Ann: Notice of Annual General Meeting/Proxy Form, page-156

@mbot

Raising $100m to fund and accelerate the final stages of getting a company into production while lithium prices are at record highs (effectively allowing them to print money) is completely different to giving away $63m in shares to directors who are not required to deliver any milestones in any specific timeframes. These situations are not comparable at all.

The fact that CXO is on the brink on production is what allowed it to shrug off a poor capital raise in terms of timing, price and size. Not to mention that Macquarie is heavily promoting the stock to retailers while it's institutional clients are busy selling (so weird that their institutional clients have not seen their research yet?!? - but let's not get into that). Suffice to say there are quite a few reasons why CXO is at ATHs in spite of a big raise.