Will be very interesting to get an update on funding, notwithstanding the article I posted they need it. The half yearly confirmed that additional funding is required because the banks reamed GXY at the last moment (I know how this feels!).Have no issue with this as long as Iggy is true to his comments that equity will only be issued at a premium.
Extract from the half yearly:
"On 10 September 2010 the Group executed a project loan facility agreement with the CDB and RZB (?Facility?) for a total of US$105million for the purpose of completing construction and ramp up of the Project to achieve positive cashflows. The Group expects to draw the Facility proceeds during September 2010. A requirement of the Facility is the establishment of a cash reserve account in the amount of US$50million for the purpose of servicing future interest and principal repayments. As a result of this condition the Group requires further funding forecast to be approximately A$55million to complete the ramp up of the Project. Plans are in place to obtain further funding to satisfy forecast funding requirements"
GXY Price at posting:
53.1¢ Sentiment: LT Buy Disclosure: Held