Just to add some more comments surrounding the 2 Quarters of service debt…This has not been required to date and no service debt funds have been provided although full drawdown has occurred…
Someone is spreading porkies and it’s not the company…
Gemcorp will benefit from an upside participation based a percentage of free cash flow. After debt servicing for the 3 year period of the loan as opposed to an issue of shares or options.As Lindi Jumbo will be in construction, commissioning and start up for most of year 1, no free cashflow is anticipated during the initial period This structure provides Gemcorp with Lindi Jumbo upside participation and avoids equity dilution. It also ensures cashflow participation payments will only be paid if free cashflow is available…
Did someone contact the company for clarification spid81…Nope because they want to no the truth…
The group is required to maintain a debt service Reserve for two Quarters…
@spiddy81 what do you conclude by the Wording “Group” The group is both the company and Gemcorp must maintain 2 Quarters of debt reserve before cash sweeps can occur…
(20min delay)