They locked in all of our production for Phase 1 & 2 over 30...

They locked in all of our production for Phase 1 & 2 over 30 years minus the initial 10.000 Ni tons a year for 10 years for LG & Posco.
So they locked in 860.000 Ni tons out of the 960.000 that the projects should ever produce, which is close to 90% of available offtake.
They got their hands on that extremely cheap IMO.
No prepayment or anything, they just paid for shares. It was at a decent premium but that was balanced by the fact that they got granted 48m options.
So they locked in 90% of our offtake and got 20% of the company plus options for less than 5% of the capex necessary (69m$ US).

That's why I was one of the only one not celebrating too hard at the time as, despite GM's clout, I knew it would leave us in a risky position. No bargaining chips left, a low share price and a mountain of equity to be raised, which isn't a great position to be in as an investor.

I wish I had taken my gains at the time but sadly I waited for the AFS and the subsequent SP drop. I still have 800k free carry but got my capital back from my initial 2m so not too sad either.

After almost 3 years, I really want this project to happen. We will need a serious rerate before that or something from left field IMO.