Best guess would be that OCJ didn't have readily available funds to participate in last CR, although could also be they did not want to invest any more funds, perhaps didn't want to raise their cost base or, or......??
TIO couldn't take up shortfall at last CR because they were not underwriters and there was no facility for any over subscription of entitlement. CR was obviously deliberately structured this way to avoid any obvious benefit to a major shareholder which could be subject to challenge.
CR is needed now to repay TIO loan and pay for next stage of process as ann'd. The big money needed for mine development can only be raised once full development plan is decided and supply agreements are at least well advanced. There will also need to be a decision on how the development costs are financed at that time.
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