RE:RE:RE:Maybe Cormark walked down...This is how I see it. They had a $60M facility with Macquarie. They repaid $30M with the Franco Nevada funds as was communicated here:
https://www.terangagold.com/English/Investors/NewsReleases/NewsReleaseDetails/2014/Teranga-Completes-Stream-Transaction-Acquisition-of-Remaining-Interest-in-OJVG-and-Retires-US30-Million-of-Debt-Facility/default.aspx
So they have $30M remaining they can easily repay in 2014 (cash flow from operations before changes in working captial was $100M in 2013 - will roughly similar in 2014 with increased production offset by ounces delivered to FNV) and had restructure to repay in 2014 per note 23 from their 2013 financial statments I've summarized below. Cormark owns 30M shares from Mid January when Mineral Deposits bailed + more from old shareholdings so they are supporting stock and are raising 30M to retire the Macquarie facility immediately to save interest plus free up the restricted cash balance Macquarie was requiring them to hold. It is not a coincidence the raise is exactly for $30M.
Here is Note 23. This has to be the explanation:
During the third quarter of 2013, the Company
amended its existing $60.0 million loan facility
agreement with Macquarie (“Loan Facility”). The
amended agreement had extended the final
repayment date of its existing loan facility agreement
by one year to June 30, 2015. The Company was
required to maintain a restricted cash balance of up to
$20.0 million and $40.0 million of the loan facility was
to have been repaid in five equal quarterly
installments beginning on June 30, 2014. The final
$20.0 million was scheduled to be repaid with the final
installment on June 30, 2015. As at December 31,
2013, the Company was not permitted to withdraw
any portion of the $20.0 million restricted cash
balance as the Project Life Ratio was less than the
required 2.2:1. In addition, the Company was not in
compliance with all of its financial covenants, as a
result, the entire $60.0 million project facility was
classified within current borrowings.
Subsequent to year end on January 15, 2014, the
Company amended the Loan Facility and retired half
of the balance for $30.0 million. The remaining
balance of $30.0 million is scheduled to be repaid in
three quarterly instalments of $5.0 million beginning
on March 31, 2014. The final $15.0 million will be
repaid on December 31, 2014. The amended Loan
Facility agreement reduces the restricted cash
requirement by $5.0 million to $15.0 million and
removes the Project Life Ratio financial covenant.