PanTerra share structure I was able to talk to Guenther Roehlig at length yesterday - he was willing to take a lot of time for this
the main issue is that NOV is out of cash due to the failure of the drilling at Ren - they had hoped to find sufficient high grade to justify advancing the project, and this didn't happen (yet, at least); and they are not willing to dilute the company by the massive amount of shares they would need to issue to raise cash at these levels - a position many explorers are in (the JV with PT would only cover work in the DR, not all the other corporate expenses). Board and management therefore felt it was better for shareholders and the company to be associated with a company with nearterm revenue prospects - he spoke very highly of Brian Johnson (also that PT drives a hard bargain), and also mentioned how much Brian has already invested in his company. He admitted that NOV would have preferred a 1 for 2 deal, but this was the best they could get; and it happens at a time when PT is also depressed in price
he admitted PT's share structure is inflated, and seemed to take it for granted they would do a consolidation. He didn't comment on the 30% hedging that you mention, but with nearterm production expected, at 400.00 / oz production cost, 1358 /oz doesn't seem too bad for a new producer
the listing on the TSE is now dependent primarily on the TSE's requirement that PT have more cash on hand (ca. 5M, which he did not think was a big issue), so he expected clarification of that and related issues fairly soon (but he also talked in terms of 'up to 6 months'!)
best wishes for all who stay; I see there was a large bid at 0.045, so the price is not collapsing for now