Rome Burning But CLQ Holding Up, page-167

I think the recent price decline is reflective of the additional dilution resulting from the $150M share placement announced March 9th. This is significant dilution considering that only a year ago there were only something like 479M shares outstanding. The claim by management is that the additional share issue is justified to accelerate the project to production by roughly one year. The alternative would have been to wait for the debt financing to arrive. It seems appropriate to me to take the route that CleanTeq has taken in accelerating the project because that will place the production into the market far ahead of most other start-up cobalt miners and provide an opportunity to enjoy high product pricing in a shortage market.