Theres the possibilty that because they cant get any major...

Theres the possibilty that because they cant get any major funding to go big right away that this cr will be enough to get a stage of construction done and the business will grow organically from within instead. 24million would get a fair amount of earthworks finished I would say. Its a matter of shifting investment strategy based on timelines, the project expansion and understanding how that will affect a rate of return.
Looking ahead if that is the way forward then dilution is going to be a big factor. The losses will not be in financial interest repayments but the spread over many more shares owned. The business will start small and ramp exponentially as opposed to large straight away.
There would be advantages to this style however. A lot of teething issues would be sorted along the way. There would also be no financial losses for repayments