BKS burdekin pacific limited

Burdekin Pacific Limited Burdekin Pacific Limited ASX...

  1. 85 Posts.
    Burdekin Pacific Limited Burdekin Pacific Limited ASX Announcement 1 March 2005
    Burdekin Pacific Limited A.C.N. 059 329 519
    Level 13, BGC Centre 28 The Esplanade Perth WA 6000
    Phone: +61 8 9322 6045 Fax: +61 8 9481 5557 Email: [email protected]

    Debt Repayment

    The Company announces that due to the late receipt of bank account details from Zedex Minerals Limited (the assignee of Ocean Resources Capital Holdings plc) and other information, it has advised Zedex that there will be a short delay in settlement of the $3.5 million debt maturing on 28 February 2005.

    The necessary information to enable documentation to be executed with Macquarie Bank is expected to be received within 24 hours. The Company anticipates that full settlement of the debt and accrued interest will occur shortly thereafter, at which time a further announcement will be made by the Company.

    Yours faithfully

    Burdekin Pacific Limited
    Jerome G Vitale
    Managing Director


    The debt is to be refinanced to the Macquarie Bank and it will be reduced to $3 million down from $3.5 million.
    The company is about to release 64 million more shares and probably more than that shortly thereafter, given that they have a supplimentary prospectus out at 1.35c a share.
    If fully subscribed, then probably a further 64 million shares to be released.

    Possible result - probable short term dilutionary effect but the company will be cashed up to go forward and possibly expand the drilling program to find more gold at Mt Kasi.

    Why else would Macquarie jump on board?

    Constructive comments & discussion please.
    I hold bks
    Always seek professional investment advice before investing & please read below.
 
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Currently unlisted public company.

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