Ann: Near Term Development Strategy for Activities in Cuba, page-28

Brian makes comment on this in a recent Interview, I reckon ProActive and it is along the lines of AAU only have an obligation to do the legwork to source the finance not actually finance it, He even says something to the effect that the timeline is not a hard stop contractually under the JV.

As to where it could come from, just my opinions here, well there are Operational Equity and Seed Capital parties that have connections with AAU's share registry currently and / or historic drill results that the pipeline projects are being based upon, I would suspect Convertable Notes as a Debt / Hybrid might be the preference of Seed Capital types as it offers less risk until they want to commit and convert to stock once those time and effort milestones get knocked over that you mention yourself.

But my thoughts are still firmly in the space that any debt convertable to equity arrangement will be at the subsidiary level and JV party to the contract being Antilles Gold Investments Inc (“AGI”). eg shifting that from a wholly owned to a mostly owned in return for the funding. Tax benefits too Iguess to the party providing the funding as AGI is Cayman registered.

Sure some people will say that's heap sof dilution, but debt will only convert to equity if the big prize(s) can be clearly seen by any hybrid debt providers, and then I'd be inclned to see it as sure I have asmaller piece of the pie, but the pie would be many multiples larger than if not taking that approach.

Some of the stuff recently posted by others about KWG if you delve deep enough can be extrapolated to go near the question you've put forward too.