I think it really depends on whether the USG stump up any funds to support the ICO or not.
I can envisage one of three scenarios:
1/ Mix of USG funding via DoD, DoE, DFC & senior commercial debt.
2/ Senior commercial debt (& possibly some mezzanine).
3/ Senior commercial debt + small equity component.
No way I can see 75m via equity, as they are conscious of dilution.
Hopefully, we see number 1, however, I am not all that fussed on 2 or 3, as long as they get it done and the sooner the better.
Cheers.
JRV Cobalt, page-9
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