"As at 30 September Byron had fully drawn a loan facility from two directors for $A750,000. In addition, on 22 July 2016 Byron announced that definitive agreements were signed with Metgasco Limited ("Metgasco") (ASX: MEL) to raise up to $A8 million through an issue of a Convertible Note to Metgasco, providing Byron with funding for SM 71 project development and general corporate purposes. As at the date of this report Byron has not drawn down any amounts under the Metgasco facility."
So basically we haven't earned any interest as the loan has not been drawn down. From memory any undrawn funds after 6 months would be removed from the facility - and therefore not be interest bearing. Tick tock?
To say that there is an info vacuum is an understatement.
MEL Price at posting:
6.5¢ Sentiment: None Disclosure: Held
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