Hi Rick, Money was NEVER available to spend, which I believe, is...

Hi Rick,
Money was NEVER available to spend, which I believe, is contrary to specific language in announcements about the credit facility. That is why I made enquiry with solicitors.

Were some or all of the announcements in relation to the credit facility misleading ?

We were not told this proposed facility was a Heads of Agreement or Non Binding Memorandum of Understanding which either party may choose to cancel or the lawyers get involved & it becomes all to hard.

Shareholders were told ;
a) Commenting on the finalisation of the financing package and the acquisition of the Red Arrow project
b) With a new A$25 million credit facility in place
c) entered into an agreement with Black Mountain Resources Limited ( so we were spending or about to spend the money )
d) Alcyone executes a A$25 million financing agreement
e) and the clincher for me, 31/1/14 The 5B statement attached to the Quarterly Report at 3.2 clearly indicates Credit Standby Arrangements "available" of $25,000,000. The March release states it was not available.
f) a proposed corporate restructure & issue are never mentioned again, despite numerous company updates.
g) there is also the burning issue, why the 31/12/13 accounts were never produced, something had to be cooking in the background, not just late, still not produced at November 2014. What was known by Directors and when ?

All we had in reality, was a Letter of Offer to provide a Credit Facility subject to a number of terms and conditions. I don't have a problem with that, however, it is Not what was stated above. Nothing was finalised or able to be drawn. Misleading ? Draw your own conclusions.

Accordingly, the solicitors stated : "Having said that, there appears to be an issue that warrants further attention by the regulator and it is worth contacting ASIC as they may want to look into the conduct of the company officers"

Cheers!!
TPG