Another bullet dodged. Further dilution was not a surprise. Ownership is up to 60% by the Chinese. A further $8,000,000 being lent. Too bad more specifics were not given on the actual business plans.

Hey Surething, your market cap just jumped up. Thats a good thing eh? LOL

Unless we hear more I would assume that most of the $8,000,000 will start the development of the Hart project. Or it may be used to catch up on the debts owed to local suppliers. See Accounts Payables in the last financial statements.

I've raised the issue before that any positive cash flow from McWaters (if any) could be used to pay back JJ or used to gamble on developing Hart. A shaft that deep I heard could cost $30,000,000 to $40,000,000. That would wipe out all cash flow from McWaters and it seems to me that JJ is taking on that chance by further delaying interest payments for the next 18 and 24 months.

Looks like the line in the sand has been pushed back and JJ is gambling on Hart (if so) and will pay for itself and pay back all the debts and obligations made by Gary Nash.