Cordiant financials just posted.... this note from f/s should at least put an end to the discussion regarding EIB.
4. RESTRICTED CASH On July 17, 2017, the Company completed a debt funding arrangement from Cordiant Capital Inc. (“Cordiant”) for debt financing of up to US$13 million (“Senior Loan”) and US$9.5m (“Subordinated Loan”) for the Project in Greenland through its 100% owned Greenland subsidiary, Hudson Greenland A/S (Note 11). It was originally contemplated that the European Investment Bank (“EIB”) would assume the Senior Loan; however, based on discussions to date it was determined that the loan would remain as is with Cordiant with Cordiant retaining the right to syndicate it (See News Release NR2017-11 dated July 17, 2017). Pursuant to the Subordinated Loan agreement (“Loan Agreement”), the Company is required to maintain a credit balance on the Debt Service Reserve Account (“DSRA”) of an amount at least equal to the aggregate amount of the projected finance costs to fall due for payment under the Senior Loan and the Subordinated Loan in the 6-month period commencing on the day immediately following the disbursement date. As of the September 30, 2017, restricted cash included a portion of the Subordinated Loan financing totaling $40,204 (US$32,253), which was held in escrow and $1,288,228 (US$1,033,443) maintained in the DSRA.