Ann: SM71 F2 & F4 Operations Update and SM69 E2 Production Update, page-49

Badger they employed a finance broker for a number of months to define terms - apparently received a number of term sheets and only at the last minute did hedging requirement scupper a deal - i would expect this would of been one of the upfront non negotiables discussed. Surely any parties would get a good steer on any CP's required to be met upfront along with any covenants required.

The fact remains they did not refinance after speaking for months about having a number of parties lined up. The fact the best deal on the table required significant hedging requirements in itself should be a huge red flag - speaks to the funders concerns about the state of the companies balance sheet and ability to repay the debt.

One has to wonder the damage the publicly stated refinance has done to the relationship with the current funder. Wouldn't be surprised to see Crimson look to renogiotiate the PHA fee and interest rate higher in due course.