MONTHLY REPORT
FOR THE MONTH ENDED 30 JUNE 2010
Corporate
Whilst no cash flow movement occurred during the month of June 2010, the Company made its first significant steps to move the Company toward its desired direction. Subsequent to the end of the month being reported, the Company announced on the 12 July 2010, that it had mandated CPS Securities to be lead manager and broker to recapitalise the Company via both debt and equity transactions.
Finance
Whilst the ASIC Determination dated 17 August 2009 remains in place until 20 August 2010, CityView is meeting its ongoing working capital commitments with the following loan facility arrangements:
On 12 July 2010, CityView entered into a loan agreement for $600,000 secured by a fixed and floating charge with Celtic Capital Pty Ltd, an associated company with CPS Securities. A pre-requisite for the grant of the loan was the disposal of the Companys non-core assets. Accordingly the Company transferred on 29 June 2010 its shares in European Oil Limited and Fortitude Minerals Limited in consideration of a reduction in the price of the proposed coal palletisation plant.
On 31 March 2010, CityView secured a loan facility of GBP100,000 (A$161,600) with Advanced Industrial Technology Corporation Pty Ltd. The loan has been fully drawn down during the quarter.
A loan facility of $1.2 million was negotiated with Zurich Handelsfinanz Asia Limited of which $35,000 has been drawn down to date. Further draw downs from this facility are to be secured by way of a charge over the cash flows of Velvogen Pty Ltd ("Velvogen").
MONTHLY REPORT FOR THE MONTH ENDED 30 JUNE 2010 Corporate Whilst...
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