the plan appears to be

to raise half debt half equity now. That is, use $85m of the Minsheng facility and get $85m now from the rights issue. To get the rights issue fully subscribed (unless the remaining $35m is underwritten) yes, it must be a good JORC in the offing. Then, after the good JORC and the plant is in production, the SP will be well over $2.50, the oppies will be exercised for another $85m and the debt paid off.

Shareholders get a 33% dilution, though, so, why the oppies? The company is expected to be earning bucket loads in the first couple of years, so wouldn't need the oppies to redeem the debt, and the dilution would only be 17%. After all, with the plant in production, the company doesn't need the $85m for anything, really.