It's not the end of the world, I'm just glad that it was at...

It's not the end of the world, I'm just glad that it was at least partially debt financed. I'm curious as to why RCF imposed the onerous $28.5mil cap raise as a condition since it hurts the value of their options as well. Had we halved the size of the agreement and raised just enough to fund stage 1, we could probably raise capital at far more generous terms in a year.

Assuming we raise the $28.5m at 5c per share, the company is still NPV positive for me so I'll hold. By my estimates, BAT will run out of cash by the end of 2020 anyways so we need the 333million at 10c to be exercised to fund Balama. At the very least, the options allow us to avoid any further cap raises in the future.