The only cause of a Cr threat is having 2 balls in the air at once. Raising now costs 150m in dilution, permenantly.. So even if the Npv is say 200m we pocket only 50m in real value. Hardly worth it. My scenario - gas price doubles outside of Gsa, so 400m npv and costs 3 x 10% funding, so 30m. Back of envelope.. obviously ignoring push out in time to receive funds discounting.
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