You also need to consider that SKI don'e have to take equity....

You also need to consider that SKI don'e have to take equity. Many different funding structures exist. Could sign a long from off-take, with a pre-payment for say $5 to $10mil, avoiding the raising of equity at current prices now. Such that if there is an equity piece as part of the project funding it can be postponed until some conditional project finance is negotiated. Obviously SKI would ask for something in return.....another option?.....a discount in the future.....many scenarios to consider.
Cash burn is $1.94 mil per quarter so even if there was a short term CR now it would be relatively small in IMO and designed to keep the wheels turning until more serious debt financing discussions can be progressed and financial close can occur. It's not like they are going to try and raise $1.3 billion via equity @ 2c next Monday, as some seem to be implying.