Ann: Quarterly Cashflow Report, page-39

The problem with SDL is that there isn't much cash left to last the 9-12 months it hopes it needs to finalise finance...lucky to last 6months. There will be dilution to shareholders either way (through placement or cap raise). It is just bad timing with IO demand falling off cliff and majors continue to pump IO....and the IO price hasn't even fallen much yet last few week its around $55/t....wait until some forecasts of $30 come to fruition, that's when the project and SDL will really find it hard to raise capital.
Good luck SH...but beware the falling knife.