Once issues appeared that their Chinese investor was not able to stump up the cash, PLA organised a bridging facility from Macquarie.
15th Sept 2009
It is anticipated that the MBL Facility will be retired from the outstanding balance of proceeds from the recent placement, being 30 million shares at $1.02 per share, or from cashflows from the Smokey Hills Project. The completion of the placement of the 30 million shares to a Chinese investor is currently awaiting Chinese Government regulatory approval.
Maybe the Chinese investor was lucky or very smart.
PLA Price at posting:
5.9¢ Sentiment: None Disclosure: Not Held
