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If Ben’s Creek owes you $1 it is in trouble, if it owes you $14 million you are in trouble

By Tom Winnifrith | Wednesday 6 March 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Having said that it would lend Ben’s Creek (BEN) an additional $5 million last month, 29.9% shareholder Avani has today raised that to $7.5 million or possibly $10 million. The first five has already been spent on “working capital” or, in plain English, funding ongoing losses. And there is more bad news.
The new facility will be repayable on July 1 2025 but can be called in at any time if Ben’s fails to ship coal in any two consecutive months. The interest rate is an eye watering 13% although I certain circumstances that can rise to 16%.
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