Well they could do something worse than an standard equity raise...

Well they could do something worse than an standard equity raise and park shareholders behind a huge bunch of noteholders (getting 15% interest?) in the liquidation priority queue.

I think they will be doing an equity raise, even though this hurts management, and they might not want to tamper with the finance, as they are in a far weaker negotiating position now, and they will sell Pirra rather than spinning it off. Seems there are enough shareholders who are optimistic on these HC threads.

They could possibly get a smaller cap raise done now, and try their luck for some time, rather than resetting everything all at once. Maybe they could hope that the price of gold rockets.

All IMO