Allyoops, we don't have $30m.
$16.34m minimum debt for this transaction.
Maximum of $17.5m to be raised via placement/capital raising. Cash to be spent on repaying ERM $3.75m, working capital and exploration costs to keep the existing permits in good standing.
Given previous cash burn rate I expect admin/production costs to use up at least $3m before we finish paying Alcoa, allowing for the costs of the raising we will only have about $10m for exploration, that won't drill much given the costs of wells in and around the production facility.
No serious drilling will happen in the short to medium term unless we get a farmin partner on good terms to EGO.
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