Natcore Technology Inc (NTCXF)

[coin8300]

Just so that everyone is aware of whats going on here, I'll briefly explain the process since I have some insight in the field. Natcore and its partners (Denikon and some others) are essentially acting as a private equity group. How project finance works is a private equity group goes to banks and gets about 80% of the funding for the project (they have already said they have banks on board). Natcore/Denikon/others provide the other 20% of the funding because it shows the banks they have some skin in the game. Natcore and partners form a new company called the "Project Company" which is a bankruptcy remote vehicle (banks have a claim on the project as collateral and not Natcore and partners on a corporate level). As a part owner of the company, Natcore will have a right to cash flow revenue left over after maintenance expenses and debt service is paid each year of operation (these revenues are quite significant). These are the "PPA revenues" in their presentation. The revenue source is from a fixed price contract with the energy offtaker in Vietnam (this is who they are getting the next green light from right now). And then they are negotiating an initiation fee, Cost Plus fee, and some other details.