Ann: Adina Drilling and Operations Update, page-82

this may explain why Kev is so upset, where his main gripe is the CR at 1.00 (Block trade at 85c). And on face value, the company was having a momentum run with Renard to 1.49.

In an ideal world, a CR called then would be without CFTF in order to captivate the price at hand. A perfect world would be with CFTF but that takes an open door available at that precise moment.
The problem that would have occurred under a conventional CR rights, given the deflating price of lithium would be that we go into a halt, ann 1.40 rights, but then the tide goes out, and no-one takes up the rights, as the sp dips down to 1.30, 1.20, etc. The alternative would be a placement, at say 1.25 from a halt at 1.40.

We have seen where companies can chase the market price, it is disastrous. I once saw a company revise its CR terms 3 times as the market weakened below the CR level.

So given the deflating sector, whatever the company did, it was prudent to rip the band-aid off quickly.
At least, with the CFTF we did achieve a respectable 1.00 swap on equity for cash.