MBN 0.00% 8.3¢ mirabela nickel limited

News: MBN Mirabela Nickel updates on MBN sale process, page-5

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    Following payment of MBN trading costs, future liabilities, staff redundancies, legal, advisor and Receivers’ fees and disbursements there is approximately $150,000 of available cash at MBN as at 14 June 2016.
    The Noteholders are entitled to any excess funds held by MBN following completion of the receivership.
    The cash balance at MBB is currently c. U$5.5 million. There is currently an overdue creditor balance (amongst other amounts) of c. U$3.0 million owing to Companhia Bahiana de Pesquisa Mineral (CBPM) the owner of the existing mining tenements in Brazil. CBPM has written to MBB advising it that it may commence action to terminate the Exploration and Mining Lease Agreement in respect of the existing tenements. Should CBPM take such action, MBB may not be able to mine the existing tenements.


    (See Below) Why the Receivers ignored this.

    The operations in Brazil have been on care and maintenance since approximately April 2016. MBB management is of the opinion that the existing cash balance will be sufficient to sustain the operations in Brazil on 'care and maintenance' until at least September 2016. The Receivers have not separately reviewed MBB management's view of the period for which the cash balance will sustain the operations in Brazil.
 
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