Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi
http://pipeline.wyo.gov/AllOpcoProd.cfm?oops=ID52273&RequestTimeOut=65000&nOpco=1769
Thanks Tiburn
As the request for drilling has gone in an assumption may be made that copl has the funds to do the drilling.
If this correct then I don’t think the funds could come from our cash at the moment so perhaps it is being funded by the jv partner or through the rbl
I am worried about the cash burn
End of June we had 11.7m end of September 5.6m.
2m spend per month.
The senior loan has a condition about the cash balance (45-day minimum average balance of unrestricted cash must be at least $2.5 million)
Last time we dipped below this we had to pay a penalty and the market was not impressed.
If we carry on the burn then around now we will be dipping below 2.5m.
To pay for the new drilling we will need an injection of cash or run the risk of having another penalty.
I really hope the solution comes in the way of the rbl, jv or a huge increase in production.
I don't want to contemplate the alternative
Morning
" The Conversion Price will be reset to 13.25p ..if an RBL is not secured five months from the Issue Date"
I assume that this may imply completed 5 months from the issue date. If so the term sheet should be agreed say 3 weeks prior in order to arrange the settlement of the senior loan.
I hope that it will not be a last minute thing so say completion of rbl at the latest a week before so term sheet agreed before the end of November. Then this gives time to arrange the completion of the rbl and the repayment of the senior loan.
Morning
The link is for Copls latest md and a
Page 23 shows quite a straight forward table of income and expenditure
https://www.canoverseas.com/wp-content/uploads/2022/11/COPL-Q3-2022-MDA_Nov-14-FINAL.pdf