Raising funds via a 'strategic investor' would still presumably involve massive dilution at sub 5. Why would they pay at or above the current market price? Won't happen.
The company needs to finalise the Carrinho offtake agreement. As simple as that. if they can't do this they cannot unlock the IDC funds and the current money will only keep them afloat for several more months. At that point insolvency become a plausible scenario.
Ann: Notice of Annual General Meeting, page-150
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