Ann: Trading Halt, page-104

I made a solid enough dive into the details of the proposed deal in this post "Bargain Bin Special"
https://hotcopper.com.au/threads/bargain-bin-special.5555033/

Keep in mind those 34.2M shares for 9.9% of SFX is also a 'off-take deal fee'. If the deal falls through for whatever reason YS still get the off-take ilmenite they needed. If the deal falls through they can sell the 34.2M shares for maybe a third or half what they paid and call the money lost an off-take fee. They are confident I believe but it's a pretty savvy deal put together for all concerned.

SFX is up for 50% the capex, working capital, loan fees etc you are correct. The way the deal was structured strongly suggests they believe the build will cost $130.1M in equity together with Taurus and NAIF debt, and the $12.9M is for corporate costs and contingency over-run. Maybe SFX closed the deal underfunded and more equity is required for FID and contingencies we don;t know. Time will tell, but I'd be seriously disappointed if the deal was close but not enough. YS have got a bargain imo, though in a tough market and tough industry to get funding investment at bargain prices are a given...