Ann: Final payment completed for Madden/Lost Cabin acquisition, page-2

IMO this announcement confirms that ELK are close to announcing the purchase of either more of the Madden field or the purchase of another project.

All of the final US$ 5.5 million outstanding to complete the Freeport acquisition was drawn from from the new CrossFirst bank facility.

One the 22 June 2017 ELK   raised US$1.76 million on 28 June 2017 they raised Us$2.6 million from the available  new US$ 6 million Convertible Notes that were approved at the May EGM.

As mentioned before, the purpose of the funds raised is for
What does ELK need US$ 4.4 million  for  in a hurry if they don't need it for the final $5.5 million for the Freeport purchase.?

Would they need that amount for  " general working capital and other cash" ?, especially since now the free cash from Madden should be funding their general admin costs.... I don't think so.

Cheers

Dan