I wonder what is the base gross finance figures when calculate issue cost, in 2014June Q2, it used initial investment + working capital, but in 2018 MJ Q2, it used only initial investment. my opinion is initial investment + working capital.
The 2018 question does include the working capital in the cash flows.
As far as the finance is concerned, the question specially states that they will be financing the $30.6M (which does not include the working capital). Therefore the funds for the working capital will presumably be coming from existing funds.