glencore in the shit, page-2

I was looking over the $500,000 loan facility provided by Barra Resources to Meteor Metals Pty Ltd and it seems a good deal with a 3 year term.

Notably the repayment trigger from Conico is for Cobalt to trade on the London Metal Exchange at a 15 day average price of US$60,000.
We don't have to repay when that happens if we have $1,000,000 plus the loan amount soon to be $500,000 plus interest in the bank thus $1,500,000 plus interest.

If we cannot pay the debt, then we (Conico) repay in shares.

So I reckon our directors are confident the LME Cobalt price will get to the trigger but before that our share price will have risen accordingly due to the restricted supply coming out of Glencore's Congo operations and increasing demand for Cobalt.

When the share price gets over 4.8 cents 28,264,866 listed options become in the money and if converted provides $1,356,713. The top 20 holders of the listed option hold 26,467,291 shares equaling 93.64% equaling a raise of $1,290,429. So repayment of the $500,000 drawdown facility at 5% without giving shares in lieu is very likely in my mind. What top 20 holder wouldn't convert. Expiry date of the options is 30 June 2021.

Seems good capital management to me.

From Barra's point of view I recon they want to keep Conico as a partner, rather than us sell out and need to deal with an unlike minded approach to the project going forward.

Just my thoughts.

Any comments?