Forty - yes TRF will need a more cash before any funds come...

Forty - yes TRF will need a more cash before any funds come through from IFE or OGX,otherwise they will run out of cash for general admin (salaries!)

Interesting though, when you think about it.

Firstly the $250k from IFE for manganese was helpful. So was the $100K from Soph Investors. These seems to be buying a little time (few months)

I'm assuming that time should allow IFE to announce its financing deal. This certainly puts pressure on that announcement to happen sooner rather than later - but news has been somewhat scarce - apart from the hire of a PM.

If IFE price then appreciates (post financing)(and OGX has made progress), then I would assume that TRF still have the ability to to raise funds through a number of options.

Firstly they still can offload some stock from the last CR at 12c. If TRF price > 20c could even get some options into the money (feels like dreaming right now though!)

Secondly they could sell down some IFE or OGX stock to get cash. For a small parcel to keep ticking over this would be good.

They also have other assets that could be leveraged - basically the money that had come back from ROL, which then divested into other inrerests, e.g. twin peaks some type of JV that pays TRF some cash. The possibility of selling some tenements etc.


So there are options there - and a CR might not be needed. CRs tie up the stock, and generally tag the SP to the CR price or below, it would also indicate the other proposals I mentioned above wouldnt be coming off, which probably wouldnt be a good sign.


How knows - but if IFE doesnt come through - and fast - its going to be problematic.