The cap raise may have been required by Westpac to issue the $20 mil loan.
The combined loan and cap raise will probably yield $43 mil after expences and will IMO likely be required to keep IGR liquid over the next 6 months due to: (a) current low grade (b) pressure on throughput of Sag & ball mills due to opening up the cone crusher by 20% (c) Ongoing UG development costs (d) Paying off the existing $8.3 mil loan (e) Reduced margin because of hedge (f) risk of POG dropping further (g) Cost of new Ball Mill & plant mods to take it (h) Risk of further plant downtime (i) ongoing high exp/drill & strip costs.
The share placement now takes total shares issued to over 934 mi.
The 2102 Annual Report due later should qualify things better.
With kind regards Moorookamick
IGR Price at posting:
32.5¢ Sentiment: Hold Disclosure: Not Held
