Post by
hrattle on Dec 22, 2014 9:24am
AuRico gets $20m cash
I wonder what they will use it for? They have plenty of cash anyway to take one of the highest grade open pit projects in Canada to production - but that won't start until 2017. My guess is that they want to double resource to over 3m ozs and take annual production nearer to 200K ozs before they do the feasibility.
Comment by
takeiteasy3 on Dec 22, 2014 4:53pm
Probably, they will use this money to pay interest on their debt. As per their recent financials (Sep 30, 2014): The $304.1 million secured notes pay interest in semi-annual installments on April 1 and October 1 of each year, commencing on October 1, 2014, at a rate of 7.75% per annum.