well, they are already a major shareholder, and if they were to swap some of the debt to more equity - they would become a 30% holder of the company. Waiting 12 months, and they would get less percent of the pie. Converting a debt to equity at lower prices in their interest.
Just some quick math. for example only
if mmi raised $60m equity at 12c say, then that would be another 500m shares.
then total shares on issue approx 1100m, at of which Greenstones could hold a max of 30% or 330m.
if they already hold 120m approx, then theres another 210m which they could convert. (in lou of 25 m debt)
So the retail component of the raising would be 290m shares at 12c say = $35m
and a conversion of 210m shares at 12c = 25m , which leaves 15m debt. Deduct from the retail raise, and you get 20m cash left of over from the raise, and greenstone paid back via combination of 25m equity + 15m cash
from the remaining 80% of other holders or approx 480m current, the 290m could be done with a 3 for 5 pro rata rights issue at 12c.
And then get a new 20m debt loan from third parties to go with the 20m cash surplus of the equity raise.
again, just an example.
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