Probably right that WGO will try and get debt from the say 40 million they are short to get to FID. But the past history and behaviour of WGO would suggest they like doing cap raises.
(Also gives the directors a chance to buy discounted stock hardly see any of them buy on market but suddenly they stump up cash in any tranche 2 sopho/insto raise)
Ann: STX: West Erregulla Update, page-113
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