anvil whacked, page-5

$250M is a lot of debt to fund for a company that is only capitalised at $1.0B.

The willingness of senior debt funders to finance an industrial construction project in the DR Congo must be limited. In any case senior funders may require a have requirements close to the cost of equity to fund a project such as this anyway, which from a cashflow perspective makes a capital raising much more attractive to the company.

I do note that the group does experience good cashflows but be spreading themselves too thin if it was internally financed.

a $200M capital raising would be within the 15% placement restriction.