General Comments & Banter, page-11971

I doubt AGY would take an equity investment of such magnitude in one lump and at 11.75 cents per share.
A staged series of investments (in tranches) working-up to the required $140 million would reduce dilution.
In addition, AGY (and us) would want a higher equity price than a discount on current VWAP.
For this reason primary focus would be on signing OT for current capacity, start generating cash that can be reinvested in early works for expansion of production, then ramp-up output capacity in stages.

However, it is not inconceivable that an OT partner may wish to lock AGY into a long term partnership with an agreement to provide funding through the various stages (at successively increased cost per share issue) . It manages risk for both parties and provides a development pathway.

But look, anything is possible.