OPERATIONAL
No further activity took place at Vatovorona in Madagascar except a care and maintenance program to preserve the project and the project’s security.
FINANCE & CORPORATE
On 25 February the company announced it had entered into a financing arrangement with a group of sophisticated investors (“Investor Group”) to provide a loan of up to $250,000 to enable the company to meet its ongoing financial obligations. As part of the arrangement the board of the company was reconstituted with Nathan Taylor and Sunil Dhupelia joining the board. Mark Cashmore also resigned as a Non-Executive Director.
As at 31 March 2013 the company had drawn down $190,000 of the loan. The loan will be repaid from proceeds of an equity raising subject to approval at the company’s Annual General Meeting scheduled for late May 2013. The company also announced it would seek approval for a consolidation of capital on a 20:1 basis at the Annual General Meeting.
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