Its a deal that says nothing good.
The cost of capital here starts with a 2.
Warrants + 7% margin on SOFR that's mid 5'and an OID of 7% s with warrant kickers....hmmmm.
With $13m going to cash collatoralise the rehab bond.
No wonder the market marks the business down.
The only way out of this is for management to start to deliver volumes of Cu concentrate and show that the funding has been used to deliver value to TNC shareholders rather than Nebari investors.
Shares have done nothing but trend down since the backdoor.
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Last
36.0¢ |
Change
-0.025(6.49%) |
Mkt cap ! $45.85M | |||
| Open | High | Low | Value | Volume |
| 38.0¢ | 38.0¢ | 35.5¢ | $59.36K | 160.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 140297 | 36.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 39.0¢ | 58717 | 1 |
View Market Depth
| Last trade - 15.59pm 25/07/2025 (20 minute delay) ? |
| TNC (ASX) Chart |