Work of an accumulator?, page-14

@Hiddenvalue, it's a good thing the Pacific Road deal fell over in Dec'17. The funding terms were a killer, especially the Tranche 'B' options (84.4m with an exercise price of 14.4 cents & an expiry date of 31/12/2022) which were also conveniently accompanied with a 'gun to the head' interest rate of 18% on the total loan facility if the options weren't received by Pacific before 31/03/18. Share price was falling in Dec'17, gold production wasn't good: hello to 18% interest.

If Pacific exercised all of the options included in the funding deal, it would have given them ownership of more than 40% of the company. I'd probably be inclined to describe anything about funding from Pacific Road as 'hideously expensive debt'.

https://wcsecure.weblink.com.au/pdf/BLK/01925999.pdf