"what's the next step in securing capex?"If both things you...

"what's the next step in securing capex?"
If both things you mentioned fail, then either:
- Trying to sell one or both projects at a dirt cheap price, get the money, make up some other projects for Lindsay and the board to justify consuming the new money until his retirement. Keep raising new fund along the way until no longer possible.
- Failing the above (to sell both projects), liquidation.

This is why small caps are extremely high risk. A large portion of CEOs in this space are those who couldn't make it in the big companies but still wanted to earn the big bucks, so they move from companies to companies, either lie or mislead investors/lenders about the prospects of projects, parachute themselves out when those companies fail and move on to the next company. Limited liability has been a blessing and also a curse.