Unfortunately, no matter what the equity deal is, the board will...

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.