Camrova Resources Inc. (BAJFF)

[carl12341234]

The KC wanted to increase the senior debt to include the cost overages. They would of gladly accepted the larger loan amount and reduced BAJFF position by the same.
However, I know that senior debt lenders (8 banks) are not considering loaning more money. Approximately $500,000,000.00 remains to be drawn against the senior loan. The banks are requiring that 100% of the funds needed to complete the mine be available before they release the remaining $500,000,000.00 So the KC will need to have the $300,000,000.00 (approx.) additional overrun funds in place prior to the banks releasing $500M. If for some unknown reason, the short-fall increases to an amount larger than calculated, BAJFF is required to fund their 10% of said short-fall. If they cannot fund their portion of short-fall, KC will and reduce BAJFF’s 10% ownership to whatever that remaining % would calculate to.
If BAJFF falls to less than 8% ownership, they lose their last seat on the board.
On this note, the original loan included the Bi-metal extraction be in production. As of my last call, the extraction plan was still required and will be operational.
BAJFF appears to be reduced to 14% of the original ownership. 70% ownership to 10% If additional funds were found, BAJFF could buy additional percentage of the mine. (prior message)

If your questions are not answered, I suggest you give BAJFF a call.