Hi Potchip, I thought it was one of the conditions precedent they failed to satisfy, the need for a satisfactory letter of credit. Anyway, good luck in meeting the requirements, hope you get it sorted soon. I guess Letters of Credit don’t come cheaply even if someone willing to take the risk and as you say, now an overall pessimistic economic outlook to contend with.
Luckily EGR has heaps of cash in the bank for Phase 1 Kwinana and conditional govt funding for phase 2. But as you are likely now aware, conditional means conditional, so I better not count that as being in the bag.
All the best and hopefully you get a positive resolution to your funding issue soon, your project seemed to be progressing well in difficult times.
EGR Price at posting:
22.5¢ Sentiment: None Disclosure: Held
(20min delay)