director dumps 97% of his shares, page-11

"....but spent $30 mill on the purchase of coy and now their cash is pretty low again which is one reason for selldown."

Texas - incorrect - the merger is 100% script i.e. NO cash paid. To the contrary - post merger GXY gain C$10m cash from L1 and GXY's cash balance will be approx. A$50m

Also note that KORES/Caltex/LG (KC) will fund US$15m of the Sal De Vida feasibility study AND will provide a project finance guarantee AND will purchase 30-50% of Li production at market prices.

The capital raising was stated as being for working capital and to strengthen GXY's balance sheet - the timing is now looking like a master stroke as it would have been much more difficult in the current climate.