Red-frog, I agree it will be almost fully drawn, but there was no mention of conversion or a conversion price in the 5 July announcement:
"Shaw River Manganese Limited (Shaw River or the Company) (ASX:SRR) advises that it has entered into an unsecured loan facility agreement (the Facility) with Atlas Iron Limited (Atlas)(ASX:AGO). Atlas is a strong supporter of Shaw River’s manganese strategy. The Facility allows Shaw River to borrow up to AUD$4 million from Atlas to fund the Company’s operating costs. The Facility bears interest at 11% per annum and is repayable in 12 months."
But they will need more cash for even the most humble development, so it remains to be seen what happens.
SRR Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
