Yes LNC-Link they are underwriters, but not "period". Think...

Yes LNC-Link they are underwriters, but not "period". Think about why Glencore would be bothered lending $100m to Far. Firstly, it is way too small to move the dial on anything Glencore does. Secondly, it does not come close to their hurdle rates. Makes no sense unless there is another motive which aligns with (a) their business strategy, (b) their hurdle rates, and (c) is of a size to be meaningful to them. And they would be entitled to all manner of information not normally released to the market. Taking a piece of the debt is an old hedge fund strategy used many times before; a breach of a covenant which is not made whole in any grace period (that may or may not have been provided) from a non-relationship lender is all it requires. Many years of corporate finance experience including underwriting all manner of debt and structured equity deals makes all of this very obvious to me.

You are correct that it is normal to conduct market soundings before taking on underwriting commitments. However, in the case Far have clearly stated that it is subject to market soundings. Looking at the context and I would say that Far was desperate to announce something to the market and a credit approved but conditional underwriting was what they could achieve in the time frame.

As for JEMS, I am a shareholder and very much want this to succeed. However, the purpose of this site is for interested parties to share knowledge and understanding. You just have to be objective when you read what the company tells you. It is clear; they have said it is conditional. That is the company telling you that. So if you think that is spreading uncertainty then you should be asking "why is the company telling me that?". Because their lawyers would have told them to not include that statement would be misleading the market. Read the announcement; read what it actually says not what you want it to say. And by the way, the share price is 0.043/0.044 - seems the market does not think any risk has been reduced.