So I just re-read the past financial statements. The original Enbridge ownership was 27% then USGeothermal needed a contingency fund to fund the project and gave Enbridge 'up to approximately 44% ownership in total'. In one of the most recent news releases, USGeothermal still didn't know the exact amount of Enbridge ownership. I have the answer! In the past financial statements, they state that 'only $2 million of the $6 million contingency fund' was used. Therefore; 44%-27% = 17% and 17% / $6 million = 2.83% ownership per million they ended up using. Since they only used $2 million; approximate Enbridge ownership of NHS should end up around 32.67%. This may be fantastic news if investors believe the Enbridge ownership could amounting closer to the 44% maximum; a possible positive surprise!
What I am thinking here is ENBRIDGE might sell their stake back to US geothermal with the extra cash they got from the government. its just a thought running my head. We will get a clearer picture of whats going on at Thursday's CC.
Here is how I see it.
The cash grant of $32.75M is payable for NHS.
$8.5M for NHS running fund, $13.3M to pay down debt, add those together= $21.8M
The remainder $10.95M "the balance is available to equity partners".
There you have it Enbridge have 33.4% of NHS equity.
MUCH, MUCH better than 44% it could have been.
That makes sense doesn't it?.