Corunna Downs - Timeline and Issues, page-2

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ozzieKochie

128 Posts.

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22/05/18

18:11

Post #: 33257089
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Originally posted by defabs ↑

Hi All,

I have just gone through the timeline to the supposed Corunna Downs mine which was meant to come online by the March quarter this year.

There are a whole heap of issues that are being brought to the surface daily thanks to the current royal commission.

Yes there are aspects of the Corporations Act that regulate the conduct of directors; in particular sections s180-183
but I really do think there is going to be significant change for us all as a result of the findings of the royal commission.

One thing I didn't mention in the issues further below is that the March 17 presentation advises that "Financing was approved in Feb 2017". The financing wasn't approved. It was an amendment to the Term B loan that gave lenders $8M establishment fee/remuneration/commission (whatever you want to call it) that allowed Atlas the opportunity to accrue up to $45M to put into a reserve account. If it could not generate these funds from operating cashflow, then there would be no Corunna Downs mine...

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Defabs- great work. From my simplistic view what are you saying?
Because our company had a term B loan, we paid $8M to get a facility that allows it to accrue funds to $45M- a savings account- approved by the people who gave us the Term B loan in the first place?
Would this cost have been because we were not paying off the debt by this $45M?

AGO Price at posting: 3.1¢ Sentiment: Hold Disclosure: Held
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