We are in the end game now, page-50

Well being that you asked.

Here is my take on the company's main problem:

Their Net Assets is around $7M - with only $2M in cash and $600k of that is locked away as a deposit for the JV asset. 

And yet, they are trying to raise $10M, more than the worth of the company (as per Annual Report).

If I was a potential Investor - in particular, an SI or an Institution, I want to know why I have to pay more than Airguide principals: they paid $1M and got 200M shares 6 months ago.

I would want the same deal; that is at 0.005, rather than 0.024.  

So what is my leverage on the company?

Well, the company signed a "Binding Heads of Agreement" to buy 50%, when it DID NOT have the Money. 

This gives me - the potential SI or Institution, tremendous bargaining position as the company is Locked in to buy 50%. 

For the company: No funds to buy will likely mean the JV partner will take legal actions to put the company into Administration/Liquidation or seek damages - afterall they have a binding heads of agreement. 

This means the company will likely offer a better deal than the 0.024 than that was previously announced.

And it also means as a potential SI or Institutional Investor, I have to be absolutely sure others are chipping in, to ensure that the full $10M is raised, otherwise I will be stuck and my money as a shareholder will likely be gone, if the JV partner take legal actions to put the company into Administration/Liquidation.

That is the Main uncertain factor.

The other factors that is also crucial to this CR: Supplier/s and Buyer/s contracts - success on these will have an impact on the level of uptake in the CR.

Another uncertain factor.

Bottom line: Potential Investors want Certainty, especially from a company trying to raise more than 100% of its Net Assets. 

But given the current political situation in the DRC, its almost an impossible task to find potential investors ready to fork out $10M.

Another uncertain factor

IMHO, this is the reason why this has been delayed, delayed and delayed and the reason why 62 Capital walked away from 6% (despite what the company stated - lol...who walks away from the ability to earn 6% of $10M?!?)

AIMHO.