Creafin & Associates have reassured the Directors that their other negotiations to source the full amount of the USD400 million for the Steeple Hill Iron Project are progressing. They have reported that they have more than one interested party with whom they are in consultation to provide the required funds. Creafin have communicated to the company that the lenders that they are in communication with have given assurances that their due diligence has been completed and as they work through the mechanics of making loan funds available to FairStar they have indicated that they are hopeful of a positive outcome in the very near future.
The Company is currently also in negotiations with a number of parties regarding its short term and long term financing requirements. In the meantime, FairStar will continue to negotiate with its lenders and utilise the Gurney Capital Nominees standby subscription agreement as required.
Please be patience,
The pliants as mention in the report are known and have been reported to us,we await the managements update on this. We do not know about the two new ones.
My thought are unsecured creditors are applying now as they have wind of the Iworld deal and want their money now rather than later.
I would be surprised if we are not trading next week.
FAS Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
