RE:RE:Next Operational UpdateI thnk the next update will be the IFF presentation. . .
On another note it looks like sometime in the next couple of months we will have to issue some shares to GTP/Plansee or pay them $1.8 Mil US fee as per May 11 NR.
This means a new equity raise is probably on the hirozon as they also have to keep the lights on at the other mines and further explore the moly mine. An equity raise at $0.70 for $15 Mil would equal to over 21 millionn new share issued which is not great.
From May 11 NR
Plansee/GTP satisfaction of conditions precedent
The company is pleased to advise that it has executed a condition precedent letter with plansee/GTP whereby both parties have agreed that Almonty has satisfied the conditions precedents required by plansee/GTP to enable financial closing of the KfW IPEX-Bank $75.1-million (U.S.) finance facility. Th key terms of the condition precedent letter are:
- Payment of GTP obligations of $3.0-million (U.S.) -- paid in cash from the proceeds of the placement;
- Within 120 calendar days of the financial closing of the project financing, Almonty remitting the outstanding balance owing of approximately $1.8-million (U.S.); in the event that the outstanding balance is not paid within 120 calendar days of the financial closing of the project financing, Almonty will satisfy any remaining portion of the outstanding balance by issuing common shares in Almonty to plansee/GTP, at a price per share equal to the closing market price of Almonty's common shares on the trading day prior to issuance.