In summary, waiting for the spodumene price to turn. Gives you time.
The other issue is from recollection AJM was EBITDA positive so losses were after interest payments. Again the equity buys you time.
All boils down to the spodumene price, and I suspect it will head up, so it is a question of when, and if the price starts going up later this year the pain now will be a distant memory provided EBIT/DA continues to remain positive.
All IMO
Ann: New Financing Package, page-75
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