If my initial glance is correct, there is a chance that the financing could end up being $58,000,000 (not accounting for exchange rates) + $15,750,000 when the $.30 warrants are exercised.
The prepaid gold sales is now 61,000 ounces over 5 years. It provides US$33,000,000. However, US$10,000,000 will be deposited into a performance reserve account. My guess is that the US$10,000,000 will only be released once Lamaque achieves specific targets during the development period.
It looks like they will be closing $2,000,000 of the FT financing today (by end of October).
They are looking to close off another $2,000,000 FT financing in November, but prior to the major financing close off date.
It doesn't appear as if Finskiy and Scola are participating in the bridge financing.
Finskiy and Scola will be contributing $16,000,000 with a stand by guarantee for another $5,000,000 if additional purchasers are not identified for the $5,000,000. Essentially, if additional buyers (friendly to both Century and the Investor) are not identified then Finskiy and Scola will subscribe to the entire $21,000,000 (105,000,000 shares), otherwise they will stick to the C$16,000,000 (minimum requirement to access the US$33,000,000 bank financing).
It says that Finskiy and Scola could have a 42.9% ownership once the warrants are exercise. I have accounted for all those shares, as identified above. It means that they are not part of the bridge PP. Although, it looks like the 7,142,857 private sale has gone through. I guess it looks like they are currently official shareholders of Century shares, but not as substantial of a commitment as we would like to see at this stage. It would have been much more meaningful if Finskiy and Scola had participated in the bridge equity PP. It would have sent a much stronger message.
There might have been some last minute changes to the bridge PP, hence it is now scattered all over the map.
One other note, it sounds like they only need C$16,000,000 in equity financing instead of the original bank mandate of C$20,000,000.
3 comments:
century want money to reopen lamaque but it seem they dont wont to pay us back 15 months now we dont have thats money . the reputation of century is made now (crook)a lots of miners dont come back work for century ,and if they want to hire new miners they going to show the big money and the old miners who still wanna stay for century century have gave him a fucking big pay raise if they want to keep thos guys so in fact (no big money,no good miners ,no good miners,no mine
looks like you should have a cheque next week...
http://www.radio-canada.ca/regions/abitibi/2009/10/30/002-century-mining-paye.shtml
No more dilution, good. The way i see it, is that they must get up with 2k ounces extra per year, and they get $8 000 000 upfront for it, very good. If the 0,5-1,5M dollar deal is still active, is it? I think this sounds even a little better than before. They certainly get some $10 extra for the gold, so i doubt the bonus cash is still active.
The things i don't like is these small somewhat bizarre changes all the time in the agreements. / Juha
Post a Comment