Hey mate, the 20,000oz is the offtake portion of the facility, with Vertex being paid for it minus a small deduction so Ocean Partners can clip their ticket one more time.
I was also a bit confused about the wording in the announcement as it does read like the 20,000 is the cost of the prepayment but I emailed the company and they confirmed the 20k Oz gold is at the London Bullion market association spot price minus a small discount.
It would be the worst funding deal I've ever seen if it actually was $10mill for 20,000oz of gold and that's before you add the interest and costs etc.
Cheers
VTX Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
