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.
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