I too firmly believe that the majority of financing will be...

I too firmly believe that the majority of financing will be debt, if not - all of it. But I admit that because of the delayed timeline, there's a chance we may need to raise a small amount, perhaps around $10m.

For reference, here's the last couple of Capital Raises:



The only time a discount above 10% was offered was for such a substantial raise - and that raise absolutely transformed the company.

Other than that - the average raise has been conducted at a 4.18% discount to the share price. I highly doubt we'll see any meaningful discount if a capital raise occurs. There's even a chance that it could be conducted at a premium.