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Gold/Mining/Energy : Repap (RPAPF)

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To: philip trigiani who wrote (84)	3/12/1998 8:20:00 PM
From: RoswellXT	Read Replies (1) of 485

Philip, thanks for steering me towards the statements.I was able to view but unable to post as I don't know how to convert from .pdf to a postable format. Perhaps you could download Acroread and then you would be able to view them yourself. As for my conclusion, Note 1 of the statements reads: "The Corporation's ability to continue as a going concern is dependant upon its ability to refinance the revolving credit facility at its maturity, acheiving profitable operations and upon generating positive cashflow from operations." No kidding! the revolving facility is for 150M at CDN prime plus 3.25% due April 1998, of which 97.5M is currently drawn down. As of the issue of these statements they had not yet been turned down for renewal. While cashflow from continuing operations was (2.2)M I believe the lenders will hang in and then it's a matter of whether market conditions cooperate and management are up to the task. I'm going to take my chances and hang there. Brian

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