Raising??, page-5

Yes Stevienix is right that about 3/4 of the debt can be converted to shares. I had discounted the conversion option since the idea of Glencore owning more is not palatable to anyone. It was Glencore's desire to not have shares that caused them to smash the share price and engage in costly court action last year. In the end the court was going to find that the conversion deals were binding and bought Glencore back to negotiate. There was going to be a very dilutive raising with Pacific Road until Glencore came back to negotiate. I view the conversion as an insurance policy if the cash is not there. I can see Hera having enough gold to pay off the debt.
If nothing else had changed the 50c valuations may be revised down due to lower metal prices. The rise in gold price has been more than offset by Zn, Pb, Cu falls.
The long term is still good with a functioning Hera plant being the best option for a number of stranded resources in the area such as Mallee Bull, May Day, and Bobadah. Then there is the significant exploration potential.
Then there is the chance of a pleasant surprise when the new Hera resource / reserve is announced as previously indicated in the next month.
So I am still optimistic. GLTAH