AGO United - Start The Voting, page-181

The establishment fee to get the additional loan capacity approved (mind you the fee didn’t even provide the funds. It allowed us simply to accrue the $50m funds required to develop) was in line with what the very short term loan sharks would charge.

We paid $8m extra upfront, which is about 16% of $50m. That is not in the best interests of shareholders at all.....

Mind you there were issues anyway getting the approvals notwithstanding the drop in the iron ore price. Later quarterlies revealed delays in getting these approved.

We would have been better off doing s cap raising to get the funding for CD. The share price was about 4.5c so we would have only had to dilute by 10% to get the full funding and there would have been no payment to debt holders of $8m. I wonder why this wasn’t considered an option....

With the price then collapsing these funds would have been used to pay down term b loan almost completely.