A $2M con note @ 14.5 cents represents close to 15% of the company. Given that AZS now retains 100% of Alacran it looks a low risk deal for the note holder.
Hard to see much profit in this for AZS. A 200Km trip to the processing plant is 400k's round trip... transport of mined ore is a significant cost. Toll processing costs and will eat into any margin... with AZS utilizing the high grade the economics of a long life mine will dwindle with every tonne removed. The deposit is small and mining the high grade will make it even more marginal.
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Ann: Fully Funded Trial Mining at Oposura, page-44
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