Ann: Investor Presentation - May 2019, page-150

And lets will reinforce the point further.

The main issue with Agy is that supporters here think dilution will be ok as long as they get to production.
Well actually dilution on its path to production will almost wipe out any fanciful sp levels that they think Agy will achieve.
Dilution will be the biggest dampener on the sp imo - and with current dismal sp levels it just won't get any better.

We can count another Rights issue out of the equation.
So what options does that leaves the company to get USD25mil for the 2kt pa plant built?
Sophs CR? Yep they will want a sp discount and dilution will be huge
Strategic equity investment? Yep they will want a sp discount and dilution will be huge
Debt funding? Would need a very solid and almost full nameplant capacity offtake from a big client - but yes that is possible.
Off-taker prepayment? Can't see this happening - imo its a low % possibility - if JZ pulls this one off then yes the sp will take off.
So maybe get on the email to JZ and let him know this is the preferred option - but if the offtakers aren't willing there's not much choice then.