Ann: Company Recapitalisation, page-59

From the announcement document

"It is important to note that the transactions are part of an overall plan to recapitalise the Company and that the Shares to be issued pursuant to tranche two of the Placement, the debt to equity conversions and the issue of the RiverFort Convertible Notes will be conditional resolutions, in that the overall recapitalisation of the Company will only proceed if all resolutions are approved by Troy’s shareholders."

There would be good reason that each resolution is separate, if one resolution is not past management can look at options using the resolutions that have SH aproval

From what I understand the rights issue is quite separate, potentially raising up to $35. That would give try more than enough to develop Smarts Under ground which has already received the majority of aprovals

"As shareholders are aware, in the Smarts Underground, the Company has an advanced project located adjacent to the Karouni Mill with a current Ore Reserve of 1,082,000 tonnes @ 2.6 g/t Au for 89,400 ounces but with significant upside potential, and for which it has already received the majority of approvals required from the Guyanese authorities to proceed with development."