Well don't let the truth get in the way of a good story.
The initial float was for 3,200,000 shares approx, 20% of the the company. Imagine if they had of floated another 2,400,000 shares $7.50, $18M USD in the bank for Nova and only 33% of the company nothing like the 60% you are quoting.
Short sighted management. Nova would have been happy with the cash, shareholders would have been happy that drilling is funded, LITM shareholders wouldnt have been blind sided.
Lets all be happy that management have done the right thing, creating value for its shareholders.
Ann: Suspension Update - Snow lake Investment, page-42
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