Ann: Flinders secures $5 million loan facility, page-7

"On the surface....."
I meant to say:
On the surface it looks like the other terms of the loan are good - BBSW + 2%, Unsecured, and looks like no Fees.
Pretty much no one else would lend $5m Unsecured to FMS on those terms, other than Todd.

FMS had a shortfall under the last CR, done at 5c?
FMS would have had the ability to Place that shortfall on same terms. Am not sure if any period limitation?
But Todd would probably not have been able to accept any shares under that placement of Shortfall (am not certain) because it would have been outside their allocation of Rights?

So am thinking that FMS/Todd would prefer not to see these shares go elsewhere, and dilute Todd holding?

This loan is short term to tide FMS over, and enable FMS to complete Maturation study.
It is stop-gap measure to enable FMS to complete the Mat study - then depending upon results - FMS will raise a lot more funds to "to repay the Loan Facility, progress feasibility and mine scheduling studies, and supplement working capital requirements. " ---- so probably $15m - $20m?

This Maturation study is far more extensive than BFS. BFS I suspect was too broad and not definitive enough, for Todd/and J/V to develop their plans for PIOP.
The Maturation study commitment was under a Board controlled by Todd, and driven by BBIG.
So they want to see it completed to their confidence levels.

Once they have the results, they apparently will cause FMS to conduct the new R/I.
One would presume that as required by ASX, the full results of Maturation study will be released for R/I?
anyway, just speculation on my part
cheers