Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

Another way at looking at it... Very rough back of envelope numbers, so do apologise in advance ,you can try your own numbers.. Not being negative, just the way I see it, and will have to accept it.

paramters;
hfr soi 460m once notes converted (best guess)
Y puts in A$138m using .65c conversion, and their mine, want control ie 50.1% plus.
investors subscribe A$200m
current share price 34c.
pick a deal price, I'll use 50 cents , nice round number..
to get 50% Y will need around 890m shares.
Being 460m current, 400m ($200m) cornerstones= 860m
Y gets 280m ($138m) shares therefore Southey is 'worth' 580m shares or A$290m!! 1.72 billion shares, current hfr just over 25%. At 75c should still be approx 1.4bn shares, with current hfr closer to 1/3.
Dilemma is, Southey's value or the price the cornerstones are willing to pay. I'm sure Y won't budge on the control issue. It is a takeover, sorry I meant cooperation!
It is the only deal on the table so has to go ahead...
Is becoming all to common. Very rough times even for great projects.
Fortunately as a former LPI holder got lucky on a low ball take out, seeing where Li stocks are now, many holders were squealing at the time.. Consider being a Leo Lithium holder, though different situation, still risk, got totally shafted, by a Chinese entity and the Mali government.