Term sheet is still a mile away from getting the actual finance and it will have so many get out clauses it is likely worthless. It is uncommitted and not binding so until something real is put on the table by the banks then RES still has nothing.
Was shocked that they have still to start their credit processes. These can take up to 3 months to get through and when you have 6 banks progress will always be driven by the slowest ones.
If you are worried about why the share price hasn't risen well have a look at Coalspur who announced that their banks had committed a $300m financing yesterday and the share price went backwards!
Still a long way to go and no substantial progress. Would have expected to have seen more than just this. Really come on.
announcement out, page-4
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