It's quite simple.
I was involved in another play eons ago, albeit with a high tech company, Atlantic Systems, but the situation was the same.
A venture capital group loaned Atlantic System 'x' amount of dollars with security being Atlantic Systems propietrary technology, which happened to be all the worthwhile assets of the company.
Stipulation was made on interest payments and milestones that had to be met as a requirement for the secured debenture, and when the milestones were not met, the venture company took control of 100% of Atlantic System's assets which made our shares worthless.
Was the asset worth more than the debenture loan? Oh yes, but the asset no longer belonged to shareholders because it was used as collateral security for the debenture.
Hopefully this doesn't happen here, but if the loan goes through as stipulated, then shareholders have everything to lose.
How about stopping the mining altogether, and just pay for the NI-43-101 report and once trading begins BGM does a Private Placement financing?
Shut down everything until BGM starts trading again, except for bare essentials. Is FC's salary part of the Admin and overhead costs? JMO