Max, No they did not have the money. Since the date of that...

Max,

No they did not have the money. Since the date of that announcement there have been approx 40 mill shares issued with a total of around $100 mill. ( that does not include OW or Sino shares being proposed)

At the end of Dec 2014 they had $7 mill cash left and $6 mill of the loan still available.
So say $13 mill available take off the $100 mill raised since the announcement and you are left with a negative $87 mill cash with the Electricals at $24 mill and two quarters to commissioing at $9 mill quarter which means that statement was wrong by at least $129 million.

So no, they did not have the cash.