Might not be financing equal to the market cap but 25% of the market cap on (presumably) concessional terms ain't bad. Not sure why the market is unimpressed - maybe the run up was on higher expectations? In any case suits me - didn't expect to be able to grab a few more at these levels after the trading halt.
Ann: Dolphin Project secures $10M Tasmanian Government Loan, page-8
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