Putting myself in MNS shoes; it’s likely the only viable option for temporary working capital without the need for cap raise at a large discount which would push the SP much lower and further reduce shareholder confidence.
The other interesting part is that I doubt Evolution Capital would put up $6M with small margin of safety if they knew MNS would fail in the short term.
My guess is that this is simply a top up and/or used as a buffer until milestone objectives are achieved this quarter and things turn around.
I’ve had another look through their announcements for this year and there is a lot of moving parts and all converging at once; I hope they can pull this off.
Risk is high as delays have cost them working capital and massively effected sentiment which has accelerated their decline.
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