Any thoughts on what might be the likely effect if funding is...

Any thoughts on what might be the likely effect if funding is via convertible note with Springtree?

I haven't followed these events closely, but when PRR entered their agreement in 2009, SP didn't change much until announcements flowed over the following months.

But the market seemed to view the Neuren funding from Springtree as a drag on sp and reacted positively when it was finished this year.

ACL has different needs to PRR (shorter funding period, high initial funds. What's a likely set of conditions if it is through Springtree?

If ACL can show evidence of initial cash flow from fonda, is a straight loan likely? Or is there still too much perceived risk for a bank to get involved?