Hi All. The balance of the project loan is 30m. As I understand...

Hi All.
The balance of the project loan is 30m.
As I understand it, Mac Bank? requires PGI to have more working capital and are forcing them to raise 5m as well as wanting there pound of flesh in interest.This is a good incentive to source funds elsewhere under more acceptable conditions. Those conditions being that they will have no principal repayments for 5 years and hope fully much better interest rates than at present.
The risk is that they do not improve recoveries. If that is the case then how did they convince sophisticated investors to participate? Also the expected outcome of sourcing more concentrate is very close.
There are more value adding scenarios being pursued at present.
If they raise funds of 40m at the same time as they increase residence time for oxidisation then they could increase income and have 10m surplus.
I assume the 10m is what they intend to buy back shares with.
So as I see it, the risk is still the outcome of increasing recoveries and all is hinging on that anyway.
That brings us back to where we already are.
As far as forward planning I admire the positive attitudes of management and still assume that recoveries are already on the improve or they are wasting their time.
All in my humble opinion.
Would love some more comments.
Kind regards, Warrick.
PS I am still buying.