My reading indicates the company is being issued a convertible...

My reading indicates the company is being issued a convertible note. They have the right to convert if the share price hits the nominated VWAP in the timeframe required. Torian have the right to repay the convertible note, for a period of time, in cash, which would reduce any existing shareholder dilution.

There is no interest payable on the convertible note (unusual and good for shareholders), but in lieu, the issue of unlisted options at effectively nil cost ($200.00) is part compensation.

So, funding is provided to finalise acquisition of Tarmoola and Carhill, and if company cashflow permits, including sale of cattle end of August, and potentially refinancing through a more traditional source (Big 4 etc), plus Carhill's revenues, would see zero current dilution to shareholders, and the convertible note (debt) repaid without the issue of any new shares.

Dilution would only occur if the convertible note cant be repaid, by Torian, in the specified timeframe, and the funder converts the note into shares, plus again when the options are in the money at the conversion date and the funder buying in at the agreed price. (less dilutive).

Convoluted, but reads as being reasonable to existing shareholders and the fact that all the senior company executives have added their own shareholdings to the security provided indicates confidence.

Now thats out of the way, lets get on with some more drilling and assaying !