RE:Strategic vs Tactical Oh and Dfly I forgot to mention. Fec made a $19 million dollar convertible loan to oyl in June 2021 for the exercise price on share conversion at 69 cents. Oyl has a bit over 27 million shares in their treasury to cover this loan. The terms of the loan are spelled out on page 14 of the "quarterly highlights" in the November 3, 2021 financial report.
Why couldn't fec convert the loan into shares as payment and use the spread between 69 cents and sp as collateral for a loan to lend oyl in another convertible loan arrangement? Oh and oyl paid back the $20 million bridge loan associated with the RO. So, essentially oyl can keep liabilities low, get funding without having to dilute.