Why should anyone believe that.
SJ sold the Sprott deal to the market as
"highly competitive and flexible"
"Simon Jackson, CEO and Managing Director of Beadell, said: "We are very delighted to have secured a highly competitive and flexible debt facility led by Sprott, one of the world’s leading providers of finance to the natural resource sector. The facility ensures ample liquidity through the final stages of the operational turnaround at Tucano, which commenced in 2016 including the completion of our plant upgrade which remains on time and on budget for completion mid-year. Partnering with Sprott on this facility gives us ability to source liquidity if, and when needed, and represents a significant milestone to ensure the financial health of our company."
and now Simon is saying
"We are delighted to have received the support of a number of international institutional investors, including our major shareholders. We believe that this financing package is
the most competitive available in the current market place and provides the Company
with maximum flexibility moving forward."
At least try coming out with some original language for your spin Simon
.
The number of warrants in the Sprott deal was never officially disclosed but chances are it wouldn't have been anywhere near as dilutive as this raising (if it is fully completed). What's more the Sprott deal would have probably given the company more coverage to deal with its liabilities so I can't see how this deal is any better for existing shareholders. I have a new theory about why the Sprott deal was actually put up, but I'll be keeping it to myself.
Given the share price action today it is going to be interesting to see how the A$7 million SPP goes and whether the company can close down the second Tranche of the funding package. The first hurdle is the 15 May, when the first tranche is due to settle. Wording around this deal is that they have "commitments", whatever that means legally.
My 10 year old son has taken to watching zombie apocalypse films. They don't generally end with a cure being found. BDR is stating to look like a zombie company to me. In my opinion the fastest way to join the walking dead is through the SPP, but please DYOR. Esh
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