If I put in seed capital 2 years ago I'd want 1,000%. Working capital pre JORC etc etc I'd want 200%. At the point when all that is left to do is build the plant you're talking institutions who view it very differently to you and I.
But again, based on what you've just said, they could easily raise at $2 with the expectation that it will go to $4 (putting in at a 4.5x multiple in the expectation of it achieving 9x).
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