The computation based on the Jan 2021 & 10-K numbers was just over 2 billion so I expected they would bump it up to 2.5 to give them at least a 20% margin for future use after Pasaca completed their buy-in.
Now it looks to me like they are not expecting Pasaca to complete the buy-in but they are asking for an extra 50% margin for future private placements with Pasaca or others to support continued operations.
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