12 months working capital would be in the range of $15m. That would equal 1.36b more shares added to the register. Bringing the total shares up to approximately 10b.
I can't see how 33% of the construction cost could be raised via equity. 33% is more than double the current market cap of the company.
I said it years ago but I think this is setting up to be a takeover by RCF. The merger was step 1. They can take it off the ASX and develop the project with their own funds.
AVL Price at posting:
1.3¢ Sentiment: None Disclosure: Not Held
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