Interesting. Positive is a lot of funding for a period that is...

Interesting. Positive is a lot of funding for a period that is going to need a truckload of funding.. from a development perspective they'll still need to do a chunky raise at development as no bank will give 100% leverage but that's years away as not even at DFS yet. Those can take years.

Negative.. I've had to deal with debentures before and this all hinges on a large increase in share price (which needs to factor in the dilution of this issuance) over next 4 years. If anything goes wrong, the debenture holders can either take out a large chunk of the company at a hefty discount or they can gain ownership of the assets through their General Security Agreement.

It's ballsy especially if they get any EPBC push back. This may also be targeted at the EPBC who will be surely looking at this from both financial and operational feasibility perspective.

Looking further afield. Checking a map, one of their future growth targets include a prospect in the water catchment for Mudgee and Duboo (coomber). That is a big risk but it's only a future option so who knows if it is ever going to matter here.

I'll still sit back for EPBC and feasibility optimisation. Probably cap my return but if either aren't great the downside is there to watch.

gla.