Even at a modest average salary of CAD$70K per worker and for 170 workers, the burn rate in salary alone for the German plant is CAD$1MM per month. You can do the math. EFL really needs much much more working capital than the $10MM loan. The fallout of the Deutsche Bank does not help. It might have derailed the original plan. By the sound of it, they have maintained some production output but not at full capacity. This may be either a line or two is/are being converted to NMP free or they simply conserve their precious cash on hand. When they float the short form prospectus for raising CAD $250MM, it is obvious that they need to come to the market for more working capital to grow the company. It is not a R&D company anymore. It is now a manufacturing company so it needs a lot more cash for labor, for materials, etc. I am not surprised at all. The CEO in the recent Bloomberg interview has kind of layout the timeline and it is Q2 of 2017. I can see that they raise cash in near term to meet the demand in time. The CAD $3 share price support is encouraging given many US firms are sellers lately. That makes me think that they target US capital in this round. I can live with $3 a share secondary issue offering if they can make good use of the money to grow the company to the next level.