14 mill shortfall26 Apr 2021 14:06
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14 mill to pay for peserverance costs, with likely issue of more shares as part payment?
following the completion and outcome of the drilling of Perseverance #1, a final reconciliation payment to a fund managed by Lombard Odier ($4 million) is due in June 2021, and the Company is in the process of finalising residual costs, payment terms, schedule and resolving various items in dispute relating to the drilling of Perseverance #1, which process it expects to complete in due course but is expected to amount to approximately $14 million payable through into H2 2021 (although the Company expects to achieve a discount/reductions to this amount as a result of commercial negotiations and agreed resolutions to items in dispute and/or be able to satisfy part of this amount in the form of shares, and has assumed an aggregate 20 per cent. - 30 per cent. reduction in cash required for settlements on this basis);(i) realising business development opportunities to expand the portfolio based upon projected value generation (to be determined);(j) any incremental costs associated with renewal of the Company's licences in The Bahamas, including community programs, and ongoing legal costs as may be required to continue to successfully defend the Company's licences in the event of ongoing environmental challenges in The Bahamas (to be determined), and (k) corporate overhead costs up to $4 million, although as noted previously, the Company is initiating a cost reduction exercise across its business with a view to reducing corporate overhead costs by 20 per cent. - 30 per cent.
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