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GoldPirate

10,760 Posts.

1448

01/05/20

11:03

Post #: 44376237
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Originally posted by soarer: ↑

Of course they are going to raise ....Dubai money next and maybe that’s the reason they still in suspension
from Q :

Bassari group is presently taking steps to raise additional funds for its ongoing operations, in addition to formally requesting an increase of loan funds and rescheduling repayment dates for the current debt facility. Discussions are ongoing.
The group has negotiated, but not yet received, further debt funding of FCFA 1 billion (A$2.5 million) from its existing project debt financier.
The group has also mandated a financier to raise up to A$5 million and has a letter of commitment from an investor to invest US$2 million, once the investor is able to return to his home country, UAE. COVID-19 is delaying the investors return from Senegal where due diligence was completed.
Any additional funding will depend on a number of variables, including but not limited to, the success or otherwise of the matters referred to above. Directors will keep all options open in terms of the nature of the capital raisings or further debt facilities.

On the basis that A$2.5 million will soon be available from the project lender and the investor commitment for US$2 million (A$3.125 million) is completed in the coming weeks, it is believed that the group will have sufficient funding for ongoing development works and working capital. Also, finalising the deferral of loan repayments on the current debt facility will assist the group in meeting its business objectives.

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The Accountant (I heard they all are?) responsible for the handling/allocating of funds for this Project along with 'ongoing operational costs' (keeping administrative bums on seats) should be accountable for this mess their in! So effectively, they haven't the capitol to continue operations @ present? Is this the nature of the Suspension? They need funding or it's over? Be honest as I've had it with apologists & Rampers on every stock I'm posting...

BSR Price at posting: 1.3¢ Sentiment: None Disclosure: Not Held
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