RE: How much cash is left? More importantly, where are they going to get $7.5mil to pay GE in July. Already defaulted on $4mil payment to BC Hydro.
On July 21, 2010, the Company entered into a Joint Development Agreement (“JDA”) with
GEE for GEE to provide the Company with project development funding of up to $7.5
million for the BC Projects. The $7.5 million in available funding is reduced by any
guarantees and letters of credit provided by GEE in association with the BC Projects. Early
in 2011, GEE issued letters of credit in support of the BC Projects totalling $2,032,388
(note 8). The development funding will be repaid at the earlier of July 21, 2012 or each
respective project’s financial close, which are anticipated to occur between 2012 and 2014.
Accordingly the entire loan has been classified as a current liability.