re: Ann: Further Delays to Financing Las Lagu... Hi Guys,A few...

re: Ann: Further Delays to Financing Las Lagu... Hi Guys,

A few of clarifications:

(1) Grimston - my understanding is that the Company Constitution (EVGLL) is tight and that the minority shareholder will be required to comply... just an unnecessary hassle from BJ's perspective that may add some time to the process... sooner they are out the better.

(2) Gizard - don't worry mate, all okay and willing to take the risk... with risk comes the reward... sometimes :)

(3) The 40m shares is what I am involved with. This will now go ahead as a result of the latest shareholder vote as it is not >15% of share cap, thus able to be issued without shareholder approval in any given 12 month period. Keep an eye out for the sub shareholder notice in due course :)

(4) In terms of getting other financiers, this is/ was always an option. However, I'm sure you know how it goes, BJ was repeatedly assured that it was all coming together, only minor delays, next week it will be sorted, etc, etc. EVG is so far down the rabbit hole with Mac Bank it is now the case of grin-and-bear-it and get the deal completed. Going back to the start of the process with another financier (likely with the same process issues) would create further time slippage. However, I can say that it is a case of once-bitten-twice-shy in terms of who you choose for your financier. I seriously doubt this problem will be repeated in Ecuador (partly because most of the construction costs will be funded out of LL cash flow) but also because the stuff ups at Mac Bank are completely unacceptable and IMO incompetent.

cheers
John