Some valid points mentioned but I think you are being overly pessimistic.
Suppose Twiggy, known for being vocal in his intentions does what his mission statement from Wyloo states? Again suppose Twiggy approached Hastings to invest and Charles said we just need to take care of steps 4 and after in the presentation to get finance, so loan us 150 to buy into Neo, or Twiggy just wanted to get on board and asked how he could help and get a stake.If the notes are converted to shares Hastings will still have around 150 million shares issued. Still enough to issue 100 million more at $5.50 for 550 million or another 50 million shares to give working capital once commissioned.
So we have a funded mine with 2 binding off takes, (the Skyrock will expire as it is for 5 years from 2018), with 300 million shares issued we are still around 700 million shares short of what Lynas has at present issued.
There is still plenty of room to negotiate carbonate, oxide, metals and magnets through the Neo purchase and their sales channels.
There is a risk of a market downturn and Twiggy taking away Hastings but that is only after any finance offered as his investment will rank second to that. It’s not as easy also as just taking away the resource as Hastings has management and a board with skin in the game and IP, so I doubt he will have many supporters when they will cop a loss also. This is highly unlikely as Lynas and illuka both about to get started on being cash cows and by the time the deal expires, Hastings should be producing which will at a minimum allow Wyloo to convert way above the $5.50 price, own a cut of Hastings and be carrying a capital gain. It’s a win, win no matter how you look at it. As you said also and Ausheads mentioned many times, off takes are king, you can promise the earth but without a buyer you are nothing.
There is not going to be a loan without convertible notes or some sort of equity and that is why the 20 for 1 deal happened to allow more shares to be issued to the financier. I am thinking 3 or 4 hundred million shares on issue before we make a dollar and then work out the market cap relative to Lynas, taking into account if Hastings is selling carbonate, oxide, metals or magnets.
This is another whole thread though.
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