Burn rate 6M per quarter = 2M/month4.8M (cash)as at 31.03.093.0M...

Burn rate 6M per quarter = 2M/month
4.8M (cash)as at 31.03.09
3.0M (cash)required to satisfy RCF tranche1 loan covenant/condition

It all depends on when their debtors demand payment or invoice them or whatever is the definition of 'bringing cash to book'....... accountants please help.. regardless... whe're close... real close..

BMN, could, however just take up the second tranche of RCF's $10M but I'd have expected that by now as it would be a reversal of the plan voted on/agreed to by S/H on April 16. Let alone the effective recanting of the "too cheap" anny prior. This then would have to be a worst case scenario from this point. Regardless, the BFS will get there, and lbs in the ground will eventually make for riches.

IF the sp has been 'massaged' or mercilessly held back to the recent trading range, I'm slowly coming around to this, then it must be with the approval of current major sh's for they would want the pricing to be high as poss. By this logic for RCF to have accepted the 'too cheap' argument and agree to let themselves be trumped they must like the identity of the $30M entity, to whom, in my bullish dreams, I see them as one to which they will sell to post BFS, provided a more competitive bid does not present.

In short, post raising the register will still be open but with a 20%+ stake for the $30M entity RCF's ?? 12%+ stake.