Susglobal Energy Corp (SNRG)

[synaphai]

Kevin's presentation confused me.

In the discussion yesterday it seemed to me from Kevin's comments that it would be an equity financing, and the slide shows it as an equity financing, but he said that it would be non-dilutive and would not require an increase in the authorized share cap (there are only around $4 million worth of authorized shares left at the current share price). Debt financing is the goal for the $232 million RNG capex needs but it's unclear to me the exact plan for the $35 million. The press release yesterday did mention both investors and lenders.

They can issue preferred shares outside of the authorized amount but I thought they said no preferreds yesterday. The problem with borrowing against real estate is that mortgages on Hamilton and possibly Belleville (principal was due 12/1) are now past due. I guess is comes down to how skilled Oak Hill is in raising money by 2/15.

I recorded the first 43 minutes of the call yesterday, which includes Kevin's discussion of financing, but it unfortunately cuts off right when Marc starts talking about where the $35 million will come from so hopefully Susglobal will post a recording of the entire call.