FAS 0.00% 0.4¢ fairstar resources limited

let me get this right...

  1. 2,314 Posts.
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    Hi am a newb to this stock so let me see if I understand this ann today correctly...

    1) FAS is giving 50% WI on steeple hill for $260M initially (to go towards funding the project) as long as it finds a partner to also chip in $65M (for I imagine SPP or WI% yet to be established).

    2) 'It is currently in advanced negotiations with four parties to secure the remaining 20% as well as an offtake agreement covering up to 80% of the initial 20 million tonnes plus 4 million tonnes of ultra-fines.' - not 100% on this one as Pauline would say please explain?

    3) So therefore a total of $325M towards the project plus $640M of assured lined of credit to fund the project further when\if needed.

    4) All existing FAS debt will be paid off by these funds

    http://www.proactiveinvestors.com.au/companies/news/44169/fairstar-resources-to-secure-260-million-in-funding-for-yilgarn-iron-ore-project-44169.html

    ...my word...
 
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Currently unlisted public company.

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