That would be a good option for those of that could afford to...

That would be a good option for those of that could afford to participate (assuming it was open to all shareholders) but a pretty crappy one for those that cannot. Permanent dilution to avoid short term high interest rates is not desirable in my humble opinion.

I would be in favour of refinancing or using offtake prepayments (if we get them). If management are confident of improving and maintaining production and they can do so profitably then I'm ok with servicing the loans and settling them upon maturity.

Having said the above, should we require working capital, I would prefer to complete a capital raising as opposed to taking on more high-interest loans. One of our peers is currently undertaking a capital raising to essentially meet the debt obligations for the next year, I don't want to find ourselves in a similar position.