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Pamodzi still waiting for its R400m Posted: Mon, 15 Dec 2008 [miningmx.com] -- TROUBLED junior gold miner Pamodzi Gold (PZ Gold) should have its vital cash injection of R400m available for use within a week. That’s according to acting chief financial officer Kobus du Plooy in response to complaints from some of the company's creditors who said they still had not been paid. Some creditors claimed their payment terms had been stretched beyond 180 days. PZ Gold today published a further cautionary statement on SENS which said that the “capital raising is expected to be finalised within a week.” Chairman Ndaba Ntsele announced on October 24 that the company had secured the R400m it needed from the Industrial Development Corporation (IDC) as well as from shareholder Pamodzi Resources. Contacted today, Ntsele said he was on leave and had not seen the latest cautionary notice but he commented, “the capital raising has been finalised 100%. That money is there sitting in a trust account.” Du Plooy commented, “we have remained in continuous communication with our creditors who have supported us over this period and they will be paid as soon as the funds flow.” He attributed the time lag in the funds being released since the announcement on October 24 to the nature of the legal agreements involved. Du Plooy commented, “progress has been pretty rapid. It can take up to three months to finalise this kind of legal agreement.” Click Here to subscribe to our daily newsletter
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