Ann: Quarterly Activities Report, page-60

assuming it hasn't defaulted before then, and thats not exactly a given. The loan covenants are unbelievably tight and this company could be a goner in < 3 weeks, if the mine does not produce free cash flow this month. Hard to see how it can do that given its track record operationally and vs forecasts.

I dont care who has just increased their substantial or appears to be soaking up stock as the bulls claim. Certainly would not be the first insto to pile into a stock immediately before a catastrophe. The risks are very high.  If it does not default then a $15-20m raising is is a strong possiblity to pay off the lareday drawn debt and fund a working cap buffer. Seems to be a heads you lose, tail you also lose situation...