeak Pty Ltd (Peak) is appointed as corporate advisor and lead manager of the Offer, with their roleincluding placing any shortfall of the Offer on a best endeavours basis. A fee of 1% on the total amount raisedunder the Offer (excluding from any shares issued to Noble Energy Pty Ltd or to any of the Directors andOfficers as a result of them taking up their entitlements under the Offer) and a placement fee of 5% of thevalue of shortfall funds raised by Peak is payable. Subject to a minimum of $500,000 being raised by Peak inthe shortfall, the Company will issue 25million EDEOD options to Peak (subject to shareholder approval)Noble has notified the Company that its present intention is that a portion of the Noble Loan will be appliedto pay for the Application Moneys for all New Shares it subscribes for under its Entitlement, in partialsatisfaction and repayment of the Noble Loan and, accordingly, the Company will not receive any cash fromthe New Shares and New Options taken up by Noble under its Entitlement.
EDE Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
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