Understood Cmonaussie - mezzanine debt does carry some fairly...

Understood Cmonaussie - mezzanine debt does carry some fairly onerous terms however at the end of the day AKK's requirements are short term capital to prove up reserves to acceptable levels and derisk the business sufficiently to be able to execute less onerous Project Finance arrangements (senior debt) which can then be used to take out the mez finance. From memory LNC used mez debt to assist with the acquisition of its oil fields in the US (not the ones in Alaska but those in Texas / Mississippi if I recall correctly).

The approach above is the logical approach and was what I was inferring a few weeks ago when mentioning debt options. This is why I think the management of this company are lazy ... mez debt would have solved a whole host of issues without the need for dilution and a ridiculous SPP pitched at a price above the current market. The management may be technical gurus however in the areas of financial management they are not the sharpest knives in the draw.