There are few main reasons AJM is hanging at this price...

There are few main reasons AJM is hanging at this price point. 

1) for next 3 years, the earning potential is cap to the maximum price agreed with the off takers. 

price agreed with off takers:
Minimum price of US$550 dmt (FOB) and a maximum price of US$950 dmt (FOB) for the first three years of the BOA (based on Li2O content per dmt on 6% Li2O)

BOD participated the placement as they probably know provided the project is humming along, it should survive the next 18 months and beyond as there is a floor price for the product. 

But, at the same time, it lost it sexiness in the potential of letting the share price run as there is maximum amount paid for the product.

2) not likely reward for Shareholders by way of dividend next 3 years. Another cap to the price of share.

3) the bulk of the placement is not fully subscribed which is odd and create uncertainty. Only about 8.47m out of the 23m has been committed so far.
who is Jett Capital? Devil or angle?

4) the cost of raising this finance is about 4.5% with no risk to the organiser

5) existing shareholders are diluted by 18.1% through this raising.