Clearly, a $20M offering from an underwriter in Hong Kong or Singapore will get sold. But the likelihood of raising $20M from existing shareholders seems small. I can't imagine that the latter option is a priority.
However, if it were offered, and brought in $2M -- or as much as $5M -- cash flow would be better off and Solomon would have more time to pursue the entire $20M via institutions.
Thinking about the worst case ... since the Company needs perhaps $17M to fund projects and stop diluting, if $5M were to come from existing shareholders (as debt), $3M from suspending dividends for a year, $5M from deferring projects ... Solomon might be able to pull us through the year with very little, or no, dilution.
When Solomon was asked why he can't borrow in China, he answered that he can, but that it's too difficult to repay principle and interest before the next Chinese New Year.