Hi Choppy 1989, Quote: Management has had 5 months to piece together a plan...A lot can happen in five months $$$
It will be great to be back trading coming off an oversubscribed $16.6 million raise... (Very successful) In the months of suspension, many options would have been explored to a point the final funds raised need to banked...In essence, the company has treasury funds and working capital to continue development for a number of weeks. The company requires US$10 million for practical completion...
The US$10 million with a Debt focus can be raised in a single hit or staged, with each stage advancing the project a number of weeks...For reasonable assumptions, US$2 million per month for five months until practical completion...Under the TNR contract, shipping of the remaining plant can be dispatched with payment not required till the plant is delivered to the Warehouse at Port MtWara...
The project to be debt free and 70% complete has become hugely derisked from November last year. In the same period, the company has achieved 100% off-take agreements pricing increasing 30% and 3000 tons of high-grade stock pile waiting to be fed through the plant. Drill and blasting techniques proven and tested...Construction zero days lost to injury and on budget. Chinese shipping constraints are now free for fast dispatch...
In hi-lighting all of the above, fully expect a couple of weeks' lag for the debt components to be finalised after the rights issue money reaches the bank accounts...Debt focus is the best use of capital...EY valuation is over US$120 million, and TERP value at 18.9 cents...Such a promising move for the company, having oversubscribed the $16.6 million raised and advising Fresh Equity, 180 markets and others the shortfall Greater than the minimum had been cancelled.
$1.91 Million of working capital...
Regards Croc (Terp value 18.9 cents...) US$1200 free cash margins per ton product...
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