The SPP will be available in a few days , so the head scratching...

The SPP will be available in a few days , so the head scratching gets serious for individuals as to whether to apply , and for how much ?
I went back to the recently released Quarterly ( 26th Oct) , and amongst other items , noted a couple of points :
# 16 .3 Mill was expenditure allocated "principally related to Inventory Stock Feed for the KMP
# $38 .5 Mill was cash on hand at 30 Sept ....with a Estimation that would enable 2.1 further Quarters of current funding .
So turning to the current Cap Raise of A $40 mill ( $30 m Insto's , $10 SPP ) , the allocation of funds ( without giving specific breakdowns ) , the first point of allocation is this :
• secure KMP feedstock inventory to support metals production, and in turn assist with near
term customer acquisition;
Now IMHO , ASM are not silly enough to want to go back to the Market or "more of the same" any time soon ...and it would have been one of first Q's asked by the Insto's ( as I would have done ) .
So it does seem to indicate to me ...that more sales and or Binding Agreements are not far away , and some more substantial cash flow will be "committed "in this current Quarter , or shortly thereafter . A smart observer might think that some news flow will emerge before the AGM , in nothing else but for the Board to "calm the farm "from a number of agitated investors !

One can also note that , with 2.1Q of expenditure only with cash on hand at 30th Sept , ASM had little option but to rattle the tin here and now . Completely valid analysis as well .
But Institutions always look for "heads up "and good points of entry , in investment cases like ASM .

So ...and its AIMHO and each Investor will act according to their personal interpretation of the current status ...I am inclined to think the Insto take up , under Bell Potter's mandate , carries some weight !