It clearly is a back up or literally the project gets stalled...

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beisha

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21/03/19

13:46

Post #: 37839245
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Originally posted by Mutley8: ↑

Lol a lot of spin going on here, let’s get it straight and this is directly from the announcement if one cares to read it in full. Let’s not get confused again. Magna is temporary for the next 90 days and FT funding is definitely an option under assessment.....if no FT or others in 90 days things change and Magna is permanent. That’s it.

Magna is alternative funding made necessary because FT didn’t provide funds within the timeframe requested, note timeframe. So Magna are temporary until the 90 day standstill period expires, then they are permanent.

”The Company had intended, based on the executed loan facility agreement it had entered into with FT General Trading LLC (“FT General” - a Dubai based entity), to pay this first cash portion through the drawdown of the first US$5m of funding from FT General”

So FT is the preferred fund provider as per established agreement but didn’t provide funds on time when the drawdown was requested. The company has continued to work with FT as stated in the 7 March announcement. So the funding option is very much on the table and the company will advise in due course.

”The Company is in the process of assessing its position in relation to the FT General loan facility agreement and will provide further information to the market as it becomes available.”

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It clearly is a back up or literally the project gets stalled altogether,that would ensure an sp of 0.001 or screwed before you even get a drill bit going...................so, do the punters want that?

VEC Price at posting: 1.1¢ Sentiment: Hold Disclosure: Held
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It clearly is a back up or literally the project gets stalled...

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