I don't think IDC's loan to west wits will be a convertible note it would've been mentioned.
I'd like to think the project can get going with just the IDC and Wingfield funding for starters that's $25.9m usd, they've also got options now that can raise $USD $10m plus as well. Plus they have that standby facility where they can issue shares for debt what was it $75m.
Ideally and I thought I read in the announcement it reads as if once IDC and Wingfield sign off they are mobilising.
Why borrow more money now when you have standby option and credit arrangements albeit with dilution that can get you out of a bind. To my mind they will be able to self fund the remaining $28.1m as they go on a rising share price.
Ann: West Wits Investor Presentation, page-5
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