That's news should have been price sensitive this morning ! Stupid ASX
This is priced for VA and like a CR is coming
They are currently finalising an agreement to swap $13M of debt for $40M production royalties - this will make them debt free ! They have been a VA risk for many months
Not only are the directors working for free, risking insolvent trading etc, they just confirmed today that the directors have kicked in personal funds via loan to avoid a CR till the debt deal is done
They would know this debt deal is a done deal, otherwise why loan personal funds to protect against diluting their massive stock holdings !
Their LOM costs are $82/t, coal at $160/t and NPV of AU$500M+ - currently capped at just $12M due to market seeing them as a threat of VA
Today's news is a massive green light. They confirmed recently 3 financiers and bidders are lurking, pending this debt deal being completed
