Ann: Annual Report to shareholders, page-16

Unfortunately, no matter what the equity deal is, the board will need to execute it in the interests of ALL shareholders.

Putting the project on hold (which is essentially a discontinuation) will result in the banking syndication walking away and a breach of the convertible note terms. See events of default below from the NOM to approve EMR participation in the notes.

This will mean a restructure (as EMR have form in doing with Peak) and the only two shareholders that benefit are EMR and Tecnonic (noteholders). Shareholders tear all equity up, EMR/Tectonic gets the project for the value of the notes they've funded HFR for and there's a class action against the board by the other 99.9% of shareholders that would be f*cked over with total lose of equity.

Of course this is all hypothetical but the underlying message is not matter how far below water the 30% shareholder is in the outcome, the board needs to lock in the funding in the interest of all shareholders.

Real shit-show on our hands given the deteriorating ECM and global macro.