IBG 0.00% 0.5¢ ironbark zinc ltd

Financing UpdateDuring the reporting period Ironbark continued...

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    Financing UpdateDuring the reporting period Ironbark continued work on the project financing with theappointed financial advisors, Cutfield Freeman & Co., engaged to assist Ironbark structure thefinancing for the Citronen zinc project. Following on from the series of site visits held last quarter to the Citronen proposed mine site,attended by several groups of high calibre potential investors, private equity groups, bankers,equipment suppliers and mining operators to review the project site, the due diligenceprocess continued.Ironbark reports that it continues with meaningful progress towards financing and has managedto field significant interest towards building the syndicated financing solution for the Citronenbase metal project and advance the financing of one of the largest global zinc mines.The package is being arranged with the assistance of Cutfield Freeman & Co. and remainsongoing however Ironbark intends to make an announcement in relation to a leadappointment shortly.The indicative financing structure and plan is under consideration however it is likely to be madeup, in part, of long-term debt targeting Export Credit Agencies over an extended period, ~10years, which would provide a positive influence on the financing plan. Private Equity groups alsoremain interested in forming part of the financing package. This could potentially act as semiequity and should not affect gearing levels (although it does impact debt capacity).The equity requirement versus the current market capitalisation of ~$20m remains the largestchallenge and Ironbark is also actively seeking a strategic investment / commitment at theproject level. Discussions remain incomplete and ongoing. Typical Confidentiality Agreementspreclude Ironbark from confirming these parties, the status of any discussion or any terms. Inaddition, it is likely due to the size of the funding requirement, that the financing will becomprised of several parts provided by several parties.We have commenced engaging with the engineering and lending groups and will seekcontingent commitments – our hope and expectation would be that announcing thecomponent parts of the financing forming a greater package will strengthen Ironbark’s shareprice which would then assist in the equity component
 
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