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Gold/Mining/Energy : Royal Oak-RYO
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To: Thomas P. Talbot who wrote (858)3/28/1998 9:49:00 PM
From: Al Cern  Read Replies (2) of 1706
 
$35m principal is due after one year, interest is close to that amount. Where are they going to get the $70m by next year? This refinancing ain't going to happen. They will get a deal though, cause the subs need one, and it will be better from a numbers standpoint, but it will involve equity. The numbers, even by RYO's estimates lead to only one conclusion. The equity is worth nothing unless gold goes well above $400.

Sincerely,

Al Cern
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