Ann: Phosphate Fertilizer Project Update, page-268

"To me the other 2 CPs are more important, the working capital loan and the loan/equity for the small capex shortfall."

Yes possibly, but I'd think the sales contract would significantly influence the likelihood of funding.

Worst case if we have to raise 100% of our funding requirement via equity, at the very least the strategic investor(s) would feel comfortable putting money into this project that is backed by a formal sales contract. Right now there's been a significant concern on whether the sales contract is obtainable. (Maybe some here don't have that concern but I know I and a few others do).

I don't imagine people trusting Lindsay again to give him extra equity this time (without asking for a humiliating dilution) after what a joke he was with delays and CR failure last time. A formal sales contract would ease most of the concerns that we are being fooled around by either Lindsay and/or Carrinho for whatever sinister intention behind the scene.