sprott refinancing, page-14

In my opinion the likeliest scenario given how the silver price has performed over the last couple of weeks and also CCU signing a pre-agreement with Sprotts:

- Shareholders take up 40% of shares on offer via SPP (Gives CCU about $2m)

- Existing sophisticated shareholders participate in the 'top-up' to take up beyond the original limit of $15,000 (Gives CCU about $1m-$2m)

- Paterson manages to stump up the remaining $4m+ via new sophisticated shareholders