True if those things happen. As I mentioned the terms of the...

True if those things happen. As I mentioned the terms of the offer are not available yet. Is it possible that the initial $2M is paid back at some point prior to mine development? We don't know yet. Those who participate certainly must have a good incentive for helping keep the company afloat. Let's wait and see.
I'm not sure if you are being serious or not regarding putting the $2M in shares as a better option but I will entertain your thoughts on that one. Put simply, liquidity will not allow that to happen unless you want to push the sp over $1.
$2M worth of shares means you own 33% of the company. Unfortunately liquidity or lack there of will mean you won't get too many shares once you start buying. 75% of shares are owned by the top 10 and Sophs who are most likely here for dividends so they will be happy to hold for a while meaning there is about 14M shares traded by retail. Most of the new retail came in with the hype from Wise Owl and Next Investors, the majority of them bought in on the hike and are sitting at a loss right now so not too many sales coming from that lot. They are WO/NI subscribers so will follow their lead with the investment which is (as per NI website) a long term position.
Let's wait to see what the terms are and have the conversation again with facts. I was simply answering someone's question and used assumptions to do that.
I will go as far as to say I think this will be a fairly good deal as the risk you talk about is in fact correct and I agree. Those who participate will have a deal that is free of risk or they would not participate....would you? I wouldn't.