when will mak raise the $105m?, page-7

potentially they try to get the CAPEX of $AUS100M or $US65M as an upfront payment from offtaker(s) in return for 25% discount on phosphate price for the 1st 2 years of production - based on 1M tonnes DSO per year...

example;
1M tonnes phosphate at 25% of $US200/tonne = $US150 would mean that the revenue would be $US150M for first full year....
so effectively the offtaker(s) would need to front up the cash of $US65M, in order to save $US100M over the first 2 years of the sales agreement -using $US200/tonne example,
2 yrs production cost them $US300M instead of $US400M but they would have to hand over $US65M about 6 to 3 months before mining begins...

on top of that, give them 10% stake in the company as usually happens in these type of deals - 15M shares at say 50c (??) giving about 150M total MAK shares on issue...

just my suggestion, to try to cap the total dilution down to about 150M shares mark...