Ann: WWI Receives Indicative Terms For Additional Debt Facility, page-53

i’m long in here & the $10m from Wingfield is wonderful but unsure if I appreciate Michael talking about it as a debt/loan & saying “tier 1 type & non dilutive” when the board has basically done a 18% dilution of the company at 1.5c with 5yr expiry for the 400m soi. Yes we are undervalued significantly but MQ can’t say this is non diluting.

If it was only loan yeah but with that massive chunk of options, it’s significantly dilutive. If strike price was 6-7c with 5 yr expiry, fair enough, but to sell the company out at that low a price for that high vol isn’t great. I do understand not everyone would put in $10m here like @Skell has but still, each & every holder will sign up for that good an options deal especially with 5yr expiry. Happy for Wingfield who will take an even larger stake in west wits & at least are in for long term unlike SBC who’re dumping stock, but still, this deal is dilutive. In 5 yrs time will our company be worth $35m aud? That’s the price offered to them & as much as funding is a step in the right direction else we go bankrupt, this add on dilution would further reduce share price expectations from 11-11.5c area (in line with the NPV) to 9-10c at best (on current metrics at least, unless we get details on DFS from other stages & uranium resource is latest jorc compliant etc). Over 2.7b soi including the 400m oppies.