re: Ann: Redbank secures US$7,5M Development ... This latest funding deal looks pretty positive to me. It seems to avoid heavy dilution of share capital with the bonds converting at prices between 0.25cps and 0.12cps before Nov 2011. The funds should allow the business to grow via the 2.1ktpa Cu production which I think should create gross revenue of about $ 16m pa (Cu price of AUD8000/t) (sorry LL, I don’t see how you calculate $35m). Not bad for a company with a current market cap of $14m.
There are lots of diamond drilling results to look forward to in 2010 (20,000m; shallow and deep targets). Does anyone know how this drilling will be funded?? I understand that the company has minimal cash at the moment (about $2.5m). Will this be enough and will they need to place more shares next year (given that the $7.5m from the notes is allocated to the plant construction).
Resource upgrade to 95kt Cu sounds good for a small company with market cap of $14m.
Bought a few shares at 1.4cps this morning. Very small / volatile / risky company but should be worth watching.
Regards.
re: Ann: Redbank secures US$7,5M Development ... This latest...
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