Almost certain it would be via placement. Guessing they would also be tradeable ... most are. Lonestar did a preferred to fund an acquisition and pay down 2nd lien notes.
Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks
AN1 CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch