Flanagan, page-26

A good deal would be done at a valuation somewher near where BAT was trading before the whole RCF debt debacle. Given the big cap raise at 6c then that probably sets a floor IMO since nothing has changed and that was viewed as a poor cap raise at the time as well. Equity raised below that will be regarded as a failure

If they can sell 50% of the project for 30m and raise debt of 30m then I think that would be well received. Better off keeping 100% of balama as that is shaping up as a better project.