November 30, 2016, page-26

Remember that management have skin (and a few layers of flesh) in the game and I think at anything under 25c it would be considered robbery, considering recent price levels in the 25c - 34c range.

If management are going to stay within the 25% constraint (under ASX Rules 7.1, 7.1A), then the funds received (on the assumption of a 90:10 debt equity ratio) would not be sufficient at a price under 25c.

Bear in mind also that:
a) All offtakes (coming to 44KTpa) are minimums
b) Sojitz have (in the past) made their intentions clear to acquire a Graphite Mine.
c) An additional 20M USD will double initial nameplate production
d) The idea of a 70:30 Debt to Equity split is prevalent.