There are debentures for cdn7.5m to pdg/Kennecott, due in 2010 or when the nine-month trailing average of the PoG exceeds 325, whichever comes first ..... this is from memory, but it's all in the amalgamation book ... i don't know where the 9-mo trailing average is at the moment, we should keep an eye on it ... for sure this facet of the risk has effected the shareprices over the last few months, compounded as it was by the delay of the merger .... with the newco a reality, i don't think it's a problem - Chester Millar has friends in the business ... Tice is one whose name has come up, there are others, more than a few, and they hit heavy enough to finance five millions usd on a property of over three millions ounces, i should think .... mine capex even for just Estrella is much more than this
The fairness opinion assumes that final property payment to be paid 'in year four', btw ... we shall see
Also from memory [of an estimation] - there is around cdn1.5m in cash between the two companies now, i think ... but, better check that, and it doesn't appear in the amalco book because that only goes up to last September, if i recall correctly .... aas had a placement since then [for cdn2.0m?], then paid a property payment for both companies ... so, might be less than cdn1.0m in the kitty, in any case it's not much .... there will be a promo and financing cycle coming up following the merger, no doubt
Next week is the meeting, on friday ... so, any iffiness in re the merger will be gone the monday after next .... and good riddance, too ..... cheers
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