I'm just not convinced. Most of the points outlined above are in...

I'm just not convinced. Most of the points outlined above are in the best interests of AWV shareholders.

So essentially you are saying is EXC is giving up 65% of its cash flow to AWV shareholders for a 2mln loan? If EXC is able to get project funding then this makes no sense at all for EXC shareholders.

Also of interest is the related-party nature of this transaction.

Montezuma Mining Company
Seamus Corenlius (EXC shareholder + MZM Director)
Justin Brown (EXC Director + MZM Director)

Mitchell River Group
Contractor to EXC and shareholder in AWV
Alasdair Cooke (MRG Dirctor + AWV shareholder + AWV Director)
Bill Fry (MRG Director + AWV shareholder + AWV Executive Director)

The only person I cant link in at the moment is Bernard Stephens. If there is a link, I will find it and publish it here.