not looking good, page-15

re: has very little cash Debt funding will most likely be 75-80%. Unlike PNA - they are operating in a communist 3rd world - debt financing is what killed PNA. PNA only achived 65% debt funding, then they had to fund 100% themselves the working capital. That is why PNA plumeted from 47c to 30c.

URL will not suffer the same problem - thank goodness for the first world Australian location. URL have many many banks to negotiate with - unlike PNA who simply handed the mandate to ANZ.