equity raising or not

This would be by far the worst time to do an equity raising, *if* there is one coming up.

Suppose they need to raise 60M at 35c. That's roughly 170M new shares, or 33% of existing capital. If Bond holds 40% of outstanding stocks, he would need to cough up 24M. I don't think Bond has that much cash in the bank. If he doesn't buy in 100% of his part of the equity raising, I don't know who will. If Bond doesn't buy in, or buys in using debt, it's quite embarrassing situation. So I think Bond will strongly oppose an equity raising, or should only use equity raising as last resort.

Debt facility expires in roughly 5 months. I expect in 5 months net debt would be something like 70M~80M. Between deeply discounted equity raising and fire sale of one or more of its assets, which one is more attractive? I think from Bond's perspective, it would be fire sale.

Of course if any of the blue sky deals go through, there is no need to worry. I am only making a worst case assumption here.