--the finalization of the audit of the Company's reserves by Netherland and Sewell Inc.; and
--agreement in principal on a US$25.0 million debt facility, for which discussions are continuing.
Due to the board's cash management policies and confidence in completing the Placing it believes that the Company can continue to trade.
If the resolution required to effect the 1 for 50 share consolidation is approved at the extraordinary general meeting convened for 11:00 am today then the Company will proceed with the share consolidation only following the finalization of the Placing and the issue of new ordinary shares.
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