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You are wrong. I've spoken to the Company this morning and you are talking utter tosh! Stop spreading bull. You did this a few months back stating it would cost $30m to get to high grade rock...and that orm would be forced to raise cash. Yet again you are totally wrong
Wrong, I’ve been dead right. This mine got stolen from shareholders and given to some LA hedge fund monsters who know nothing about mining yet control the company 100% and have now put in place a death spiral financing to take the tiny 30% that remains in our hands after we can’t make the credit card type interest payments. The debt load is now a huge $80m at a combined 15% a year, that’s $12,000,000 in interest payments alone, without even talking about principal repayments. This thing is dead
Keep reading, the non paid interest on the big $70m loan is accruing now at 15% and will be paid by Saloro each year half in cash, half in kind, meaning equity. So each year Saloro gives half of their interest payment to Oaktree in ownership. As Ormonde owns 30% of Saloro their ownership is diluted by that 7% each year
You still fishing around here buddy? Ormonde must have spanked you hard for all your animosity. Unfortunately you’ve been wrong all the way through and now you’re wrong again. Didn’t see you at the AGM btw, I wonder why......
Obviously some of you guys haven't a clue what you are talking about! The loan agreement is between Saloro and Oaktree, it is repayable in full by Saloro (“Drawn funds, capitalised interest and commitment fees are repayable at the end of the 12 month term, by bullet repayment”) and there is no impact on Ormonde’s 30% interest in the joint venture. Same guys on here trying to spin false negativity with false information.
Are you smoking crack, above market? Donahue isn’t getting anything above market other than the interest rate he’s paying his buddies at Oaktree! This has been a complete con job for the last 5 years. He just signed a deal guaranteeing Oaktree claws back the 30% ownership of Ormonde’s. What do you think paid in kind means, it’s equity you dopes and it comes out of our ownership in the project. It’s a rent to own deal, always had been. This is a worthless company now, Oaktree wins, game over.
No real change/update re APT prices for now. Imo the this is really a backdrop loan facility that can be drawn down in 500k lots if and when needed. At the AGM we were shown pictures of bags of product ready for sale and they were reaching better grades by the day. Should be sales announced very shortly from what was said and yes it was mentioned about getting above spot price.
Awax, I was the same, actually for a drawdown/backstop fund, it is not ridiculously expensive. Everything depends on price of APT, at the AGM, Mike O'D mentioned a hope of getting above spot price. We can hold out for it now. Hopefully, T-RexBaz can give us an update of APT pricing soon.
There was some mention of the Gold Projects, at the AGM. But Shearwater are not in the Gold Mining Business anymore. And I think ORM don't want to spend to much for the moment.
I would love to know how much SLU owes, I don't think it is 40 million
No need to throw toys out of pram imo. Saloro might achieve, what, 10-12% in the market? They might still get it, but even if they don't, what's the difference, about £0.5m max? Perfectly manageable in this huge project on the cusp of production. And to be fair to Oaktree, they probably don't want more exposure, and note they are not standing in the way of another junior lender who might want to join the party. And, of course, they've said yes to a loan themselves, albeit on onerous terms. Knowing this share, some random sh*t will pop up and cause another headache before too long, but right now, there's no other major obstacles ahead. Nesting season's over too, so no more of those storks hopefully, either.
Notice how they don’t announce the death spiral terms until after the AGM when Donahue secured his job for another year. You guys sure he deserved a standing ovation.....18% new loan, 3% fee, 15% on accrued interest on old loan-7% paid in kind(that’s automatic ORM dilution). This is it for ORM shareholders, thanks Mike!
Some businesses are struggling to secure finance at the moment, so it's good that we have this on standby ( as that's what is seems to indicate ). Hopefully the draw-downs won't last too long once we get into full production, possible 40% uplift with seven day working week and tungsten price heading in right direction. No indication though on plans for other Spanish assets ( ie copper and gold ). Was there any mention of this at the AGM you guys who were able to attend?
18% is eye-watering, and 3% on undrawn amounts is taking the p*ss, but I agree the good news is that a loan's been achieved. It's also a backstop, so better terms (also debt funding) from a third party lender is a possibility. It's perhaps lower risk at this later stage in the project, from a lender's perspective. Imo we've been beaten up by Oaktree here, but whilst we might lose this funding battle, we're definitely winning the war.
As expected, the need for increased liquidity has taken the form of a loan rather than equity as the terms of the existing JV would or, at least, should have set out a path should such a credit crunch arise. Whilst I guess PI's should be grateful there is no dilution, Oaktree have clearly not missed the opportunity to be their usual rapacious selves and shaft us on the Interest (and possibly other hidden) charges. We were over a barrel and in the circumstances had very little negotiating strength here. I may be wrong, but I think this is the first time any Interest details on the original loan has been made public.