Just looking at the debenture deal in isolation and ignoring all other variables, I have to agree with bevter and kastin.
The debenture interest at 12% with security against the tenements, is a very good deal, indeed. To also add options to the deal is unnecessary.
If exercised, the options will of course add capital to the business. However, if the PFS forecast is correct then the business will not need additional capital.
Ann: Change of Director's Interest Notice x2, page-20
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