funding facility, page-9

Phew!
Say what you like about MB, but he certainly has a talent for raising funds!! Whatever your thoughts fair play to him, A$1 million is not to be sniffed at in the current climate.

However, it is not sufficient for long term security which as I read things must now come from,
a) Molyhil offtake or sale,
b) Springhill production or sale.

My preference clearly would be Molyhil off take, which could provide in excess of A$10 million per annum cash flow, which would set Thor up for a real shot at success. A sale would be less welcome but at current valuation might deliver a one off A$10-15 million. That would enable some serious exploration at Dundas which remains the enticing prospect.

Springhill production or sale would probably only permit MB to kick the same can down the same road for a while longer. Anyone got an approx sale valuation for Springhill?

This is a much welcome relief, I had all but written my investment off here. I have hope again which is a much better feeling than yesterday. The loan facility has conditions yes and is secured against Molyhil & springhill, but these are real tangible assets. Having re-read the loan announcement, it does appear to me a short term / stop gap solution and I fully expect more finance announcements and a positive movement with Molyhil in the coming weeks/months.

Would any of us loan A$1 million to MB without some positive additional information? I know I wouldn't.

once again Phew!!
MT