$13M cap with $2M cash and $5M annual gold production revenue and some debt DYOR
Brazil is best place to be a mineral producer with super low labour rates combined with super high dollar, very low AISC around $700 i think from memory DYOR
from quarterly report
Cleveland secured an option from the Company’s Joint Venture partner Edifica Participações to increase Cleveland’s ownership of the Premier and O Capitão gold projects to 100% In line with securing the option, Cleveland has been able to negotiate a restructure of the current secured loan with Platinum Partners LP and a forbearance on accrued, though unpaid interest payments The combination of restructuring the Platinum note and the granting of the option agreement provides access to 100% of the projects cash flow and enables the Company to seek alternative financing options to develop the project to its fullest potential. Mr Alex Sundich and Mr Glenn Simpson, both of whom have significant commercial experience and have been long-term major supporting shareholders in Cleveland Mining, join the Board of Cleveland Mining as Non-executive Directors. Subsequent to the completion of the quarter, Alex Sundich took the role of NonExecutive Chairman of Cleveland Mining. Two tranche Placement of $1.6 million to assist in completing the Premier Gold Mine expansion and to strengthen the balance sheet. Additional to the Placement, a Share Purchase Plan (SPP) of up to $500,000 was launched (to provide existing shareholders the opportunity to participate in the capital raise on the same terms of the Placement), of which $400,000 will be underwritten (subject to shareholder approval). The Underwriting of $400,000 of the SPP together with the Placement to result in a total capital raising of a minimum $2 million.
