$35M AUD cap raise done, contingent on the bond issue, so one step closer.

Disappointed in the pricing of this. Should have been 15c if contingent on the bond financing coming through. And the options are an absolute gift. Will have to get an account with Canaccord (but that's a different issue).

Expecting the bonds deal to be done by end of Feb and FID on the same day. Final approval will take two months. Once they have the debt, I'll increase my valuation.

Bought a chunk on market at 11c (without the options).

From today's announcement, (Senior Secured Bond Issue Investor Calls Commencing), CYM is still in the process of arranging finance. It's not a done deal.

The earlier announcement of $US 35M in offtake funding helps. That's roughly $50M AUD of the $240 that they may need. The remainder is still roughly double their current market cap!

I really hope that they can sell bonds at a sensible price but I'd be asking for a solid risk premium before stumping up fixed interest cash.

Best thing about today's announcement is that there is no mention of additional equity funding. If the bonds don't get a strong bid, they may need some more equity to reduce the risk to bondholders. It's not like the assets that they are financing (a mine in the outback) have a good resale market if, for example, the copper price crashes.

CYM opened higher on the announcement which is good, and means any cap raise will be less dilutionary.

Are they still on track for 2024 production from Nifty? We should get a clearer idea in the next weeks but there's plenty to do.