The only way a raise in this current market remotely makes *any* sense - especially when they just rejected a bid - is because Chemphys are about to hand over the US$40M but they’re requiring an equity injection of A$35M at the same time (I have seen other financing deals like this in the past).
If it’s not this, I don’t think they’ll get any deal over the line, there’s gotta be almost zero appetite among instos to throw money at lithium juniors right now.
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
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