The Sundance Resources (ASX:SDL) saga took an unusual turn last week with a A$40 million cash injection via unsecured convertible notes, from Ukrainian mining billionaire Gennadiy Bogolyubov. The deal comes with attached options, which if exercised could give Bogolyubov an 18% stake in the company. The funds will be used for general corporate purposes as the company progresses toward the development of its large Mbalam-Nabeba iron ore project in West Africa. This is the second A$40 million capital raising in less than 12 months, following an earlier similarly sized convertible note issued in October 2013, half of which was taken up by major commodity trader Noble Group. Prior to this raising, at the end of the June quarter, Sundance had only A$14.3 million in cash, and had been consistently operating at a burn rate of near A$4 million per month. Removal of near term cash issues provided some minor support to the share price, lifting slightly to A$0.087, however it still lags marginally below where it was when the project was discovered in late 2008, despite several hundred million dollars having been spent since, and significantly below its January 2011 peak of A$0.60 The longer term questions however now remain that of how the $5 billion project will be funded, and given the emergence of Bogolyubov on the share register, who will ultimately own it. Sundance has had checkered and tragic history since first discovering high grade DSO quality iron ore straddling the border between Cameroon and the Republic of Congo (as distinct from the neighboring Democratic Republic of Congo) in late 2008. Sundance's DSO resources are substantial at 775Mt @ 57.2% Fe, including reserves of 436Mt @ 62.6% Fe. In addition there are over 4 billion tonnes of underlying lower grade Itabirite resources at 36.3% Fe that could form the basis of a later second stage project.