The RCF commitment is for 3.2 cents pre consolidate or $4.80 post. If the SP stays where it is now, this will be a significantly higher value than the current SP of 1.6c pre and $2.4 post. This will NOT dilute share holders, it will be more the opposite. I believe they have mentioned that there will no longer be a CR offered to shareholders because they do not want to discount RCF's commitment.
Anyone who thinks that buying 2.1 Billion shares of Sayona at twice the current price will dilute share holders is not thinking correctly.
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