Apparently Cannacord closed their book mid afternoon already oversubscribed, with Jett still to add to that overnight from the US...Will be heavy scaling back I'd assume. SPP capped at only $1.5MM so will open and close very quick. At $30k limit per holder, that's only 50 holders and its done. I have shares in 3 names and will be taking my $90k, so that leaves 47 holders left to participate
Inclusion of oppies unfortunately a reflection of the very crappy market to raise in and Galan getting themselves backed into a corner financially. However it is what it is now, cant change it, and more importantly I have no concern long-term as confident the DD will be solid (my own DD over 3+ years suggests that and that JP/GLN are super conservative in most of their technical assumptions), and so the Glencore facilitated finance (US70-100MM) will come through in the next 2-3 months, maybe earlier?
Also, the Phased strategy and small start has really helped as imagine we were trying to raise US400MM capital for a full 20ktpa development now in this market. Raising for just a 5.4ktpa Phase 1 now and then likely funding Phase 2+ in a much stronger Li market in late 2024/early 2025 (and when Phase 1 is producing) is a way better scenario and allows us to maintain schedule (as Phase 1 used for Phase 2+). Phase 2 offtake also the much bigger prize here and I still expect it will be exportable soon probably SQM or Albemarle in Chile who will take Phase 2+ (or Ganfeng), and with a much bigger pre-payment for Phase 2.
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