$900k interest free loan facility(?) So what’s the catch? There’s always a sting in the tail! Amount drawn $900k
They state they have a 15% PA additional draw down available which is $135k PA and they are talking to potential future funders.
Cash $122K
+15% loan draw down 135K
= $257K
Expected spend... -$143K
Balance +$114K
$40k on exploration over 3 months, that’s not very much!
The $700K CR is not complete and they may not have any money from it and even if they have any money from it, until the shares are issued they cannot spend the money.
The 3b clearly states “anticipated issue date 04-Dec-2018” the closing date!
From my experience and in my opinion this is clever, where by not reading it properly people could easily think the CR is fully subscribed. Note - it is not underwritten.
