Ann: SFG Completes $92.5 Million Equity Raising, page-192

Here is my take; the remaining funding for Phase 1 will only come once Phase 1 is more advanced and visible. I wouldn’t be surprised if they get the funding, or do a CR, when they are close to run out of cash.

I think the scenario will play out like this; a potential lender will want to see that they can do this, the potential lender might want SFG to pass the point of no return with Phase 1. Once SFG has exhausted all the cash and have no other choice, then a lender might come with leverage to negotiate better terms. If this fail, it will be a CR.

Now for the PSD funding, there is no way we will see it until Phase 1 is fully completed and operational, and it will be in tranches. All I am seeing is lenders needing assets.

I might be completely wrong and I welcome alternative point of view, good or bad.