I see no reason why the debt agreement would still not stand so...

I see no reason why the debt agreement would still not stand so that is $37m of the $42m required for cap-ex. That leaves a short fall of $5m.

I would then say the company would want a least another $10m on top of that for exploration and working capital in the lead up to the commencement of production.

Given the current undiluted MC of $30-$35m it could result in an additional 1 for every 2 shares needing to be issued.

I think that would be too much to bank on from existing retail holders and would therefore expect an Institutional Placement following by a smaller component offered to retail investors.