BKT has slipped the debt term sheets for 4 quarters in a...

BKT has slipped the debt term sheets for 4 quarters in a row…they never did a TH to let SH know that there will be a delay. This trading halt is clearly announcing the term sheets being executed or some other form of debt being secured.

Module 1 Capex is 182MM US
likely 50/50 project gearing 90MM USD
50% equity is 90MM composed of 40MM from POSCO and $50MM US being raised thru a CR
Assuming a re-rate of 50% once all this gets announced, the dilution should be around another 50% at a share price of 15c. This is all assuming they get the whole funding balance immediately which is worst case scenario. They should hold off until we’re back over 20c after hitting a few milestones before they go for the big CR.

That’s my expectation of how things play out and hopefully they play the next few weeks/mth smartly to mitigate the expected dilution