BioNitrogen Holdings Corp. (BIONQ)

[codaras]

What exactly is the sequence involved in the EPC contract to sale of bonds on through the beginning of construction?

The Engineering, Procurement and Construction (“EPC”) comes before or concurrent with financial closing of the project.

Above quote is from BION FAQ page.
It occurred to me everyone (myself included) has been assuming EPC has to be before bonds. I think that is a mistake. The company even says it can be concurrent with financial closing. Since they have been working with Stifel since late May I am guessing bonds and EPC could be completed as early as the beginning of August.
This would also explain why they have been so quiet. They aren't allowed to discuss where they are when in the middle of the process.