From Bushveld's 21 August 2014 Audited Annual Results:-...

From Bushveld's 21 August 2014 Audited Annual Results:-

http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=12059161

"Bushveld's own cash position at 28 February 2014 was £685,504. On a consolidated basis, the Group had cash resources of £9,177,158 at 28 February 2014."

Conveniently, when you subtract Bushveld's cash from that of the consolidated group and convert to AUD, it equates to $15M which happens to be LMR's cash balance

c) Lemur Resources cash position
Lemur Resources Limited has a cash balance of US$15.4 million and presents another favourable value option for Bushveld, and the Directors remains mindful of the regulatory requirements of ASX and ASIC and its fiduciary responsibility to all Lemur shareholders, that would govern any deployment of these funds.

Now Bushveld have arranged finance of sorts, however they seem to caution it:-

"The cash flow forecasts to 31 August 2015 incorporate the expected a cash injection of circa £2.8m As described in note 21 from the Darwin transaction which is due to receive over the period to March 2015, The quantum of these funding payments is determined by the future share price of the Company, which can be difficult to predict. "

Strange that they would prefer to raise £2.8m ($5M AUD through scrip based funding) when their 57% of LMR's cash balance equates to around $8.5M

With only 86M shares left in the market, Bushveld would be far smarter to try again for a T/O at cash or whatever premium necessary to obtain the cash then go down their current funding route

For now they may have bought themselves some time and stemmed the rally by avoiding the 3% creep rule, but they are still in need of cash. Will be keeping a close eye on their current funding arrangements