When will IBG wake up from its lethargy and when will the fair valuation take place?, page-25

I think someone else has mentioned this before, and its my thoughts too.

There's a chance that IBG will raise the equity in stages, meaning successively higher SP for each CR, and therefore, successively less dilution with each CR.

There's many ways they can do this. We'll just have to wait and see. Once the equity component is done and known, we should see the SP reflect ~ 50% of the final "in production" valuation, IMHO. After funding, the next major unknown will be the sea access. So this is why I think IBG is keen to visit the site again soon. Might also alleviate major new investors' worries.