AC8 mkt cap 70mill at 40c we at ZLD THC MXC lw end of town mkt caps, page-4

So.. you're willing to invest when they:

(a) Have materially changed projections unfavorably;
(b) Do not have a ready-to-go loan facility/have not met the requirements of a term sheet (note the wording 'credit approved term sheet' does not mean they have met the requirements of that term-sheet in the context of the announcement);
(c) Their projected spend for the current quarter indicated ~80% of their 30 September cash balance to be expended, leaving $5m at 31/12 before any income (aka broke soon, even if they stay the Capex);
(d) Have a free-falling SP, which increases the chances of material dilution should they need to raise funds; and
(e) They have announced distribution agreements, and now say their expected supply was surplus - so how big is this agreement then?

High risk. That's all this screams.