That's why he secure a $10M Equity Placement Facility with YA Global and he described the purpose as "source of funding available at short notice as a contingency measure". The current market cap of AXO is only $50M.
The fact that this "contingency" facility was arranged as early as September 4th may mean 2 things (or both).
Either Charles is risk aversed and an astute forward-looking planner or that he was not confident of having the cash in time to pay for various OPex, interest, Port Headland...etc.
There is nothing wrong with a company facing dilemmas from time to time.
Even a company as huge as RIO can get caught between a rock and a hard place. That's why they almost came close to selling half of Hammersley to Chinalco.
AXO Price at posting:
26.5¢ Sentiment: None Disclosure: Held
