Condor Blanco Mines €10m Euro debt funding still on track
Condor Blanco Mines (ASX:CDB)
has re-iterated that the €10 million Euro debt funding is still on
course and progressing for the Marianas Magnetite Tailings Project and
Signet Hard Coking Coal project.
Receipt of funds is now based
upon the completion of international bank compliance requirements.
Condor is currently working through transfer of the funds to the
company's Australian Bank, it said today.
Condor said in a
statement that binding agreements are in place with the involved
financial parties (Shengtang Industry Development Co, Limited - Hong
Kong on behalf of Emirates Paper Mills Limited and Mastech Management
Consultancy FZC – UAE).
They have provided "confirmation of good
standing and funding ability of the monetising party (Shengtang Industry
Development Co. Ltd being provided) by HSBC – Hong Kong as at 7 May,
2014".
This follows the leased bond having been accepted for
monetisation at 70% LTV (loan-to-value) ratio through the above
mentioned parties.
As Condor has not previously been a recipient
of funds of this nature the verification process has been exhaustive,
it said today.
Condor Managing Director, Mr Glen Darby,
said: “Like our shareholders, we are eagerly awaiting completion of the
loan but have been patiently and rigorously proceeding with various
compliance and lender requirements.
Regarding rumours and innuendo in some quarters, he said:
"However,
in recent weeks, we have also been increasingly concerned that there is
a concerted and well-organised attempt to discredit Condor Blanco by
unknown parties through the use of a social media site and false or
unsubstantiated rumours.
"This is illegal under Australian and
international conventions and Condor Blanco has commenced investigations
to prosecute these parties to the full extent of the law including
applying for the subpoena of Internet information and other action to
trace these malicious parties.”
Analysis
It would appear that Condor has been the target of vexatious, mendacious and scurrilous mongering in some quarters. Once the facility is in place, it is to be hoped that the company will be left to get on with the job. Given the near term cash flow potential of Marianas project plus the Signet hard coking coal project, the scope for upside for Condor is significant with funding in hand.
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