Bounty have no material debt, yes they have some obligations but nothing huge, and based on current information they should be a cash flow positive operation from Sept onwards... So you'd think they could secure debt, if that's what they needed to stay afloat...
From the prospectus there was $1M allocated to the completion of a pre-feas on Cook North, with potential for both UG or open cut operations... I wonder whether they are considering the current exchange rate and coal prices and have decided to bring this operation on early - early as in the original plan was to use cash flow from cook... UG would be expensive, however open cut could be done in a similar manner to what Carabella are doing, with mining contractor accepting PIK (payment in kind) interest...
Will be interesting, I don't see any reason why they have used the terminology "material capital raising", and I don't see any other of there resources being advanced enough to develop yet. Cook North though is ~5km from a CPP which is currently under utilised?
Ann: Trading Halt, page-8
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