Mart Resources Inc MAUXF

RE:RE:RE:Distribution of dividends vs debt covenants

[Fernando2010]

Zeus:
I have a different understanding of the situation, as follows:

Operating cash flow for the first nine months of 2013 (before changes in non-cash working capital): US$ 24,8 millons + 27,2 millons): US$ 52 millons.

This operating cash flow clearly wasn´t enough to pay for capital expenditures (US$ 2,4 millons + US$ 36,8 millons) + payment of dividends (US$ 52,5 millons) during the same period.

So, if it weren´t for debt facility, it wouldn´t have been possible for Mart to pay the dividend.

Fernando