Presume you are implying this is a bad deal? Is it ideal that...

Presume you are implying this is a bad deal? Is it ideal that they are paying 12% effective interest, no. Do I prefer it to permanent further additional dilution at VWAP -15% at a low price - absolutely.

Also 12% is not so bad considering other deals by supposed producers:
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD4Q6%2ByRaZrvRjke92GA%3D%3D

8% secured over assets & 10% unsecured...

12% for a non producing company funding exploration/feasability is not so bad imo. Main thing is no equity dilution right now.

At least the doc. Seems to have got the lube this time.