Project equity will be the new black until investor confidence...

Project equity will be the new black until investor confidence returns to the small-cap end of the market.

Interesting equation on page 5 of the presso is P-NAV which is currently 11% of the project NPV. So there is plenty of upside for a strategic investor at project level even if they paid 2 or 3 x MC!

It's not worth VXR attempting to raise construction equity in the market and they have sound project that surely will attract interest.