Conditions Precedent
The Facility is conditional upon the following Conditions Precedent being satisfied within 85 business days of the after the date of the GPA (or such longer period as may reasonably be required):• completion of security documentation (Security) (see below);• shareholder approvals in accordance with ASX Listing Rule 10.1 for both the Facility and the Security (BDOhas been engaged to provide an independent expert’s report on the transactions);• ASX and Canadian Business Corporations ACT (CBCA) regulatory compliance and/or approvals.Initial DepositAs announced to ASX on 4 April 2023, the Company advised of the receipt of the first US$2,000,000 instalment of the US$5,000,000 Initial Deposit.
The second instalment of US$3,000,000 of the Initial Deposit is to be remitted to the Company by no later than 3 business days after the Conditions Precedent have been satisfied.
- looks like we could be waiting 85 days for second deposit but this takes us to June where they say they will have a fully operational facility.
thoughts?
Ann: US$300m Finance Facility and Management changes, page-424
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