Ann: Havilah Secures Funding of up to $100M from GFG Alliance, page-21

Agree with your logic on Option A and B.

Going back to your query about further conditional funding - quietly read the mid section of the $17m and $8m parts of the table. My understanding of reading that is HAV can do a capital raising to all shareholders at whatever price they like. BUT SIMEC can either take a direct stake in the projects at $1.2m for every 1% stake and/or it can buy more equity at the milestone payment prices....lets just say 20.79c per share. So yes HAV can ask you to pay $1 if they like, but SIMEC can get the next $25m at no more than 20.79c per share so they will probably skip that generous offer at $1.. After that they will be treated as equal (sorry I mean we will be treated as equals) and pay the same price..... by that stage HAV is effectively a SIMEC subsidiary.