Presume you are implying this is a bad deal? Is it ideal that they are paying 12% effective interest, no. Do I prefer it to permanent further additional dilution at VWAP -15% at a low price - absolutely.
Also 12% is not so bad considering other deals by supposed producers:
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD4Q6%2ByRaZrvRjke92GA%3D%3D
8% secured over assets & 10% unsecured...
12% for a non producing company funding exploration/feasability is not so bad imo. Main thing is no equity dilution right now.
At least the doc. Seems to have got the lube this time.
Ann: Exercise of 85 million warrants and Appendix 3B, page-6
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