i take 'issuance of equity' as simply a placement with another...

i take 'issuance of equity' as simply a placement with another group who are buying a stake.

If it was an equity raising, then that is exacty what they would have stated.

If an 'issuance' is done, it will be the best outcome IMO.
It basically means that they can keep all their assets, and re-focus on getting the job done. WHo knows, it may in fact be done at a higher price than the last sale. IN addition, the backs will be satisfied as not only will debt be reduced, but a cornerstone investor with appeal would satify all in terms of kicking in funds for project development/exploration etc.

So, it may be that they issue 20% additional stock to possibly the chinese and price is being negotiated. I believe Goldman Sachs brought out an asset valuation of $6-7b on OZL, so it may be that they negotiate to sell a stake at an EV of $5m? Who knows...wishful thinking maybe, however, you cannot deny that if metals were trading at the same prices as a few months ago, we would not be having this conversation. And i'm sure in 18 months time, we will see these prices.