Should be no surprise, Baz referred to this often. But he always made the point that the Board wanted to reward long suffering shareholders so let's hope that committment holds.
There is no massive dilution here. I feel this will be for working capital to see Maroochy and Murchison deposits developed. If so, good plan imo. Leave the funding of Nifty for the senior debt. So maybe $20-30m. They, and their financiers, won't want debt to do this work. Remember there is a claw back agreement in relation to Maroochy so separate funding essential.
Having said that, if Baz has also got another cornerstone investor lined up that would be a great thing for the company. Would show that there are lots of people that believe in this.
IMO, those that continually say they are having trouble with the lenders are just wide of the mark. Offtake agreement plus CR, is a lot of work, lots of lawyers back and forward.
Their financiers will get more comfort from this as well.
Mango Mambos for the weekend !
Cheers
CYM Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
