Again Fisho, the other way to look at it is that the project is promising but the lenders are asking for too much and Ian has a bit more time up his sleeve before signing up for finance - not much time but if we want to start mining this qtr!!
Look at PGI, I think a few IFE holders hold or at least watch it. They just announced that they are paying a contractor with equity at small market premium. Allows them to to retain the $1m of cash as a buffer as they are readying for first pour in April.
I wonder if we have finalised our contractors, might be the next ann., maybe need finance signed first?
outstanding announcement, page-73
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