Ann: $5 Million Government Grant, page-46

Well one pie chart had a $634mil equity required which is equivalent to 200%+ dilution at current share price or if the share priced doubled 100%+ dilution

VS

one with $384millon equity required which is 100%+ dilution at current SP or 50% dilution if the share price doubles.

When comparing the two one seemed more bullish than the other.

The other variable missing from this equation is even if new parties join the debt syndicate that doesn't actually mean a larger % of debt. They could get scaled back to maintain the 60% or 70% debt target.