This is from the Cannacord broker report on ZYL in April 2012:
"ZYL will achieve 74% of the Mbila Project with some capital dilution and a Phase 2 expansion is being investigated. It has been assumed for the purposes of the NPV that capex will be funded by debt. In reality, ZYL will require equity capital to support a debt/equity ratio acceptable to lenders."
These companies have to do equity raisings to go along with debt. Usual ration is 60:40 debt:equity. This loan is a bridging type of loan. Equity raising comes later.
today's the day, page-23
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