'They can't draw down untill 12 months from production and it is a 18 month construction process so it's really to cover construction and start-up costs'.
I've got a slightly different interpretation. I think they can draw the money much sooner (which is not bad by itself) and if they don't start production the lender will get the money plus interest.
Ann: US$10m Offtake Financing Agreement for Tiris Uranium Project, page-11
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