25% cap is correct, they can be kept whole in any cap raise. The real question is whether they assist in financing or try and take out from June 2021
KAI Pilbara Minerals buys land off Kairos part of its York gold project for $20M – and a 2% royalty on any PLS gold sales
MND Albemarle lithium downsize burns $200M hole in Monadelphous's pocket as latter's contracts terminated