you can 'discuss' all you want:CSD is a debt funded entity;...

you can 'discuss' all you want:

CSD is a debt funded entity; previously when debt levels have become too high, CSD has done debt/equity switch through the mechanism of VA; diluting all previous shareholders.
CSD is still debt funded - the $2m deposit (which is unclear if this is refundable or not, and is unclear if it has been paid or not) will be funded from the existing $10m debt facility
The transaction is still subject to finance - plus there is a $1m break fee (why you would agree to a break fee in these circumstances is questionable)

The facts/figures will become clearer when the shareholder documentation is published (when is this due? as CSD have a habit of letting timetables slip).

I would suggest that this transaction is functioning as a larger refinancing of CSD. They (CSD) drew down on the previous debt facilities (and did multiple debt for equity swaps), now CSD are drawing down on a new $10m debt facility (as Mt Garnet operations are not cash positive and do not appear to be cash positive going forward).

if the transaction goes ahead (which it will as majority shareholders will vote in favour) - larger OCP debt facility will be put in place, which will then be drawn down until.....doing the same thing and expecting a different result