Senior Loan Facility with Macquarie instead of capital raising. Another piece of the puzzle put into place. Despite well known management issues I reckon that the decision to enact massive reduction in cash outflows (board numbers slashed, essential drilling only and other over heads slashed )over the last 9 months has enabled GRY to maintain a healthy cash balance of approx $40m and hence just avoid the need for the financier to demand a dilutive capital raising as part of the finance package.
Credit where credit is due.
Undoubtedly a lot more gold to be found within GRYs extensive deposits, tenements and high priority targets.
The market and share price often does the unexpected however the awarding of an Exploitation Licence and now debt financing through Macquarie in the space of a couple of days should be seen as quite a catalyst and de risking evevents IMO.
Gold price willing....it should be onwards and upwards from here for Gryphon.
GRY Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
