Exactly, if the finance is secured, all shareholders should be...

Exactly, if the finance is secured, all shareholders should be thankful, without money the smelters are useless and they will keep diluting with Acuity to keep the lights on and pay wages. The smelters have been at 60 percent for what 2 years now?

If the numbers are ballpark accurate, most can live with that high interest rate, especially for a company that has had zero income, and has the auditor raise ongoing concerns year on year.
What other alternatives did we have? small cap raising here and there, barely enough to do anything.

From memory they needed about 30m AUD to finish the first 2 smelters. They'd have enough cash to pay working capital, until the first 2 are income producing.

It's the shareholders who will control the opening, force any newcomers to buy up at a substantial premium. Remember the top 3 have been slowly accumilating whilst the impatient investors have been liquidating.

And if it does open low from those manipulators, you bet 'll be accumulating more =)