Ann: Financing Arrangements - Mt Carbine Quarry & Mining Leases, page-169

Interesting read, a full depth analyses on SEI by a gentleman on a different forum. To the point and pretty much bang on target, while also going the extra mile to answering concerns and doubts of the company's position to others :

Sel will provide an update on Testing in the next Quarterly Activities report ,which will be at the end of this month. ( not March .....but January.
The chances of a cap raise are 100/1 .
My opinion it will be a Placement to Cronemet and possibly some instos.
The maximum they can place is 25%. Around 120,000,000 shares.
This would also have to be done at around 3.2 cents ,to allow Cronemet 20% holding.
My opinion. Anything less is insufficient.
The testing is nearly completed to my knowledge .
And as far as I can guess their will be no surprises it will be consistent with the last lot done some time ago.
In fact it maybe a little better as it is exposed to whether which would have helped clean more dust out of it.
As for the hard rock their . Nothing to worry about what so ever.
Cronemet will have their People on board in early Feb to commence work, so I doubt the 5.2 ml is conditional on anything ,and was made to look like that by the ASX, who stripped back the announcement.
Sei compared to other companies will have less capex making them much more viable,the decision to acquire the quarry was a master stroke as the tunnel entry is already in place to a depth of 400+ mtrs .
This will save us over 30 million in development costs . A dewatering program will take place whilst processing of the stockpiled hard rock and tailings are going on, no lost time. Cash flow positive from day one.
I love listening to the negatives on this one ,
People clutching at straws especially those who own TGN.
If any of the top 20 start selling out of TGN look out as they hold about 60% of the 740 ml shares on issue divided between 420 share holders
Whereas SEI with 1,420 share holder s only have 550 ml shares on issue, they can afford to have another 200 ml on their books .a quick look at the top 20 shows An increase of 9% in holding up from 38% to 47% and climbing.
So confidence is their with the top 20 rapidly building up their holdings.
I would suggest they would also expect no CR but a placement to Instos or solely to Cronemet.
I expect a report very soon, be it Quarterly or otherwise either Friday or Tuesday just after the Public Holiday.
My tip the tests will be shown in the Quarterly Activities . And yes minimizing reports save money.
Quarterly report due on the 31st , Trump address the Nation on the 29th Jan , May also help world markets lift.
My tip is we will be in full production barring any unforeseen events by June .
With production of tailings and stockpiles commencing in March.

I just worked out why the top 20 have been buying up,
I suspect Cronemet will have to buy x amount of shares off the market if they hope to get a 20% holding.
I hope I’m Rite.
Also the only Private or sophisticated investor will be Cronemet.
And ,with regards to someone somewhere mentioning 70 ml shares ,these would all go to Cronemet ,my tip is they will get about 120,000,000 at 3.2 cents giving SEI $3.600 ml + $5.2 already secured ...= 8.800 ml leaving $800,000 working capital until June when the next 15% is allowed via escrow.
The balance of shares will be bought on market by Cronemet.
This is the only way I see this working.
Then we have the 50/50 partnership issue with SEI / Cronemet in a subsidiary Company.
How this will be structured is anyone’s guess at the moment.
We will also receive from this new Sub Company a 2.5% royalty on smelter delivery of Tungsten.
Also we will have income from the quarry waste to Cairns and Marrebba Councils and private buyers of road base materials. Plus any credits from other Minerals found and produced.
We also have a position that Cronemet want to establish their selves here in Australia for other Minerals and alternative energy materials ....Ie, Lithium ,Nickel ,Cobalt, etc.
The partnership with SEI achieves this.

Another reason why I love this little speccy is we do not have to worry to much about strip ratios .
No good having plenty of tonnes deep in the ground if you have to move a Mountain to get them or spend millions and millions on roads and bridges to get to them .
I could name at least 2 others who will have to do this , but I won’t as I sold out of both them.
Wolf proved to all Debt kills businesses .
Fortunately SEI will not have this worry ,