Bridge Facility

I like KCN at this price. In my opinion, KCN may be about to rally.

I want to start building a new position (a long term holding). But the one thing that makes me hesitate is the company's financial position. Just $1.5M remains in the treasury as of 31 March. Factoring in a monthly spend of $800K, KCN must currently be running on fumes (Just $500,000 or so remaining - or, two and a half more week)

On 4 March, the Company announced it had secured a US$25M Bridge Facility, 'subject to certain conditions precedent, including due diligence...'. But two months later, the money still isn't available. The Company also noted (29 April - 5B Report) that it intends to replace the Bridge Facility with a US$30M Project Facility

Question:

• Is the delay in finalising the Bridge Facility, due to delays by the Lender in finalising its due diligence (which may suggest they have found hair/s in the soup). Or have both parties instead simply decided to finalise the Project Facility (in which case, an announcement on that should drop any day)

I'm thinking the latter scenario is most likely (given the upbeat nature of the 5B disclosure. But interested in other people's opinion.