"uncertainties relating to the availability and costs of financing needed in the future,"
Page 7 Q3 MD&A Spin out is depending on financing
"In connection with the spin-out of our Infrastructure subsidiary, Panama Development and Infrastructure Ltd. (“PDI”), the Company continues engaged on its strategy to proceed with it, once the payout of the gold and silver forward contracts and the convertible loan with Deutsche. Bank will be made. In this regard, the Company is seeking for financing alternatives and the completion of the transaction would be subject to the regulatory and shareholder approval. We expect spin-out to take place during the second half of calendar 2013."
Page 11 also page 18 Q3 MD&A
"As it has been disclosed in previous quarters, the Company is seeking for financing alternatives in order to terminate its existing gold and silver prepayment contracts and convertible loan with Deutsche Bank, effectively freeing an average of 1,500 gold equivalent ounces monthly. By selling gold and silver at the prevailing spot prices, the Company anticipates that it will realize significant increases in its sales prices, and as a consequences significant increase in its free cash flow and EBITDA."
Page 14 Q3 MD&A on new obtained financing from bank to support plant expension
"The increase of $2.8 million in cash provided by financing activities during the nine months ended February 28, 2013 was mainly due to the proceeds of new bank loans, in amount of $6.3 million, in connection with the expansion of the Molejon Gold Plant in Panama.
Page 27 Q3 MD&A on risk factors
"Due to new acquisitions and growth strategy of the Company, it may incur additional indebtedness in the future. A significant increase in the Company’s debt levels may have important consequences for PTQ, including, but not limited to the following: ? The Company’s ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes or to fund future operations may not be available on terms favorable to PTQ or at all;"
Other cashflow resulting in financing of operation
Note 14 page 17 of Q3 filling
"On February 28, 2013, the Company received a payment from Inmet in relation to this land lease of $13 million, comprising rent for a 10 year period."
August 19 2013: "The Company intends to proceed with the spinout during its 2014 fiscal year."
May 30th on resolution of any land issues (FQ discussed potential acquisition of PTQ Panama for the land)
" petitions whereby both parties obligate themselves to withdraw objections and to not oppose certain land and concession applications in order to satisfactorily resolve the administrative proceedings related to the lease and purchase of surface rights for the Cobre Panama project and Petaquilla mining concessions."
May 28th on small financing / prepayment "Upon execution of the Agreement, MPSA made an advance payment of US$2,000,000. Delivery of aggregates and screened rock material has commenced"
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