There is a lot of focus on the options which add around 10%...

There is a lot of focus on the options which add around 10% dilution overall.
I see the cash received through the cr and the update on the debt funding as far more important. The odds of the company constructing the project have increased significantly with the IDC approval and the other debt funding that that has enabled.

"The US$14M IDC facility will cover the majority of the ~US$24M (subject to final pricing of Phase 2 construction). The remaining US$10M required to complete construction and commissioning is expected to be sourced from Angola’s agriculture-focused banking and lending sector and/or with development focussed investors, with which discussions are currently underway.Approval of the IDC facility has allowed the Company to access financing opportunities not previously available to it. Moreover, agricultural development in Angola has now become a Government-wide priority."

"The Cabinda phosphate project supplies a seasonal industry, and the Company has commenced discussions for a working capital facility with competing local banks charged with deploying concessional funds from the Government to the agricultural value chain. Minbos intends to maximise its use of this funding. The funding explicitly considers factoring finance which the Company is exploring with possible third-party warehouse operators."

"Government funding of agricultural projects
• The Angolan Government has implemented two important measures that aim to make available approximately half a billion US dollars of credit top roducers primarily in and assisting in the development of the agricultural sector, being a stated key policy objective of the Government.• The first such measure was prescribed by the Central Bank of Angola (BNA)under Aviso No.10 ‘Granting Credit to the Real Sector of Economy’, which requires financial institutions to grant a minimum quota of credit per year(based on the institution’s net assets) to borrowers in the sector, which explicitly includes fertilizer producers, with the cost of credit capped at 7.5%for loans and 10% for working capital facilities.

The second measure provides qualifying borrowers up to 70% of the security required by the lenders, in the form of Public Guarantees from the Credit Guarantee Fund (FGC). The cost for the guarantee is 2.5%, which is also loaned by the lender.• The Company is in the initial stages of the process to access such credit with Angolan financial institutions."