refinance, page-6

Not great but the structure is again interesting, why wait to increase their stake? To be fair to Sentient, Marengo made a concerted effort to burn its available cash without producing anything that would raise the share price. Les even boasted about continuing to spend on additional drilling in the Australian article. On looking at the financial reports there was little in the way of meaningful belt tightening considering the looming debt.

I don't see Sentient as vultures, they can pretty much push through anything they want with their current stake, board members and technical committee.

It will be interesting to see if the company has put any effort into producing a timeline and outcomes to come from the raising. But I fear they will simply rest on the GMP securities report which will take 40 pages to say "no-one else had any money and we have been told by Marengo Mining that they need more money to do unspecified stuff".