Ann: Merger Presentation, page-580

That may be partly true Blythefan however I also believe there was significant incentive in the fact the $15m 26/09/23 raise price was just 2.6c a share.

This was due to the comparatively low price of AVL - 2.7c a share when the merger was announced on 25/09/23.

For RCF I think these prices offered a solid opportunity for RCF to average down on its AVL spend as well as what it believed was an attractive rate of 2.7c at which to convert its’ near 46 million TMT shares.

Spoiler : AVL price chart

AVL has been recently trading at prices not seen since before that $49m grant was announced in March 2022.
Current market cap there is under $117 m.

If you remove the $49m that puts AVL value at less than the TMT project despite the new management, its own mineral asset and downstream projects, and the fact that grant will be doubly secured when the Wangara vanadium electrolyte plant is up and running - which will be in just a few weeks according to AVL reports.

cheers