Ann: Hawsons secures A$ 200m equity funding package, page-229

You are completely missing the fact that the drawn down of this capital is entirely at the discretion of HIO.

They may never actually draw it down, but this puts them in a great negotiating position. And if they do draw it down they are in control in regards to timing and at what price...So the "death spiral" you mention doesn't apply in this case.

If at a more advanced stage they want to use the $200m they are likely to be at a much higher price and probably will take the lot in one go at a good price. They certainly won't need it until late 2022.

Maybe do a bit of research before spewing your nonsense. Or even better, bugger back to bother the MGT holders.