Iggy has stated close of financing will be at the end of the...

Iggy has stated close of financing will be at the end of the year.
Scenario #1
Assume

• They take the $90M Mezzanine.
• They get the full $60M stream finance approved by the bank lenders say by 30/9.
• Stream financiers allow access before Mezzanine final approvals and paperwork is done.

Then

• No CR required, the including $11M from SMS.
• US$40M for working capital and contingency, which would easily get them through the next 3 years.
  The cap ex of $297.6M included the purchase of the Meckering land which has already been paid for ~$A1.2M
  (Yes a small component)
• Commence site works and ordering of long lead time plant and equipment.

Scenario #2
Assume:

• Take the $90M Mezzanine.
• They get the full $60M stream finance approved by the bank lenders.
• Stream financiers do not allow access before Mezzanine final approvals and paperwork is done.

Then

• CR required to raise funds for commence site works and ordering of long lead time plant and equipment.
  $30M way too much for this. More like $10M required imo.
• No more equity from SMS as we would be paying them back their own money!

Or

• Wait until the end of the year when both Mezzanine and Stream final approvals and paperwork is done.
• Project delayed but no CR.

Imo the $11M SMS commitment was to send a strong signal to the market and to provide equity if other options failed to raise the full amount of funds. They don’t want the project to fail at the final financing hurdle.
They also stated the $11M would be forthcoming at ‘close of project financing’. Now as close of financing will be at the end of the year, the $11M can’t be included in the up to $30M CR.
$US11M also exceeds the 15% annual placement capacity (at current share price) which suggests to me the company will not require it. Would require next AGM resolution to approve.