So it always comes down to money. If the ASX is concerned about...

So it always comes down to money. If the ASX is concerned about AMAL liquidity then it will not provide listing until funds are proven. Apart from all this the Bald Hill mining enterprise is the same. The monies available are the same. The Tawana Directors recommend the Merger. To defer the merger would be a waste of time so our shares will be in limbo (SGX) for a period. AMAL will list on the ASX. It was never going to be smooth sailing.
Only advantage of this Hiatus in listing will be cheap shares. Anybody have shares on the NYSE or NASDAQ. Its just trading overseas same as SGX. I have a feeling this will be sorted and we will get our Dual listing without all the fuss of a Singapore Holiday. Formalities are irritating.

Tawana is currently negotiating the terms of a proposed $15 million debt facility, and progressing other financing arrangements with a view to reducing Tawana’s exposure to cash flow risks

The Tawana Directors and the AMAL Board are satisfied that they will be able to raise additional funds as required


During the 12 months prior to the date of this Scheme Booklet, Tawana and AMAL have worked together to bring the Bald Hill Project into production, with the first spodumene (lithium) concentrate production announced on 14 March 2018. During the initial phase of the Bald Hill Project (being the next 6 to 12 months), the Merged Group will be exposed to a higher level of cash outflows due to pre-strip activities and repayment of the Burwill prepayment (refer to Sections 4.6(b) and 5.6(b)). Further, during the early stages of the Bald Hill Project and similar to other companies whose performance is dependent upon newly-constructed assets and start-up operations, the Merged Group will also be exposed to normal risks and uncertainties, such as the Bald Hill Project failing to perform as expected, having higher than expected operating costs, having lower than expected customer revenues, key additional infrastructure not coming on stream when required or within budget, potential equipment breakdown or failures and operational errors (refer to Section 8.3(e)). The Tawana Directors and the AMAL Board recognise that the Merged Group will need to raise additional funds via equity raisings or financing facilities to fund ongoing operating and capital expenditure (in particular, where actual cash flows differ from budgeted cash flows in light of the above-mentioned risks and uncertainties associated with newlyconstructed assets and start-up operations) during the initial phase of the Bald Hill Project. Subsequent to 30 April 2018:  Tawana raised the following additional funds: – on 6 July 2018, Tawana issued 12,195,000 Tawana Shares to raise approximately $4.9 million (before costs); and – 11,653,060 Options were exercised at an average price of $0.158 per Option to raise approximately $1.8 million.  AMAL raised the following additional funds via equity raisings: – on 2 May 2018, AMAL issued 76,522,804 AMAL Shares to sophisticated and institutional investors outside of Singapore to raise approximately $25.2 million (before costs); – on 4 July 2018, AMAL issued 13,000,000 AMAL Shares to Burwill Holdings Ltd to raise approximately $4.2 million (approximately S$4.3 million) (before costs); and – on 24 July 2018, AMAL issued 3,275,115 AMAL Shares to an institutional investor and 7,600,000 AMAL Shares to Canaccord (as underwriter) to raise approximately $3.6 million (approximately S$3.7 million) (before costs). In addition, Tawana is currently negotiating the terms of a proposed $15 million debt facility, and progressing other financing arrangements with a view to reducing Tawana’s exposure to cash flow risks during the initial phase of the Bald Hill Project. The Tawana Directors and the AMAL Board are satisfied that they will be able to raise additional funds as required and thus it is appropriate to prepare the Pro Forma Historical Financial Information on a going concern basis. In the event that the Merged Group is unable to generate sufficient cash flow or obtain sufficient funding for ongoing operating and capital requirements, there is a material uncertainty whether it will continue as a going concern and therefore whether it will realise its assets and discharge its liabilities in the normal course of business and at the amounts stated in the pro forma historical consolidated statement of financial position. The Merged Group’s pro forma historical consolidated statement of financial position does not include any adjustment relating to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that may be necessary should the Merged Group not be able to continue as a going concern.