In the the case of Avalon, CIBC is assuming that in 2013 the company will issue 25 million new shares at C$15 each, which would represent about a third of the capex for the project. "An assumed project financing or secured off-take agreement is assumed to make up the remaining shortfall," CIBC noted. "We believe that partners will line up to participate in the project given the deposit's unique natural weighting o heavier rare earths."