Yep there are a lot of possibilities as to how it unfolds. I...

Yep there are a lot of possibilities as to how it unfolds. I know that Essential Metals went looking for a prepay deal and talked the good talk. They then went all silent on what offtake offers/conditions they received. Realising the difficulty they would have raising finance to develop their small resource, management started to recommend the takeover offer they received. When that deal fell over, they recommended the next deal that came along.

Its not quite the same because the capital gap ESS had to fill is massively larger than Atlantic's, but it does indicate that deals like GM/Livent are the exception not the normal. At the moment we are in a lithium world where cash is king and those seeking cash need to offer up a lot hence circa 20%+ discounts are common when companies go to the market for a capital raise.