Based on the 10 June and 2 July Ansteel funding announcements (and all nuancing of the fine print of those announcements aside), I personally (and others may have also) believed GBG had reached an agreement with Ansteel to provide BRIDGING LOANS to KML for a period of 12 MONTHS in exchange for a controlling 2.16% interest in the mine (KML).
Ok we can argue the difference between the meaning of “ALL REQUIRED BRIDGING FINANCE TO KML TO FUND ANY CASH SHORTFALLS OVER THE NEXT 12 MONTHS” and “TO FUND FORECAST CASH REQUIREMENTS OVER THE NEXT TWELVE MONTHS” until the cows come home.
The undeniable truth however is that only 2 MONTHS after the 2 July announcement the KML appears to have run out of funding. What happened to the 12 MONTH FUNDING agreement? Has the agreement with Ansteel collapsed? Why hasn’t the company explained exactly what has happened in regard to the previously announced 12 MONTH FUNDING AGREEMENT which was the FINAL catalyst for GBG losing control of the mine.
I have always rated your posts very highly hws, but you are beginning to sound like an apologist for the company.
If you or anyone else has an explanation I would love to hear it.
SilentO
GBG Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
