Bullzeye, page-15

The announcement and prospectus is on the Bullzeye website

https://www.bullseyemining.com.au/site/emerald-resources-transaction-information/prospectus

Interesting reading the prospectus:

• In Feb 2023 EMR lends Bullzeye $1.75M at 12%. To wrap that very short term loan up – an offering allows EMR to take up more shares, which funds Bullzeye’s repayment of the loan to EMR. (See 10.2 Short Term Facility Agreement and 6.3 use of funds)
• EMR then offers a new facility of up to $6M at 8%. (See 10.3 Emerald Facility Agreement)
• If only EMR take up the offer, their % holding in Bullzeye increases. If Hong Kong Xinhe also take up – then part of their contribution will fund the legal case against them. Check

Am I missing something – or is this takeover by stealth?

What stops Bullzeye drawing down the $6M – then another offer of $0.29 for every 10 shares held, later in 2023, to raise $6M+ to pay back EMR – diluting the shareholdings of those who don’t take up the offer.