I assume it to be US$ but I am not sure why everyone is surprised at the amount.
It was all highlighted in the Recapitalisation Package . . .
(1) Placement A$90 million
(2) Entered into an agreement with MEIM, the Company's current mining services contractor, to provide for (subject to necessary shareholder approvals being obtained) the conversion of approximately US$23.4 million (A$34,912,400) of outstanding debt owed by, and future liabilities of, Société des Mines de Morila SA (Morila SA) to MEIM under a mining services agreement (the Mining Services Agreement) into New Shares at the offer price of A$0.06 per New Share;
~ the Company, MEIM & Morila SA agree to settle outstanding amounts owed to MEIM by Morila SA under the Mining Service Agreement.
* conversion of US$23,413,239 into New Shares @ A$0.06
* exchange rate at the time was A$1 - US$0.67
(3) Entered into agreements with several creditors of Morila SA for outstanding amounts owed by Morila SA totalling approximately US$4.9 million (A$7,310,800) to equity at $0.06
(4) SPP A$10 million
How much debt was the raised capital going to extinguish?
~ US$23.4 million (A$34,912,400) + US$4.9 million (A$7,310,800) + payment to aged creditors A$15 million = A$57,223,200
++ what is the usual time period for a debt to be classified as aged?
-- is it something that has gone passed the payment window ie: 30 days / 60 days / 90 days / aged?
It all adds up, to why the Malian mine workers are now aware of the debt that they were previously not privy to?
One minute they are working along merrily to next being told that the "Firefinch" abandoned them and left this debt.
cheers
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