Ann: Financing Arrangements - Mt Carbine Quarry & Mining Leases, page-116

Did you not read the ann? Cronimet will essentially be the ones running the operation not SEI. Cronimet aren't stupid to offer offtake without first doing their DD and ensuring operations will go smoothly. They are wanting to do a JV and secure all the product from the site, to ensure they get a cost advantage on  their competitors. I suspect the contract will have upper and lower limits for the Tungsten. 

The price do reduce dilution will need to be much higher than the current SP to reduce dilution. Even if he did another 10M cap raise to let this project work, it wouldn't be at this price point. Even if as you suggest they are doing this to do a small CR of $3M eg, then they will still need some type off ann for an exit for the people that buy into that CR. No broker is going to raise without an exit.