IF they need it. Its a fair bit removed from your initial scenario of a 100m share dilution. If you know anything at all about this co - (which I dont believe you do) approval of the $95m drawdown will lift the price which blows your calculation out straight away. Without the $95M there is virtually no need for the $30M as the co needs far more than $30m to reach production.
Again - its a big IF..and as suggested elsewhere in these threads - it seems very reasonable to me that the additional facility is in place to satisfy other lending and drawdown criteria of the senior lender and/or convertible note holder. The original loan also incorporated a contingency amount of - i believe - $20m.
cautious, page-11
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