Ann: Trading Halt, page-102

Apparently Cannacord closed their book mid afternoon already oversubscribed, with Jett still to add to that overnight from the US...Will be heavy scaling back I'd assume. SPP capped at only $1.5MM so will open and close very quick. At $30k limit per holder, that's only 50 holders and its done. I have shares in 3 names and will be taking my $90k, so that leaves 47 holders left to participate

Inclusion of oppies unfortunately a reflection of the very crappy market to raise in and Galan getting themselves backed into a corner financially. However it is what it is now, cant change it, and more importantly I have no concern long-term as confident the DD will be solid (my own DD over 3+ years suggests that and that JP/GLN are super conservative in most of their technical assumptions), and so the Glencore facilitated finance (US70-100MM) will come through in the next 2-3 months, maybe earlier?

Also, the Phased strategy and small start has really helped as imagine we were trying to raise US400MM capital for a full 20ktpa development now in this market. Raising for just a 5.4ktpa Phase 1 now and then likely funding Phase 2+ in a much stronger Li market in late 2024/early 2025 (and when Phase 1 is producing) is a way better scenario and allows us to maintain schedule (as Phase 1 used for Phase 2+). Phase 2 offtake also the much bigger prize here and I still expect it will be exportable soon probably SQM or Albemarle in Chile who will take Phase 2+ (or Ganfeng), and with a much bigger pre-payment for Phase 2.