There WILL be an equity gap required over bank finance and it WILL be required to be raised and spent on the project pre-drawdown; as always.
Last I checked, GRY hadn't even infill drilled enough to substantiate a proven reserve more than 15% of the indicated reserve. Banks don't lend on indicated.
This is a "mandate to procure loan finance". Not a credit approved bank loan subject to term.
Eg, a mortgage broker agreeing to hawk your home loan to banks to get a deal....
Cheers
GRY Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held