EGA price targets - $0.87 to $1.64 (18-30 months), page-3

Hi,

I just came across this stock and am deciding whether to take a position in it or not. Based on my reading, they have indicative non-bonding financing proposals for $35mil. The estimated capex based on the DFS is $36.1mil. I expect  they had just over $5mil in the bank at the end of December quarter. 

It seems to me that they are likely to need a CR at some stage unless they can manage with money raised from the share price being above some (or all) of the unissued shares under option as outlined in the annual report on page 18 to raise money. In total, there are 14.4million options which all expire on 13th September 2019 and have prices ranging from $0.25 to $1.00. What do people think about the likelihood of a capital raise and what dilutional effect it will have for current shareholders?

Any opinions would be much appreciated.