RE:RE:RE:2nd Q results are inCash and cash equivalents
As per the 2Q19 financial filing, "As at June 30, 2019, the Company hada total cash balance of $25,702,000(December 31, 2018 -$8,395,000). As part of the Bridge Loan agreement (see Note12(a)), the Company is required to maintain a reserve of cash or cash equivalents equal to the lessor of (a) $15,000,000 and (b) the outstanding principal amount of the five-yearexchangeable loan. The Company will use this reserve exclusively for the purposes of satisfying its obligations in respect of the five-yearexchangeable loan(see Note 10)"
With draw down on the remaing $5M of the revolver loan, this puts the cash balance at $30,702,000 as of July 15, 2019 and the revolver facility debt at $40M. Note $15M of the cash balance is in escrow - secured against the bridge loan.
Sourced from the investor presentation, "to the extent that the principal outstanding amount of the Gold Bonds is less than US$15M at anytime" would release the $15M in escrow (secured against the bridge loan). The last two payments to the Gold Bonds was Dec/18 and Jan/19. If MND could reduce the Gold Bonds princiapl to less than $15M in the next scheduled payments, this would release $15M from escrow to be used against the Revolver Facility.
The Gold Bonds' principal as of "June 30, 2019, there was a current liability of $22,235,000 recognised on the statement of financial position for the Loan." A $7.235M, or more, reduction in the gold bond would release $15M that could used to pay down the revolver debt. I hope this happens before "July 24th 2020" matures.