Donald Project funding requirements

I'm stuck in my room at Mt Hotham waiting for the blizzard to abate so I'll have a go at working out ATR's new equity requirements to fund their portion of Donald phase 1;

a) Execution CAPEX (inc. contingency) = A$439m
b) Working capital/financing/interest = A$97.3m
c) Total project funding required (a+b)= A$536.3m
d) Total new equity required (c*50%) = A$268.15
e) Balance of EF buy in due at commencement = A$140
f) Balance on new equity required (d-e) = A$128.15
g) ATR share of additional equity (f*51%) = A$65.36
h) Number of ATRDA on issue = 418,357,508
i) New ATR equity issued @ .40c/s (g/.4) = 163,391,250
j) Rights issue required for existing shareholders (i/h) = .39% or 1 new share per 2.56 held

The main assumption here is a 40c/share capital raise, and given the SP as I type is 45c that would offer a reasonable discount (11%)
I suspect that they would be more likely to do a sophs/private placement for the majority of the A$65m and then offer existing holders an SPP for the balance.

Any thoughts/comments?

DYOR!