I will be disappointed if we do not see a holdings RNS by the end of the week. What do others make of Larry's reported comments to Old Cobbler that the placing gives him more time to negotiate the centrals farm-out? Wouldn't that suggest we have some way to go before we get an announcement (bearing in mind the timetable suggests it could take until the end of Christmas)? Or is there reason to believe what Jimmy was suggesting before - that the farm-out has been agreed, license renewal is holding up the announcement and the placing helped to cover interim financing? I want to believe it's the latter given the "process" comments made by Larry and that he said he hoped to announce something "quite shortly".
OldCobbler's report reminded me of what Jimmy originally said about the placing; Hi Tarles My thinking was as follows. Based on information on page 10 of the UK roadshow it shows the use of funds. We start the year with $56.7 million, less the planned 2014 expenditure of $33 million leaves a year end cash balance before new finance of $23.7 million, out of which $15.6 million had been pledged as security for exploration licence guarantees which leaves a free cashflow of $8.1 million. If the Central Block farm out was delayed pending its licence renewal it means Chariot must renew the licence and post the performance bond from its $8.1 million of free cash, and because the farm out funds from Morocco are net yet in that poses a funding problem for August, Since the Central Blocks are so highly prized one would not want to take any chances that there could even be a technical default of the licence obligations that might prevent renewal. Just my thinking of course,
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