Hi all,
I received a reply from RES yesterday and have permission to post it.
Dear Mr xxxxxxxxxx
Thank you for your email dated 31st January 2017
Very significant progress has been made towards achieving full debt funding for the project. All of the independent technical reports have been completed (mining, environmental and legal), a viable logistics solution has been agreed with the rail utility and commercial terms have been agreed with the lenders. We are now in the process of concluding the material contacts that are necessary prior to financial close. Four of the seven contracts were substantially completed by end of January and I expect that good progress will be made with the remaining three during February. It is difficult to be precise but I am expecting financial close by the end of quarter 1 or in early quarter 2
We have negotiated an extension of our working capital facility and therefore an imminent capital raising is not on the agenda
Best wishes
Rob Lowe
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