The following information is from CGFIA's 10-K in November. Page numbers are noted.
The estimated remaining cost to bring the mill into active status is highly dependent upon the result of the accepted final
operational, EPF, and plan designs, which have changed significantly since 2008. The Company estimates in very broad terms that the
cost may be between $1 and $2 million depending upon final approved designs. 10-K page 16
The Company continues to explore sources of additional financing to satisfy its current operating requirements. In May 2010, the
Company closed a one-year funding arrangement with an institutional investor (the “Delaware Partnership”), in which the
Delaware Partnership may provide convertible debt financing in $25,000 tranches, up to $1 million. The Investor is under no
obligation to fund any or all of the $1 million, and the timing of funding is solely at the discretion of the Investor. Proceeds from the financings are to pay the Company’s existing aged debt and for working capital requirements. Through August 31, 2010, the
Company received $150,000 under this facility (Note 7) of which $75,000 was used to pay off a promissory note payable (Note
6). In July 2010, the Company also closed a $50,000 funding arrangement with a group of New York Private Investors in the
form of a convertible note, which matures on April 20, 2011. 10-K page 35