mention on business spectator this morning, page-21

Yowie, I know your idea re a bond raising seems logical, but a company the size of SDL with no current cash flow could not possibly raise nearly $5 billion from the bond market. We needed to do a CR just to keep paying wages for the next few months.

Too much risk for bondholders given the timeframe between when the project begins and first ore shipment. How would we service the debt in between? A fixed interest rate is just not enough reward for the bondholders.

The only way it will get financed is to offer a % of the project. The billion dollar question is what % do we have to part with...

Lets just hope the interested parties bid down that % to secure offtake.