If you analyze past webinars, announcements, and news articles, there is a recurring mention of "building a pilot plant." This endeavor necessitates capital. By issuing fresh shares, he can procure the necessary funds to construct the pilot plant and importantly lock the valuation.
If there are people who wants to invest why don't you issue fresh shares and lock higher valuation?
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Phoenix Water - PXW - Lithium - 100x, page-1839
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