Have a look at the 30 June accounts. The cash reserves have been...

Have a look at the 30 June accounts. The cash reserves have been used to steadily pay down director and director related entity debts and nothing project related for the entire period. These are legitimate debt obligations and as no other third party liabilities have been incurred(such as getting a project off the ground), there are no issues with audit as the C notes are long term off the radar, but a giant burden on growth prospects.

Remaining director and director related entity debt should eat much of the rest of the cash, this may already have occured. When I saw what was happening I took the haircut and got out at the last slight pop in SP.

IMO forget about the drawdown facility, why would the directors be talking about a recapitalisation in the accounts when they could just use this? The resource may be worth more than book value, but this does not even come close to covering the long term debt. Last year they had enough cash to at least make a fist of it, now they don't.

Low market cap may make it seem attractive and not to say a pump could realise good trading profit, but on past performance of management the short term future is bleak.