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The conditions might relate to company matters; such as the discharge of the charge over the holding company which just took place.
100% agree we could do with confirmation of receipt of funds. The second smaller agreement wasn’t expressed to be conditional so that should have arrived.
Management will know production levels, if a drawdown condition was production (which has not been met) then I find it hard to believe the RNS which gave a drawdown date of 31/12 would have been released. That argument just doesn’t seem to stack up.
I’m not saying it matters but does that discharge form look quite right ? Signed by Caracal but interest in charge listed as ‘chargor’, should that read ‘chargee’ (Goldplat sub-sidiary being the chargor).
Oh these holidays just fly by.
The Kenyan company which owns the mine, and is borrowing the cash, is owned by a wholly owned uk subsidiary company now known as Caracal Holdings Limited (previously mayflower gold investments limited).
On 19 December the uk company filed a discharge to a charge taken by a Goldplat subsidiary during the purchase process. I had assumed this charge remained to cover the outstanding royalty. Anyway, it has now gone.
I wonder if this discharge may have been one of the conditions mentioned in the RNS ? Coincidental timing if not.
What does it make you wonder about ?
There are not producing a great deal as they expand the capacity of the whole operation. The current low level production was used to help tick over and fund the exploration and expansion. They now have external funding to achieve the numbers set our in today's RNS. If production was nil would it matter any more ?