while the financing is non dilutive in a streaming scenario, the cost can still be prohibitive. i wonder what the cost of capital is (or the return to the financier). if the rate is high enough, it could be more expensive than issuing equity.
the details are sparse at this point so its hard to know.
Ann: NYSE-MKT Listing, Non-Dilutive Financing and Karoo Update-PEN.AX, page-10
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