I hear your point regarding the share price being much lower...

I hear your point regarding the share price being much lower within the last year and there was ample time to build a position then. However, recent developments have significantly de-risked the project and investors coming in with this amount of money, likely sophs and instos, will not invest until these boxes are checked. That would be my thoughts as to why it's more relevant to look at a shorter time period for them to have built a position when comparing against this note raised at a premium to the share price at the time.