There is sort of a time value issue here. They have really paid...

There is sort of a time value issue here.
They have really paid about $1.5m, plus the value of the options to gain about 6 (or whatever) extra months of cash runway. The interest rate is very high, but the potential of getting over the current pre strip hump, and into actually processing free milling oxides at a rate of about 83koz pa at roughly 1350 AISC, without risking run out of cash (assuming no surprises!), is presumably worth it.