1) The $172M new share issuance only brought in $163M

2) CLL to issue $150M First Lien Notes (rates, expenses undisclosed)

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Equals $313M (less First Lien Notes underwriting expense)

Less: $200M still required to complete Algar

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Available for Working Capital : $131M

(this is not enough for the next 12 months interest and prinicipal repayments - that's the reason for the - 3rd paragraph in news release..... Good Luck, Booster

"Connacher will continue to advance its negotiations with a Canadian chartered bank on behalf of a syndicate of proposed lenders, whereby the Corporation would approach the syndicated bank loan market to secure a revolving working capital facility (the "Working Capital Facility"). The Working Capital Facility, if made available and subject to the meeting of any funding conditions, would provide additional liquidity and financial flexibility for the Corporation's normal course business activities. The availability, terms and conditions of the proposed Working Capital Facility are yet to be finalized. There can be no assurance that the Corporation will be able to complete the proposed Working Capital Facility on terms and conditions acceptable to the Corporation, to the syndicated loan market or at all.")