I raised my eyebrows in the below linked post at the suggestion that $60m @ 30 cps was being looked at for a CR through media speculation - why did PLS need so much money ? ..... especially with the POSCO $25m USD prepayment it appeared that PLS were snatching up a large amount of capital with both of these scenarios .....
https://hotcopper.com.au/posts/40210033/single
.... I now wonder given PLS is going all in and raising $111.5m @ 30cps with a huge fees to Mac Bank is because POSCO prepayment was given the thumbs down by the bond holders ? I will be interested to see if this $25m USD prepayment is also forthcoming and if so, again why is so much money needed ?
Not sounding like it to me though with this latest announcement?
Under the revised offtake terms, the JV will also provide Pilbara Minerals with a second ranking secured US$25 million prepayment which will be used to partly fund the Stage 2 expansion of the Pilgangoora Project. The prepayment will be conditional on the consent of senior secured bond holders.
Ann: Pilbara Minerals Equity Capital Raising, page-183
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