From my read the existing debt holders don’t want or did not approve to be replaced by Sprott and that’s why the company did not close the round with Sprott.
IMHO That’s why BDR got such a good deal in capital raising as opposed to BLK’s 4c + option raising IMO - there were lenders wanting to risk their money on BDR.
“The fund raising allows Beadell to retain its current long-term debt structure, while fully funding the ongoing mill expansion, expected to be completed on budget in July 2018. The Company does not intend to close the Senior Secured Credit facility from Sprott Private Resource Lending (Collector), L.P. (Sprott), previously announced on 26 February 2018, due to the strong support from existing shareholders and new investors participating in this capital raising. The Board of Beadell appreciates Sprott’s commitment to the Company and thanks them for their support.”
Anyway, I dumped half my shares on the market will apply to buy it back in the SPP.
