Trev has always said this was fully funded to cash flow. And...

Trev has always said this was fully funded to cash flow. And that cash flow is producing a 50% margin. So why the raising?
That’s right .. to retire debt. What debt?
Rcf’s $21m con notes can’t be prepaid for 54 mths (they convert at 40c in 4yrs!!!), $3.5m royalty is not debt, $8m facilities are not drawn, only the $25m bridges are due by dec and feb.
Senior debt is not payable yet. Why raise $45m at 40c????
Looks like management are raising more than the $25m debt due soon gives them an extra $20m spending money. And they have the 50% operating margin. Is this logical?
Small SH’s will prob be thrown a token SPP bone to keep us happy.
Rcf don’t have anyone on the board but they sure look like the puppeteer.

Management can say what they like to justify but trust is out the door. This is too much, too cheap and with RCF receiving $25m and then participating for $14m wonder why small SH should stay. This SP will trade narrow for a long period IMO. love to be proved wrong.
I had such hi hopes.