Where did they allude to this SteelnStone?
I don't disagree that this is a major risk, but I believe they will raise capital at a much higher share price, by announcing debt facilities, including NAIF, before raising.
The word I've had is that with SMS as keen as they are for TIVAN, and as cosy as they are with KfW, plus NAIF and a bit of pre-financing from offtake partners, the equity required could be minimal.
Ann: Notice of Public Comment Period for EIS Supplement, page-32
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