Moomoo, I actually read the quarterly update as being relatively positive on the cash front. $39.5m in cash in hand and deposit on call. In addition the Chinese bank loan arrangements have yet to be finalised. Remember this should provide the following:
"The company received approaches by five major Chinese banks during the quarter regarding funding of the Company's proposed Lithium-Ion Battery Project
Certain Chinese Banks registered interest in providing the Company with indicative funding of up to US$100 million as a fixed asset loan facility and up to US$45 million in working capital"
Unless they start gold-plating the plant I cannot see Galaxy being anywhere near finance depletion before significant revenue kicks in.
Good luck all
GXY Price at posting:
21.5¢ Sentiment: LT Buy Disclosure: Not Held
