Looks like they have extended the Taurus facility to August...

Looks like they have extended the Taurus facility to August

Wonder why have 2.5m options been issued?

Per the footnote on the equity raise pres - guided to max of 2m

Kingsgate and Taurus have agreed to provide a waiver in relation to the financial indebtedness arising from the preference shareholder advances received on the condition that certain conditions are satisfied including that (i) Akara must accede to the Bridge Facility Agreement as an additional guarantor (already satisfied); (ii) Kingsgate to provide and implement a detailed funding plan that is satisfactory to Taurus by 31 March 2023 and (iii) Kingsgate to use its reasonable endeavours to progress the disposal of Nueva Esperanza (or an alternative sales transaction) and provide regular updates (no less than monthly) to Taurus. Kingsgate and Taurus have also agreed that subject to the satisfaction of the same conditions, the maturity date of the facility can be extended to 10 August 2023 upon payment by Kingsgate of an extension fee of US$150k (excluding GST) by 31 March 2023 and the issue of a maximum of 2m options or such lower number as is proportionate to the amount outstanding under the Loan Agreement on 31 March 2023 to Taurus by 30 April 2023, with the options carrying a 5-year exercise period and exercise price equal to: (a) if Kingsgate completes an equity raise (for an amount of not less than US$20m, or its A$ equivalent), 120% of the price per ordinary share for the lowest price ordinary share issued in connection with the equity raise; or (b) otherwise, A$1.50 per ordinary share, provided that an additional US$300k (excluding GST) must be paid if the maturity date of the facility is extended beyond 10 August 2023