$10M for 10% of a project with an NPV of $4.9B.
What scares me most about this is TNG need to raise many multiples of that & they have already set a terrible precedent going into any finance negotiations, particularly if they are intended to be non-dilutive.
Not that I can think of a parallel, but if I did the equivalent of this in my job, I know where I'd end up.
Can We Move On, page-146
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