bad news good news, page-3

He does not need the loan to subsequently get shares. All he has to do is issue himself performance shares or options.

This is bad news imo. The company is afraid to draw down the contingency loan, perhaps already marked for some expenses. With the credit squeezed and increasing project risks it probably could not get finance elsewhere.

Maybe the revised NPV is not good enough for a loan. Really think the company should give an update NPV of project based on current costs and prices.

Further placement is a possibility.