JRV Cobalt, page-9

I think it really depends on whether the USG stump up any funds to support the ICO or not.

I can envisage one of three scenarios:

1/ Mix of USG funding via DoD, DoE, DFC & senior commercial debt.
2/ Senior commercial debt (& possibly some mezzanine).
3/ Senior commercial debt + small equity component.

No way I can see 75m via equity, as they are conscious of dilution.

Hopefully, we see number 1, however, I am not all that fussed on 2 or 3, as long as they get it done and the sooner the better.

Cheers.