Bin BinIn the November AGM presentation by Brad Lingo, he stated...

Bin Bin

In the November AGM presentation by Brad Lingo, he stated that:

· Elk is doing a debt refinancing – notan equity raise (-Brad’s highlighting)

· Multipleoptions/proposals were on the table

· Refundingwould focus on refinancing current senior debt (-my highlight)

· Refundingwould free up more cash flow to fund Aneth development

Surely ASIC could ask Elk's Board to produce the multiple proposals and options of debt refunding that were on the table at the time of the AGM meeting in November and determine if Elk's Board had misled its shareholders and the market at that time.

The annual AGM presentation by Brad Lingo was a very promising with indications that Elk sat very well with its peers and that re-financing would be completed in December. Decisions were made on the basis of that AGM presentation and the impending more favourable re-financing. They were not made on an impending capital raising and further dilution.

ASIC is in a position to determine if Elk's Board misled the market with the advice it supplied at the AGM. They could seek explanations for the change from debt to capital refinancing and the three months delay in refunding. ASIC could also seek explanations for the delay by the Board in notifying ASX about the fire at Lost Cabin and the reason for the recent dumping of shares and by whom.

Wonder what's coming to-morrow?