1) $10m CR at 6c (love the premium)
2) They will forward pay USD$10m to PSC once the ball mill is installed
3) PSC are going to start building the mine straight away
4) The 7 year offtakes are still in place.
So the main change is that it sounds like they aren't totally financing the build. And considering the past months' wait has been due to them wanting to negotiate either a full takeover of Arcadia or 51% of PSC it makes me feel like they have decided they don't want to just fund the development but they would prefer to accumulate/acquire a part of the company/project. So i can see the potential for another raise to them later down the development path. Given this one was at a premium im sure PSC management know how to negotiate in PSC's favour.
So at the moment PSC have $10m+ cash, plus this $10m CR at 6c, plus the USD$10m forward payment once the plant build starts. So AUD$33m+. Capex is only $52m
So it looks like we are game on for development and production ASAP.
As for Siomines % holding, when the CR 3B comes out in the next week or so we will be able to see how many shares they currently hold.
