Ann: Company Update , page-9

Good update, all taking too long though, just frustrated with the pace, but happy with what management are doing. Repeating myself, but it is all about the quality of the project, so there are suitors, just need to make sure we aren't rushed to the altar to get married with the wrong party, so ultimately happy they are taking their time to get it right.

"hybrid of equity and project finance", this statement doesn't mean convertible loan. I'm thinking about one of my other stocks MAK (not cross promoting, just using a live example), where Vulcan took a position in Minemakers and are expected to assist with plant/project financing in the future (once a new technological process is proved).

Reading between the lines, looks like GRES is the preferred option.