Ferti, think about this:

Let's say for arguments' sake that they are looking to get the loan from Afeximbank. Farhad would not be able to tell you that they will get that much debt financing as it would be considered insider info. He would have to say that they are still looking at max 70% debt (up from 65% because of the ICL deal). The difference between 65% and 70% debt financing would not be considered "material information" but telling anyone outside the comapny that they are getting almost all (if not all) their financing from debt could get him in a heapload of trouble.

Justin, I'm not sure about that as Farhad indicated 65% Debt financing and now with the ICL deal they can do 70% debt... Not sure where the rest is coming from but I'm sure dillution won't be too serious IMO...