BlueBayV
It was announced on 9/1/12 in relation to the Grosvenor Gold purchase that a $20m loan was being arranged with New Holland Capital to be used for recommissioning the mine and other things. The loan facility is still not in place, and probably for the reason that it was a condition of loan approval that the new mine plan had to be approved by the WA Gov't. This was not the formality the company thought it was going to be,I believe.
Therefore the company, in order to recommission the mine, dipped into the rights issue money of $10.8m. That money was to be used for exploration. According to the last Cash Report, about $700,000 would be left in the bank as at 31/12. Therefore, in order to keep things ticking over, money will be needed.
This money may mean that the NHC facility might be reduced.
Ann: Trading Halt , page-5
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