hi @bosswhoThe project is about AUD$260mill, add working capital...

hi @bosswho

The project is about AUD$260mill, add working capital and interest let’s round it to $300mill

STA is aiming for 70% debt but let’s say we only get that in the capex. 70%• 260mill equals $182mill. Leaves $188mill equity raise.

188mill * 25 cents equals 752mill shares issue.

i think this is conservative except for guessing on issue price. Factors that could improve position for existing shareholders:
- higher market price lifting oroce
- higher percentage of debt. Unusual above 70 but with NAIF deal effectively securing other debt, financiers will likely be comfortable about the thought of higher ratio
- industry partner committing equity to build plant - depending on structure dilution could be significantly reduced Eg if a commercial deal could be struck whereby product is pre purchased via funding construction. That’s optimistic but even if it’s equity industry will often be comfortable paying a premium for the far greater value of long term supply - they make their money out of their customers not from shares in their supplier.