Ann: Trading Halt, page-18

That's not quite right David.

The Chinese bank referred by the engineering firm will fund 85% of only the EPC contract.

But there will be capex in addition to the EPC contract.

The numbers will stack up something like this:

EPC contract total $55 million of which the Chinese bank will fund approx $47 million, thus requiring about $8 million debt and/or equity funding from TON.

Non-EPC capex will be roughly $22 million which will also require either debt and/or equity funding from TON.

TOTAL CAPEX: $77 million

REQUIRED DEBT AND/OR EQUITY FUNDING FROM TON: $8 million + $22 million = $30 million.

In addition we need cash to keep the company running and the doors open and that's probably what the strategic placement will achieve. It's a necessary and unavoidable raising that will be yet another box ticked. Well done PC.