financing-refinancing et.al

Interesting developments today.

We won't have to wait long for the details of this.

From my understanding of this it will consist of three components.

1/ a renegotiating of the debt financing arrangement with Sojitz Corp and Japan Oil, Gas and Metals National Corp

2/ a placement to institutions and sophisticated investors and

3/ an SPP to existing shareholders.

I would expect that this will be a at significant discount to the market and it will be a discount in the order of 16.5 to 18.5% to the 5 day weighted average.

It would be my expectation that they will look to raise at least $40mil in total from 2 and 3 above.

Lets see how close to the pin I am

For me, I will take up my maximum allocation under the Sophisticated Investor option and then top up with the SPP