why would you sell this little gem now, page-7

Homey,

If they are raising capital it means that ECA financing has been approved. They are looking at around 1/3 being provided by equity.

I would not be worried so much about this, it has to happen to get the birds up in the sky. With J1 supposed to do around 100M of NPAT per year (for 15 years) I think the equity raising is a very small price to pay. Especially considering that J1 financing proves to the market that NWT can do this. This then brings the option value of J3,J4, J5 into focus. These shouldn't require further equity as by that stage CF maybe sufficient to issue notes to finance it.