Agree with your observation regarding the rights of lenders v shareholders. Management are fully aware of this and it gives us a view that they are very confident the project has passed lots of the risk phase.
As the Morgans analyst suggested. This project has been de-risked when compared to other junior mining developers. EQR has an operational processing plant that has been improved, a functioning by-product (quarry), a fully tested ore-sorter stockpile, new drilling results that confirms many years of tungsten production. The tungsten is already being used by global end users and we have a global trading house as a hands on partner (Cronimet).
That's why they were comfortable with a convertible note.
Ann: Early Works Expansion Funding ahead of BFS, page-16
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4.7¢ |
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Mkt cap ! $105.1M | |||
| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
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