Quick calculation based on the Company's announcements
12% interest to be paid on the Debentures (calculated daily, so that may add a bit to my calcs)
Flat rate is $3M/12% .... =$1,800,000 per year X 3 =$5,400,000 for the 36 months
Fee to the loaning lads is 4% i assume a one off fee, so $600,000
Essentially they have to pay interest to debenture holders every 3 months = $450,000 but have to be making enough profit over the 3 year term to pay back the $15m principle = $1.25M per Quater
McGarry is apparently stumping up $5M of his own money for debentures.
Ann: Update on Acquisition of the Lady Ida Project, page-9
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