Kermit, I believe there are about 16m 75c options to be exercised by the end of March - if all taken up that provides $12m. Add that to the $6m placement to New Page and my back-of the-envelope calculation says there is a need for about $20m more to cover all production costs through to receipt of the first cheque (30 days after shipment).
Surely $20m debt finance should not be hard to come by - it can be repaid within a year ! But then maybe it has been arranged but the timing of the announcement is being left until early March so that it ensures the exercise of the oppies ? I really would like to know; if the funding is proving difficult it begs the question - What is wrong/doubtful about the company's projections ?
TYX Price at posting:
89.0¢ Sentiment: ST Buy Disclosure: Held
