Hi ferncol, from listening to Lindsays interviews, reading reports etc etc, this is my take on it - very much IMO
They say the IDC approval enabled finance from Angolan institutions (eg March Quarterly).
Seems to me this finance is the final part which means they are fully financed to complete their project. Without IDC there would be a $14m gap and the Banks would probably put the same CPs on any finance as the IDC have, thus we’d be in exactly the same boat but waiting for the IDC approval. The banks offer a loan guarantee up to 70% of the loan, this is important because the IDC will use our assets as security for the loan (one of the CPs), they can’t both use the assets as security.
IMO this is why they are looking at equity funding (probably at the asset level so may exclude the GA project) to finance the $10m gap, and the Banks for the working capital. Note if they do bring in equity funding at the asset level, this investor would be up for their share of the remaining project costs at the time of investment.
Chuk probably has a better understanding of this than me, maybe he can add some colour.
