CTM-Huge Nickel Play Undervalued, page-135

Correct.
But Terra gets $1mill in shares at whatever the 10 day VWAP from “the date of this announcement” which I’m not sure if they mean the announcement they just released or the “closing” the deal announcement. Could read both ways but I think it’s the latter. So if the share price increases they get less shares. Also, if we stump up $2mill before the due date of first payment I think we save ourselves $500k.
Also, re-reading the announcement, the terms with Vale are deferred, $1.75mill on a Bankable feasibility study or construction funding being secured, or 3 years from agreement signing whichever comes first.
The balance of $5.25mill doesn’t need to be paid until first production. If we are at that point I doubt it will be hard to raise the money and I doubt our share price will be where it is.
My point is, we don’t have to come up with all that cash NOW as the time lines are quite long, but will need some in the near future for Terra.