RE:Loan terms Given the extension to September 2023 and the indication that they are still awaiting TSX approval, I too am of the opinion it has to do with the regulator requiring terms more agreeable to the rules pertaining to special transactions, especially those that would affect minority shareholders. In my opinion I believe those that have overlooked this particular bit have lost sight of the object of the last two news releases. If you are one, kindly do yourself the favour and read the relevant document linked below.
https://www.osc.ca/en/securities-law/instruments-rules-policies/6/61-302/multilateral-csa-staff-notice-61-302-staff-review-and-commentary-multilateral-instrument-61-101
Waitingstill, have always found value in your posts. WCP, you enquired earlier about the two separate exceptions to the Multilateral Instrument 61-101. From memory and based on what is publicly avaliable, one could guess it is either 5.7(1)(a) (less that 25% of market cap) or 5.7(1)(e) (financial hardship). The link below will take you to the relevant document.
https://www.osc.ca/sites/default/files/pdfs/irps/rule_20160509_61-101_special-transactions.pdf
As stated previously, the latter exception is a thorn. Now given the delay to approval by the Exchange and the extension to the due date, one can only imagine that either the valuation supplied to the Exchange is being scrutinized (as I am sure the exchange would want such especially as a full data set has yet to be released following positive results) or the application for exception for minority approval under 61-101 is being scrutinized (as I am sure it would be with the lacklustre transparency previous special transactions have had) or a combination of both. Look to the criteria listed in the first link for other factors the exchange looks to.
In my opinion, the 35 was silently earmarked early on and expected for this period between Kawa and Wei. Lest us not forget Trasila gave us the goose about Wei before her tragic "resignation". Which in retrospect was a clear indication of the operational plan (ie Demerara was no longer on the cards). And this time round a hasty news release regarding the loan and anticipated due dates, etc was sent into the ether to quell, I am sure, another mishap and to wrangle FEC's "control" over any current negotiations and, frankly, minority shareholders.