Ann: Early exercise of options - $1.2 million received, page-118

Everyone is always petrified of a CR, but they also represent a great chance to buy at a discount (if there is an SPP attached).

Recent example:

AZL last week raised $32.5m (insto only CR), issuing 185m shares @ 12.5 cents a share. The SP was 15cents immediately before the CR was announced and yesterday AZL closed at 18 cents (well above the CR price).

The CR is all about the way in which a company performs it. Performing a CR in a relatively strong macro environment for lithium (like right now) helps (rather than performing it in a bearish environment). Also helps if you back it up with news flow that gives investors confidence that adding shares to the register will ultimately be a positive thing because it will provide more working capital.