I agree with you fully. As the others said, some retail...

I agree with you fully.
As the others said, some retail investors might decide to sell but I think the majority of retail and probably all larger holders would take a more practical and longer term view. The company could have gone into a trading halt when they announced the IDC loan and also announced a cr at that time. They still would have reduced the dilution by raising US $14mill as debt. The fact that they didn't do that means they are still doing everything they can to do what's best for shareholders. No matter how that works out, if they did everything possible to minimise dilution, including raising just over half of the capex requirement as debt, then I don't have any trust issue with that personally and I think most shareholders would agree. Some will sell but others will buy because funding will be complete, the upside will still be very large and progress will accelerate. We will finally get that steady, positive newsflow through construction and production. The worst time to sell IMO. For those that would want to sell, there will be buyers. Whether the sp falls or rises straight after the news of final funding- even if it is a part cr or not, is anyone's guess.
For the rest of us, there will still be multiples of upside ahead on the phosphate project and the completion of funding will be a reduction of risk and a shortening of time to production and therefore the time left to the realisation of that sp upside.
The green ammonia then offers much more upside.
This reminds me of a stock I mentioned recently - Andean resources. When I first bought that at a mc of $9mill, I had to be patient. The company had no MD, no geologists and only a chairman that saw a good and very promising asset that he bought dirt cheap when gold was very cheap. I met with that chairman and had a long question and answer session with him. I was surprised to learn he had no experience in running an exploration or mining company. He only bought the asset because he liked it. So did I but I did considered selling at a loss after that meeting because I had no idea how long it might take to make any progress at all. I decided to wait and I better than doubled my money, also selling part holdings at triple my entry price. Not too long after that, a MD and board were appointed, and a few years later the company was taken over in the multiple billions of dollars. My initial patience was well rewarded but my longer term impatience cost me big time.
The point is, a good asset is a good asset no matter what the market thinks of management or in MNB's case, whether some investors trust the management or not. As long as that management (or in Andean' s case, another management team) delivers, then the market cap and sp take care of themselves.
Shareholders come and go.