posted on
Apr 15, 2009 10:12AM

Ni, Co, Cu, PGM, Au Properties in Ontario Canada
Producing Mines and "state-of-the-art" Mill

Message: News
Sarlock, where do you come up with your information? You said (on April 14):
"Of the $30,000,000 raised, over half goes back to JJNICL immediately to repay their original $15mm USD loan ($18mm CDN). The rest will be gobbled up by overdue payables and lie in waiting to repay our $17mm (ish) debt to Salman/Casimir later this year. If anyone is keeping score, $30mm isn't enough cash to pay what we owe our debtors. Let alone all of the other financial obligations due right now (like our audit fees)."
Total nonsense.
The news release clearly refers to paying off the loan described in the financing which is NOT JJNICL’s prepayment; that is to be paid from delivery of concentrate once Liberty is up and running again. The press release says:
"As part of this financing, JJNICL will directly pay the negotiated balance due on the loan described in the February 19th press release. The balance of the financing will be funded to Liberty to pay amounts owing to employees, trades and suppliers; and to provide additional working capital."
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