Yep do you not see my point? We have £90,000 of funding already established with DS for IC work which does not involve the creation of more shares. There should be no reason to exercise the Magna CLN while ever any of DS's funding remains, unless . . . that CLN money is being purely used for working capital.
Hundreds of thousands clearly doesnt get you much exploration and as is becoming evident buyers of gold plays want them proved up to pfs/ bfs level.obviously we dont know if this is a project that will merit going that far.obviously we hope so and it could be a driver for the share price.would be better if the gold price was doing better.but early stage good results can be the most productive time sp wise.
There's one thing I am slightly puzzled about in regards to all this IC funding. Maybe you can help.
Your agreement with RRR was to provide a £100,000 funding facility for IC exploration:
RNS: "£100,000 will be made available to the Company specifically for exploration (the "Investment Amount"). The Investment Amount will be used to support gold exploration activities in the Ivory Coast Gold Project "
You say that only £10,000 of that has been drawn down so that leaves a further £90,000.
Despite that, we appear to have this Magna CLN in place for the same thing:
RNS: "the proceeds of the Convertible Note will be applied towards gold exploration activities in Ivory Coast and for working capital purposes"
So that leads me to 2 questions:
1. Why are we running a CLN for IC work when you have already provided funding for it and 90% of it is still available? Shouldn't funding come from you in the first instance?
2. Do you have any gut feel from your experience or from conversations with RRR as to how much money will likely be needed to fully explore the IC sites and get them to a saleable or developable point? Just ball park. Is it a few hundred thousands or is it millions?
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