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
ELK Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held
