First of all it's not a "scheme". Try not be dismissive of a Nasdaq listing, it's insulting. It is a huge freaking deal. Seriously a massive milestone, I can only suggest try calling other companies CEO ask them what a Nasdaq listing would mean for them and their company.
So allow me to expand a bit more than simple direct answer to your question.
It is a capital raise. It is correct to suggest the merger "only" raised $10M because the SZZL Trust Account is existing balance, which in the end remain approx $25.5M.
So it is best to look at this as if EUR sold approx 20% of its ownership for $US35.5M (which it's quite evident now that even so called professionals and ASX didn't understand it).
@TechSpec00 calculations is most accurate I've seen but obviously you can't really get full accuracy unless you have the data to the cent. So my two cents here is understanding why our price target for EUR immediately post Closing and Nasdaq-IPO was $AU0.30 per share.
Also understand SZZL is made up of many institutional investors and funds, who by the way are subject to the 12months lock up period like EUR. This includes the following (with rough amount of SZZL shares that's been converted to now reflect as CRML shares):
- Saba Capital Management, 218k shares
- Jpmorgan Chase & Co, 100k shares
- Berkley W R Corporation, 160k shares
- Meteora Capital, 137k shares
- Shaolin Capital Management, 300k shares
- Westchester Capital Management, 250k shares
- Periscope Capital Inc, 84k shares
- Mizuho Securities USA, 75k shares
- and many others
Let me add more information so I don't need to post on a separate comment:
GEM, Obeikan, BMW are current partners and benefactors.. GEM being a Sponsor should CRML issue them shares to unlock some of if not all the $125M funds they are contractually obliged to provide should the company require to further capital raise. So it is of great concern to me that this $125M is not being considered, as it is quite literally available to the company at Tony's whim in 60 days.
To add to that, CRML is poised to add EIB, Austrian Govt and Saudi Govt to that list. It's not a matter of "if" but "when". Remember also we are working with Vienna on R&D, and EUR now under CRML got funding and can get more funding from the GREENPEG.
So you see? We are not a$Au100M company. More like a $1B company.
(20min delay)