Good summary. Some other poss details.
CR fees at 5% say = 250k on 4 mill
T debt at 13.5% pa, so Dec qtr is at least $564k (13.5% on (19.5-2.8=16.7) / 4)
$871k available for Dec qtr aftetr interest paymetn (say current cash = 1,5mill)
Less 320k admin forecast (average is 545k forer each of last 4 qs)
so 551k for 1,110k expln and devt forecast spend
Debt: 38.2mill needed for gg plus 16.7 t refinance = $55 mill
Banks will want 30% or 40% equity contribution (proof of skin in game)
curent vwap 9 cents
25% disc gives CR at 6.75 cents
30% equit 70% debt on 55M funding = 16.5 / 38.5 split
$16.5 mill equity at say 7 cents = 236 mill shares so about 660 mill on issue then
MC at 9 c = $38.3m
Take cash ($1.5) and add debt ($16.7) for EV now = $53.5 mill
After refinancve EV should be broadly same, but debt would be $38.5, so theoretical MC is then 15 mill plus cash balance (say still about 1.5 m) for total MC of $16.5 mill with 660 mill shares on issue.
Successful refinacne would prob increase EV but to stay at 9 cents SP with 660 m shares and $38,5 debt would need EV of almost $100 mill - double the curretn EV but with no change to any technical and production parameters
Difficult times for all juniors, especially with pressure still on GP.
Forrest looks really interesting but exploration success takes time. V good technical team with solid track record to date. Hope they have the rewards such efforts deserve.
GLTAH
DYOR
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Good summary. Some other poss details. CR fees at 5% say = 250k...
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