the CRDB loan had several conditions precedent of which one was a letter of credit. for a LC. to be acceptable as security and worth anything it would be issued by a credit worthy bank which then becomes the primary risk taker.
typically once the conditions precedent are satisfied the bank will issue a certicate confirming such and that the borrower is able to drawdown on the facility. this is typically announced and without a TH. the CPs were meant to be satisfied in February but I've seen nothing since indicating the CPs have been satisfied. furthermore the recent quarterly showed no facilities in place and only some 4m in cash reserves. that wouldn't last long at all for a company in the middle of a mine construction.
hope I'm wrong but I don't think this is looking good.
the CRDB loan had several conditions precedent of which one was...
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