It has been obvious for some time and the result has been even lower CR/Loan in the past.
Therefore, Charles must and will certainly have to make a statement soon:
How much cash is actually still available, as there are probably not many $$$ left and thus a bankruptcy could be imminent?
What has become of the IDC loan, which was supposed to be signed in March and the first tranche was scheduled for May, but then Bo Tan and Jennifer Ping jumped into the breach again? The money should have been used up.
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The Company provides the following additional information in respect of the Announcement:
1. The security for the Loan is wholly over the assets of Project HoldCo, supported by a corporate guarantee from Globe’s wholly owned UK subsidiary, Globe Metals & Mining UK Limited.
2. The Company anticipates that the binding loan agreement will be signed by the parties in or about March 2025. The Loan is also subject to the ASX Listing Rules (including LR 6.1 requirements).
3. The proposed timetable for drawdowns of the Loan is as follows:
(a) Tranche 1 – May 2025 (USD 2.810 million);
(b) Tranche 2 – July 2025 (USD 2.481 million);
(c) Tranche 3 – August 2025 (USD 4.040 million); and
(d) Tranche 4 – September 2025 (USD 749,000).
This announcement has been authorised for release by the Company’s Chief Executive Officer, Paul Smith.
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