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Please tell us more about the funding BoD

  1. Shady Merv

    11,264 Posts.
    A$ pog now up to 1650.

    It would help enormously if the BoD could tell the market what's going on with the funding - not the specifics, the generalities will do.

    eg. 'We could have secured funding when the A$ pog had reached and stabilised at A$1450, but the terms, even though manageable, were not as we would have liked for shareholders. We also had advice from several expert quarters at that time that the AUD would continue to drop and that we should wait for a while. We followed that advice . We have had other offers since then, and while they have had their appeal, they have not been exactly what the company wants. Those offers are still available though we believe.

    Whilst we have continued talks, the gold producing environment in Australia has improved markedly, so the wait has had its side-benefits. That said, it's in the company's interests to obtain funding that covers not only repays the Taurus debt and gets it well into gold production til cash flow, but also provides for sufficient funds to continue with precious and base metal exploration in a manner befitting our resources. The Board would like to have no more capital raisings if it can help it. The aim is to get funding that will carry us through until there is sufficient free cash flow so that the company can be self-supporting; funding too that will not involve any share issues.

    So, we continue with our endeavours to achieve that desire or aim. We think that we are close to signing off on a deal. In the meantime though we have the comfort of knowing that some of the previous offers made are still on the table if we want them.

    Our relationship with Taurus is good and solid and so we do not see any problems there at all. Taurus has been with us all the way and wants RNI to succeed. Obviously though it monitors the repayment situation closely as it needs to be assured that full payment will be made, and sooner rather than later."

    How about it Board?

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