Ann: Pilbara Raises $80M in Placement to Fund Pilgangoora, page-42

Thanks for explaining @tryingtomakeit. I think that they must be fully funded now given, otherwise they would not meet requirements for the bond issue. In the bond issue announcement it was a precondition that ALL funding be in place before the bond settlement otherwise no deal:

	Column 1	Column 2
0	Conditions precedent to disbursement of funds:	Drawdown of bond proceeds subject to satisfaction of customary conditions precedent for a fully secured project bond of this nature – including completion of security documentation, Pilbara Minerals contributing project equity (which together with the bond proceeds are expected to represent all of the funding required for development of the Project), project equity being fully spent on the Project and satisfaction of a customary cost to complete test for each draw-down.

They needed to have the CR done and dusted by today, or tomorrow latest if condition for all the funding required for development was to be met. Otherwise it would have jeopardised settlement for the bond issue scheduled for Wednesday (21 June). I think they went for the extra dollars in Tranche 1 as GL is not sorted as yet and they are likely to be working through stuff with GL before Tranche 2 is finalised. I wouldn't get too disheartened about the delay to commissioning. Unfortunately with project managing something of this size, delays do occur along the way. Likewise projects can make up time along the way. I remain hopeful despite my massive loss on this share