IMO, and it's just my thesis - LNR bought into Lady Grey with the knowledge that they required many $mill to participate, of which they handed over $1.5m initially, leaving them low on cash. In order to get the foot in the door they wanted to raise at ridiculously a low price as they were using the 'Director's bro' to do the sourcing. But who would want to pile in $7m based on scouting reports? no-one in this market. So they raise a couple of mill, get the project, get on the ground, do the soils and justify stage two of the funding. All the while, the Directors knew they cannot realise the TOL shares yet, so these raises appear justified and required to keep moving forward.
I feel they are raising now so that they can double-up some of these insto's - presumably those that are believers and also simultaneously cap the SP at a low level so the short-termers cannot easily run away with 3x 4x etc return. Based on this, i feel the Directors are seeking commitment from the insto's, which i see as a very positive step. But I'm sure there will be the churners, so this likely means SP doesn't do much for a while - not until the early JV farm-in funding is complete, assuming there's a third raise later this year (IMO via a cornerstone investor such, i dunno, maybe SQM...) - after that all hell breaks loose.
I feel there's a plan here, not one i agree with entirely, but i think Brian and Co. know what they are doing. Some lucky few have the opportunity to get bloody rich from this and us minnows should do pretty damn well too.
Just my thoughts, probably totally wrong, but there they are, for whatever they are worth!
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