We've been told the raising fund will be principlly used to meet commitment icure by company during the march 2009 quarter. The commitment should be hedging position, I can't find other meaning.Lets calculate 75000oz forward sell at A$1140/oz, they have produced 27000oz,so they only need cover the rest 48000oz position, currently gold spot price is around US$950=A$1266, 1266-1140=126 126*48000=6048000, that means only need 6mil they can cover hedging position, what about other 20mil?
AXM Price at posting:
16.6¢ Sentiment: None Disclosure: Held
