We are presently in a crucial uncertainty about funding, and...

We are presently in a crucial uncertainty about funding, and even the 25-mil, we cannot be too full of ourselves to assume that we will "definitely get it". If the conditions for the loan are not met (which we don't yet know at this stage), that will be totally catastrophic when raising the full 40-mil by equity.

The reason why MNB unexpectedly broke the promise by raising CR twice before the DFS was released was probably because of how tough it was to get funding. How do we know that? Because the original plan was to get all funding AFTER the DFS was released. If MNB were to change the fund raising strategy mid-way, it must have been because it realised that it's not (that) easy to raise the fund as originally expected (for whatever reason(s) that I won't pretend to know).

Mr Lindsay and MNB need to come out of the cave and clarify ASAP.

The above are my own deduction and can be wrong.