Ann: Altech - Breakthrough Silicon Alumina Coating Development, page-211

Agree.
I think Jingyuan is probably under the pump to churn out some great test results.
Just guessing but I think the PFS may be pending further results.
Iggy has hitched his reputation and our wagons to the Dr.
Hopefully an update next month.
When I last spoke to them, progress was going very well with plenty of market interest.
The thing I like about the bonds is they will have a 'long date'. This means they'll have to find the equity component by that date. If not, all funds raised will have to be returned to the bond investors by that date plus a small amount of interest.
There would probably also have to be another date by which the full USD140m needs to be raised. I think this might be set prior to the options expiry date of 31st May. If successful the options would surely be in the money.
Once all the debt is locked in, potential suitors will know Johor is a goer if they invest and so the race for the equity partner will be on.
That will be the catalyst for equity to finally get serious post the Macquarie debacle.
So some apprehensive and hopefully exciting months ahead.