Ann: $40M Underwritten Placement to Fully Fund Century Restart, page-32

Anyone else thought that Sprott was playing a risk arb by agreeing to a really high debt rate at 10%, kicking for touch, and then coming back in 6 months later when the project has been derisked to lock it in. Would have thought debt available now would be sub 10% with the project nearing first zinc. Cost of equity wouldn't be higher than 14%, and therefore we as equity holder are actually getting discounted finance for the project vs the sprott option. 1.17 looks good buying