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Focusing on the Dallol Potash Project in Ethiopia

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Message: How many more shares needed.

Capex $650 million.

65% of Financing will be coming from developement type banks.

That leaves 35 % or $227.5 million left to raise.

grm9727 reported from the meeting another 100 million dollars or so could come from other forms of lenders.

If that happens they would need $127.5 more.

If ICL exercises all their warrants with the PP that comes to $83 million.

That would mean there would be about 432 million shares out.

That would leave about $44.5 million left to raised after the debt portion is in place.

The end result accounting for management opitions and some bonus shares should be around 480 to 490 million shares out.

Anything wrong with the math or assumptions.

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