Ann: Share Purchase Plan, page-29

I've been thinking about why the 108m shares. Rambling thoughts to follow

Up to a maximum of 108,226,251 - it's exactly 30% of the current shares on issue.

Why so much when the SPP target is $15m? I guess to give them some optionality:
-A decision can be made on how much to take up when the money is coming in, and how the share price performs over the next couple of weeks.
-I haven't checked the capacity to issue new shares without a vote but I guess 15m is pushing against that considering there was a placement in March.
-A low target avoids embarrassment if the uptake is poor.
-A very high upper limit means they could theoretically get a decent chunk of the equity needed to fund Vittangi (~30% of the equity component?) if everyone goes nuts. Would take about 1/3 of the shareholder base all tipping in $30k, which seems unlikely to say the least
-The main optionality is taking up as much as possible at $1 in the event of negative news about permitting before the SPP close (unlikely), or cutting it off at 15m (first come, first served) if positive news about permitting comes (more likely). That way a bigger raise can come further down the track when the share price is higher and dilution is minimised.

Closing date of Friday 24th Nov is before the AGM on 30th Nov. If enough of the SPP is taken up then a special resolution will have to be added for voting? Easier than having to organise and EGM for it later. I posted a while ago that the window was open for a capital raising/SPP from 28/10 (+1 year on from the last one), so with hindsight I should have seen it coming before the AGM. It was a small window. Not that I would have sold anything if I'd known beforehand anyway.

What the funds are for (explicit in the offer): "Vittangi Anode Project, includingRefinery site establishment costs, and general working capital"
What the are not for (because not mentioned): drilling at the Aero lithium project (no loss, it's likely a dud), anything related to Tal-Si (shame)
Realistically this is all working capital given it's about 4-5 months at current cash burn.

No explicit option in the SPP to vary the price (eg based on discount to VWAP) if it trades below $1 before the close of the offer. They could always amend if necessary. Part of me hopes it's because they expect some news to come before 24th November.

Would be nice if MT could address the timing of the raise in the webinar.

I will likely participate for the full $30k as long as it stays over $1 this week.