It could be a lot worse than this, although obviously the raising significantly undervalues the company and it's asset. Still, I think in the circumstances they'd found themselves in - it's a reasonable outcome for shareholders (a brilliant one for CATL, if you ask me).
It's also a bit of a mythbuster for any lingering lies about the quality of Spodumene we are producing. If the clear good faith shown by POSCO (converting our spod via PosLX) didn't smash those lies, maybe the fact that CATL (maker of batteries for Toyota, BMW, VW and Honda) rating our resource, will.
Ann: Pilbara Minerals Equity Capital Raising, page-37
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