GREY:NMKEF - Post by User
Post by
HabberPleaseon Apr 20, 2018 10:37am
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Post# 27917054
One big piece missing before the dominos begin to fall...
One big piece missing before the dominos begin to fall...“The proceeds will be kept in a trust account pledged in favor of the Bondholders and the initial release, as well as subsequent drawdowns, of funds are subject to certain conditions precedent customary for these types of transactions including, but not limited to, the evidence that the required equity proceeds and the proceeds under the previously announced Streaming Agreement with Orion Mine Finance II LP ("Orion") have been spent on the Corporation's project.“ So it seems the debt part of the financial plan was not conditional for the funds from Softbank and Orion to be released… but rather the other way around! Looks like the need to…
- Finalize the 200M or so still needed in equity (with possible dilution) in order to access Sorftbank and Orion’s funds… while selling those bonds!
- Then prove all equity proceeds have been spent on the project in order to access funds from the trust account pledged in favor of the Bondholders.