TSXV:AZC.P - Post by User
Post by
deismanon Mar 14, 2013 2:38pm
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Post# 21130967
AZC has enough cash to continue
AZC has enough cash to continue I just emailed Augusta to see what there cash situation is and here is my question and the response I received. I see this as a positive.
My Question
"The expanded loan gives Augusta enough to spend $47 million through March 31, 2013, as it heads into the home stretch of efforts to get mine permits from the U.S. Forest Service and Army Corps of Engineers."
What happens after March 31?
AZC Response
We have about $30 million of cash available, which is sufficient to fund us through past the receipt of our permits. We now expect to receive permits in the second quarter of this year. Following permits we would then receive the $230 million payment from Silver Wheaton as well as the $106 million from our Joint Venture partners for the construction of Rosemont. Subsequently, would then draw upon the debt from the project financing we anticipate to have in place by midyear. We are well advanced in our project financing discussions. With our project financing debt we would have the option to repay the Red Kite loan referenced in your email.
Regards