Ann: Trading Halt, page-12

Great deal for IGO. Getting almost a 20% stake at no premium to the last share price + a board seat.
If the operational issues continue or something from left field happens (pipeline damage, Coronavirus etc) and the company goes bust then they are down $27M - small biccies for them. If NCZ performance/the zinc market improves they are able to get the upside.
They also indicated that there may be in infrastructure/wider M&A play here that IGO may be interested in - where Century mill process/transport some 3rd party ore/con with no exposure to the massive rehab costs.

All in all a very cheap optionality play for IGO. Not so much if you are an existing holder. Plenty of dilution at close to the lows for existing holders.

Now ask yourself the question of why this was not done when earlier the share price was in the 20s.