Some good insights on this thread. Here are my 2 cents. Imagine you are an institutional investor and AVZ comes to you for some equity. They say, "we don't have a mining license and we can't give any assurance that we'll get it". Do you think the investor will entertain AVZ? So, AVZ must have some news for the investor that they are willing to pour in 50mn or whatever the amount is.
Second, the pricing. We (AVZ) must need the institution to make that commitment (for reasons to be made evident in the next few weeks). The investor can easily pick up shares at market price and probably 10% below, with the fluctuations over a short period of time. So the discount, while unfortunate, is kinda necessary. Ok, fine, even if the price is a bit lower, it is a small sacrifice for long-term games.
So, from that, I believe (and DYOR):
1. ML is a near-certainty
2. The funding is necessary (even as a backup/leverage) for *something* that will hopefully be clear soon.
Again, DYOR, and GLTAH!
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