Some additional info on the funds raised to purchase Mt Ida. Sprott usually doesn't hold for lithium plays. So I can see them selling either on market or through off-market block sales. Canaccord I think will hold to see what develops although like everyone else, will probably book some profits.
The A$15 million raising was supported by domestic and overseas institutional investors, and easily exceeded the $11 million purchase price and minimum $12 million required by the sale agreement. The loans can be converted into shares within three years at 15c.
Canaccord Genuity acted as lead manager, supported by Sprott Capital Partners and Chieftain Securities.
Ann: Mt Ida - A New Lithium Province, page-78
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