According to this, at the end of June AZX had A$3.775m. That...

According to this, at the end of June AZX had A$3.775m. That will have depleted now becuase of the on-going drill programme.

http://asx.com.au/asxpdf/20110729/pdf/4203hfvyn1cdl0.pdf

Also, I wouldn't think ASX will allow AZX2 to float without any cash at all. So, AZX probably needs to seed it with some cash, and then maybe AZX2 does a placing or open offer or similar upon listing as a separate entity.

I think the A$6.5m is the combined budget for OpCo so each GGG and AZX have to fund it to the tune of A$3.25m now, and commit to keep it in funds to the tune of 2 months budget until the deal completes.

I don't think OpCo will be duty bound to refund the cash.

What this boils down to, I believe, is the need for AZX to raise cash for immediate funding of OpCo, for AZX2 and if they want to keep their share of BB, to match the cash that GGG can put into BBG.