Some fair points made.I have been trying to put together a...

Some fair points made.

I have been trying to put together a possible scenario which I think may play out, in order to facilitate the $30m raise. (All imo of course)

Given that the recent 10tonnes was made in around 2 weeks, you would think that " its Toronto pilot plant has capacity to produce HPA at 145 tonnes/year " would be a conservative figure, still allowing for R&D as previously stated. I believe as part of the growing story, we will receive upcoming news that will indicate offtake agreements " Polar is now receiving orders exceeding current capacity ".

Lets assume that these orders have been tried and tested, and will demand market value ranging between a still conservative value of $25,000 - $35,000 per/tonnes. (145ts - annual revenue of $3.62m - $5.07m) * pilot plant.

PUA have previously indicated that the $30m raise will/may consist of a combination of debt and equity. I am of the opinion that the smarts of the company will endeavour to minimise dilution for the benefits of themselves, existing shareholders and Polar. Given the strong economics of the advanced project "construction of a 1,000 tonne per annum high purity alumina operation" to be constructed and commissioned within 12 months, I think that a higher debt component may be opted for. As indicated in the investor presentation, revenue of $13.25m EBITDA per year may be achieved at a conservative $20 p/kg ($20,000 p/t). That is a fairly supporting case for a debt component of at least 50% ($15m)

The SP for the equity component for the remaining $15m can be anybody's guess. I originally hoped for a SP around the 8c mark (not unrealistic at the time, but not likely). Working off a SP of 6c will deliver a total number of shares issued upon completion of the acquisition, (current shares, consideration shares (Polar), new shares) of 661m (plus the SPP - 40m?) - 700M shares on issue

PUA - MC of $42m ? ($15m debt / $16m - $18m EBITDA after 12 months)

* Potential Gold asset sales of $6m still to follow or included

*** NOT A MATHS GURU***