Ann: Exploration Update, page-11

Oh yeah I agree. Id be extremely happy with a debt facility at 7% - 10% interest rate at a much longer loan term and part equity funding. I imagine this takes a lot longer to organise as lenders will be less keen if you arent giving the bailout option to the lender of converting principal and interest to shares so they own the company/project in future if it doesnt all work out.

I'd rather wait than deal with any of this convertible note stuff UNLESS there is nothing to do with VWAP in there (similar to last tembo notes in raise). Set conversion price so you know what the worst case scenario is to limit potential dilution. Upon saying this, a deal on those terms would provide the opportunity to get out quickly as very few understand the potential ramifications of convertible notes (as indicated on the VEC thread by those wondering why the share price isn't reacting positively to $35m of debt funding).