GREY:LCPRF - Post by User
Comment by
MidasTouchezon May 29, 2012 9:07pm
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Post# 19958648
RE: RE: lumina captial lens lumina copper 10 millo
RE: RE: lumina captial lens lumina copper 10 milloLumina's latest press release:
Lumina has just borrowed 10 million Canadian for 6 months from Lumina Capital Limited Partnership. I don't understand this. Why 6 months? They aren't mining anything and they can't pay it back in 6 months time. I suspect that they can extend it every six months but why don't they say that they have optional extensions?
"The loan is repayable on the earlier of: (i) six months from the date of initial advance; (ii) the date of any change of control of Lumina; or (iii) the occurrence of an event of default under the Credit Agreement between Lumina and LCLP."
I get the overall impression that Lumina is bursting to sell what it has at Taca Taca. Maybe they have found a buyer and it's just a work-in-progress loan. But I doubt it. It just seems a bit over-confident saying that the loan is for six months only. Maybe that is their way of saying that they have a deal before they disclose full details. But I doubt it.
It just seems a bit strange taking a loan that they say they are obliged to pay back in six months. Anybody understand why they've done this?