If they've already accepted applicants money, and then decide to...

If they've already accepted applicants money, and then decide to accept the extra funds from the new comer, I think they'd just have to accept raising a higher amount, though they could scale back if they wanted to (IMO unlikely).

If on the other hand (and a big IF) the new comer offered a higher price, then they'd need to settle what ever agreement they're doing, then accept the higher price going back to the original applicants to see if they were still interested at the higher price.

With the IDC loan, we were going to be up to US$12m short, some of this raise will be for capex so the amount we're short will become less significant and easily covered by various means. IMO our SP has been held back because of the funding uncertainty leading to delaying the start of construction. This cap raise should allay that fear especially if we have already started as chuk suggested. If the shares go to safe hands we may even see the SP go up on coming out of suspension. Even more so if this new investor enables the GA project or stage 2 of the phosphate project.

I initially thought this new comer would be the S African offtaker they have mentioned numerous times. Reflecting on it over the last 12 days, I tend to think it'll be a cornerstone investor for the GA project. The main reason I'm thinking that is why would an offtaker want to invest at the company level? Yes a good investment but investing I presume isn't their business. On the other hand, if a possible partner in GA wanted to inch their way in, becoming a major shareholder would be a very good start. To ink a preliminary agreement would take time (as it has), whereas the offtake has been on the table for some time now so it's probably just finalising the pricing mechanism that needs to be sorted.