Ann: Quarterly Activities Report and Appendix 5B, page-18

The term was given to us in July 2022. Yes I could see the equity as part of that deal, but if that deal was undesirable for SHs in terms of dilution, first, why did they proudly take the deal and proudly present to us as some sort of a great achievement back then?

Second, if MNB took the deal initially out of desperation but didn't like it, it took them almost 15 months since then to search for an alternative deal? 2 cases here: Either they wanted to change the funding last minute to provide better value for SHs, or they started the search process early but it took them that long to approach IDC?

If the DFS provided a very strong number a very long time ago and non-diluting funding is still THAT HARD (measured in terms of duration after DFS completion, since DFS is generally the last step, or the BFS, prior to getting a formal loan) to obtain, what theory would explain that, chuk?