At BFS end of month, I expect annual EBITDA of around 140 million. (See page 8 presentation) “Overall positive” - PFS show an EBITDA of 133,6 million
This should bring the share price up to 20 audcent. Issue price for new shares so likely 15-17 audcent (not 12 audcent). But let’s take 15 audcent for my calculation below.
Let's take a conservative approach for Capex demand, 35 million instead of 30 million (See page 8 presentation) - 5 to 10 Mio less than the 40 Mio in PFS
Since Greenstone already promised 20 million USD = 26.6 million AUD, this would lead to a 75% debt financing / 25% equity financing of the Capex.
So 35-26.6 = 8.4 million equity financing requirement.
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The small loan (8.5 million) of Balanced Property is also likely to be converted into equity.
8.4 + 8.5 = 16.9 total equity needed
So at an issue price for the new shares about 15c lead to 113 million new shares
586 (current) +113 = 699 million shares
Of this, Greenstone is limited to 30% , so about 210 million shares (30% of 699)
Currently, Greenstone has 105 million shares.
So additional 105 million shares are converted into equity for Greenstone.
Total shares than approx. 699 + 105 = 804 million
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If Metro succeeds in getting some other debt financing, the calculation will of course be even better.
Presentation says: "significant interest from debt financiers" (See header page 14 presentation)
(20min delay)