If the company finances the next phase of development with...

If the company finances the next phase of development with equity only, then it will end up being a mining company in production that has virtually zero debt (with the exception of the AF loan). That would be a completely unique and unusual position for any mining company to be in. It would also be very poor capital management.

I would think (and hope) that the reloading of their share issuing capabilities was a measure of conservatism at the time (ie: final outcome of the BS deal still not known at the time) so from a capital management perspective it would make good sense to reload soon after the shares were issued like they did when the air was clear and the dust had settled rather than having to do it in a rush when there was an urgent or pressing need to get shareholders approval.

I would think that with what I have read in their announcements and the other constructive analysis elsewhere that this company is now bankable for debt on a project finance basis to take them into production and generate cashflow. I would also think that with the current proximity to production that they are at that there would be reasonable and justifiable grounds for the AF loan to be extended or renegotiate so that it fits within the total financing structure of the company.

Unless there is something missing in all of this, there should be a queue of bankers outside their door wanting to do business.

My call on this is that there will be a debt/project finance announcement before a capital raising announcement or there will be a joint debt/capital raising announcement to take us into production.