Similar to what LKE did but with an insto component which looks quite generous on first glance. The funding will be directed at the lithium brine project with 4m set aside for drilling, this should confirm roughly how much lithium they are sitting on which will inevitably lead to a re-rate in the SP up or down depending on the resource.
So to summarise:
1. Quality of resource established by NVX, tick.
2. Funding for drilling, tick.
3. Amount of resource (TBA)
Ann: Placement, Bonus Option Issue and Exercise of Options, page-4
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