"Jantimot your facts are correct except the $22 million that was raised but isnt on the books because the shares havent been issued yet.
"In addition to the above an agreement has been reached with Sinosteel Equipment and Engineering Co Ltd for a further placement of 6,376,811 shares @ $3.45 per shares as a further payment of $22 Million under the procurement agreement for the Rocklands Group Copper Project’s processing plant, equipment, construction and erection. Foreign investment Review Board approval for the issue has been received and the share placement will be finalised on completion of the work." "
Until the shares are issued and on the register, the funds are not raised. Perhaps you recall a previous agreeement with Oceanwide for a funds raising which did not eventuate?
The company has already had a binding agreement with Sinosteel which was unbound, such as the Turnkey contract announced on 11th June 2013 where the company stated that "The "TURNKEY" contract includes the complete installation of the entire Mineral Processing Plant and ancillaries."
Because by the 10th September 2013, CuDeco "has retained full control over various areas of construction, including installation and supply of electrical cable and cable trays, concrete aprons and foundation construction, and various piping supply components of the project."
So the binding agreement with Sinosteel for complete installation of everything didn't hold. The agreement with Oceanwide to to raise $57m failed, as announced on 31st October 2011.
There are dangers in counting chickens before they hatch.
CDU Price at posting:
$1.97 Sentiment: Sell Disclosure: Not Held
