Re large spread8 Jan 2016 13:09
Consequently, the agreement has lapsed, and ongoing discussions between the Company and the Potential Buyers
will continue on a non-exclusive basis. In parallel, the Company will consider the available options for this
Project and will re-appraise the classification and carrying value of this Project as at December 31, 2015 (the
Company's financial year end). The Company will retain the $400,000 non-refundable deposit received from the
Potential Buyers and recognise this as income for the year ended December 31, 2015.-----------------------Funding News/JV:
In order to achieve the Company's planned construction of mining facilities and commencement of mining operations at
the Karchiga Project, if any, the Company will require an estimated initial CAPEX of $115 million for which the
Company will be required to raise additional financing in the future. If the Company secures the required debt
financing on acceptable commercial terms then it may also apply a proportion of its available unrestricted cash and if
any, from the sale of the Akdjol-Tokhtazan Project, towards the project financing requirements as the Company
determines necessary. To date the Company has been unable to secure the necessary finance required and as a result is
also looking at alternative solutions, in addition to raising the complete finance for the necessary construction at
the project, which include potential joint venture agreements, revenue sharing arrangements, off-take arrangements or
the sale of part or all of the project. Whilst the Company has been successful in raising debt and other financing in
the past, the Company's ability to raise additional debt and other financing may be affected by numerous factors
beyond the Company's control.
I rather be in at these prices before any news lands. They have cash , they have a great value on the asset and low shares in issue.
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