Test Reaction to Possible Funding Option

I am thinking of what a future announcement for funding might look like, and please forgive me for thinking out aloud here.

What we have been told so far
a) KNL requires $77M USD for CapEx
b) A senior loan of $40M USD has practically been secured.
c) The German Government will indemnify the above lender against loss.
c) A remainder is $37M USD is sought.
d) Within the 7.1 and 7.1A rules (with shareholder approval), KNL may issue up to 25% of the current shares on the register being 42,277,682 shares.

If KNL was no make an announcement along the lines of
1) A secondary loan of $32.5M USD has been secured
2) $4.5M USD has been raised through the placement of 42,277,682 shares with a sophisticated investor.

Just for fun, I'd like to know people's thoughts how the market might react to an announcement of this kind.
Also, what form others think the announcement might take.