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25 million of the 50 million from the IFC is actually part of the equity financing component IMO, and has thus reduced the amount of equity that will need to be issued at these low prices. It seems Axmin is now short only $50 million or possibly less from the total financing requirements. Besides I wouldn't sell this management team short and presume that they will be forced to raise this equity at distressed share prices.
Some background on IFC: