"....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.
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