How timely was this post!
My reading of the words used in the announcement are to the effect a share placement has been agreed.
Who to? - I don't think its BKW or WB (I would think these would be separate business arrangements). Might be Bechtel, but Timboc (in another post) raised an interesting point, Board could only place about $16m without shareholder approval. On this basis if seeking to place greater than the 10% I would have thought the wording in the announcement would be different.
So as previously mentioned, I believe they need to raise $50m from various sources to (JV's, private placement etc) to fund ongoing R&D, infrastructure and initial stock of assets.
If I'm right, where would the other $35m come from or would they seek to do a further cap raising later on in the year (eg. after 10 builds).
Something to think about!!!
Retail Offer is it coming and would I participate?, page-19
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