GREY:FNKLF - Post by User
Post by
mcuglyon Apr 18, 2010 12:17pm
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Post# 17004603
Financing
Financing"The closing of the US$10 million financing in July resulted in a substantial improvement in the Company's balance sheet. There is sufficient working capital to cover current care and maintenance costs at the Lockerby Mine and general and administrative obligations to beyond the year 2010. More importantly, the new funds will be used to advance the engineering and planning for the Lockerby Depth project, and possibly initiate components of the capital program that can expedite the launch of the full project. With a stronger balance sheet, and the association with a respected and well-known resource investment group, the Company is optimistic that it will be successful in securing the full financing for its Lockerby Mine development in the months ahead."
The company has also indicated that they are on schedule for start up in mid 2010. we should be hearing, in the next few weeks, about their endeavours to find the necessary financing. Let's hope their optimism has been rewarded.