ceckspunt,
They have already had substantial inflows from the off-take deal and from exercised options. So the required balance may well be nearer US$100m.
If we assume debt of 60% then the required placing from equity will be c. US$37-40m which may only mean another 50m shares or so.
A 70:30 debt/equity split would drop it even lower but probably best to assume 60:40 being more likely in these credit conditions.
It would be nice to be included in the raising - but that is probably unlikely.
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