Hi Beanflop
I think our management did genuinely think this could be done with debt, but banks (and I worked for a couple), they may have been spooked by this takeover drama and said we will only lend if there is more equity provided. The DSO has had to be shelved due to low spot Spod price and we were backed into a corner.
But hey! There's a silver lining in my opinion. If this capital is raised with one eye on our register and the other on "going mining" we get new equity into safe hands and away we go to mining. As I commented, I'm keen to see what master stroke our BoD has in the melting pot. They haven't done a bad job, but circumstances have been against them.
regards
DF
Ann: Trading Halt, page-155
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