Ann: Galan Secures Glencore Agreement For Offtake & Financing, page-178

Afraid that’s not how I read it mate. Seems many others including @imba618 on Twitter see it the same way you do, i.e. “funding secured”. However the language of the announcement says the offtake is binding, the funding is just an offer subject to DD and various CP’s.



If the funding was secured and the money was on its way, I suspect this would be trading very differently. I wonder how long GLEN have to do their DD, and GLN have to satisfy the CP’s? Four weeks is usually standard. This won’t be a popular opinion but in another funding deal I saw (debt) one of the conditions precedent was that the company had to raise a certain amount of equity. Given Galan have 2 quarters of cash at current burn, is that a possibility here? Just musing aloud. But there has to be a sensible reason why the market pumped and then sold this off. Cheers