kaboko mining concludes us$3 million debt faci, page-70

Banksy, Noble have a history of large shareholdings and even takeover attempts like Gloucester coal or the recently failed Arrium. So to say T/O ruins their reputation and prevents them from doing business is a very odd statement by Santoo.

If KAB was a bargain then perhaps Noble would go down that route. Offer a premium. Buy us out for $20mil. But I don't think they see value in that. Debt funding is the prefered leverage into an uncertain play like KAB. With the added luxury of warrants should they choose to convert cheaply.