Underwriter to run away? to Philipphines??

Prospectus says that Neiil Francis Suart is underwriter of the Entitlement offer for 500 000 AUD
That would be kind of very short term minimum to keep lights and hold the rights.

This should indicate the investors that
- the company would not get immediately bankrupted when/if the over-priced offer would fail
- there is still one old investor investing

However, the there is over 40 items in the termination list ensuring that Stuart only pays if it would please him

Termination
The obligation of the Underwriter to partially underwrite the Entitlement Offer to the Underwritten Amount is subject to certain events of termination. The Underwriter may terminate its obligations under the Underwriting Agreement if any of the following events occurs prior to the Settlement Date:

1. Regular hostilies in the world

(s) (hostilities) there is an outbreak of hostilities (whether or not war has been declared) not presently existing, or a major escalation in existing hostilities occurs, involving any of the following:
(1) the Commonwealth of Australia;
(2) Japan;
(3) the United Kingdom;
(4) the United States of America;
(5) the People’s Republic of China;
(6) the Middle East region; or
(7) the Philippines;

Except for Australia these are not involved in NPMs businesses and hardly all with Underwriters businesses.
Adverse event is likely with one or several:
Escalating of some hostilities in the middle east region occur all the time, but would hardly affect he businesses,
some change can be expected with USA in Ukrainian war, and
some hostilities may occur between China and the Philippines over th South ChinaSea, or by missiles of North Korea over Japan

2. Conditions in the (reasonable) opinion of the Underwriter

(bb) (financial position) any change occurs in the financial position of the Company or a Related Corporation of the Company which, in the opinion of the Underwriter, may have a Material Adverse Effect;

- the daughter companies appear to have acute dept promlems

(jj) (significant change) in the Underwriter’s reasonable opinion1) there has been a significant change affecting any matter included in the Prospectus; or(2) a significant new matter has arisen the inclusion in the prospectus of information about which would have been required to be in the Prospectus if the matter had arisen when the Prospectus was prepared;

- see bellow

3. Apprent problems in the prospectus

(pp) (information supplied to Underwriter) any information supplied by the Company or on its behalf to the Underwriter in respect of the Offer is or becomes false or misleading;

(dd) (material omission) there is a material omission from the Prospectus;

(ee) (material false or misleading statement) there is a material statement in the Prospectus that is or becomes false or misleading;

(ff) (misleading or deceptive) the issue of the Prospectus constitutes conduct that is misleading or deceptive or likely to mislead or deceive;

(gg) (Prospectus compliance) the Prospectus does not comply with section 713 of the Corporations Act;

(hh) (requisite information) a Court or ASIC concludes that the Prospectus does not contain all such information as investors and their professional advisers would reasonably require and reasonably expect to find in the Prospectus for the purpose of making an informed assessment of1) the effect of the Entitlement Offer on the Company; and(2) the rights attaching to the Shares including the Underwritten Shares,or concludes that the Prospectus otherwise fails to comply with the Corporations Act or any other material applicable law;

- promlems with "no litigation" and "good standing" "granted tenements" claims?
at best missing/omitted information like lists of tenements and their statuses
litigation claim appears to apply only to the Australian mother company