IMO this announcement confirms that ELK are close to announcing...

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