I haven't seen an actual connection. I guess people just figure...

I haven't seen an actual connection. I guess people just figure when you see funding in "tranches" and using equity as a security over the loan amount. It's basically a fancy way of saying convertible note. With the offset of the offtake agreement. And they dont mention the interest rate only that it is a "fixed amount" above the BBSW.

The market will probably want to see the condition precedence met first. But the initial $500k payment is re-assuring that Noble are serious and that CP should be met and shareholder approval will be granted.