Ann: Trading Halt, page-27

Yep it was to institutional/sophisticated investors only, like the last CR that was a couple of weeks ago too. The offer opened and was closed a just a couple of hours later, nearly missed out. I'm in with a $25k bid but I assume it will be scaled back given they closed the bid book so early - probably had a lot more than $8M worth of bids. I was in the last raise as well with a similar $ amount so am a very very happy camper given the last raise was at 2.5c with 1:2 free options. Paper gain of ~$100k from the last raise.

I think they've done this raise a bit too cheap considering the freebie option that comes with it, might put an anchor on the share price but to be honest, anything over 10c is a bit overcooked at this point of the development imo, at least until they secure funding.

Also it's odd they didn't issue new options in this raise with a 15 or 20c strike... the 4c strike are an absolute gift.

Given the effective price in the raise is around 8.5c depending on how you value the options, I'd expect to see a fair bit of selling on market when it opens down to the 8-9c range... where it goes from there really depends on how many investors still want to ride the hype train here.

Until they are funded it is still a risky play... when I took place in the last raise at 2.5c I was thinking we'd only maybe see 8-10c in Q1 2022 if the studies came out good and funding had been completely secured at that stage. Now I think if funding is secured for the expanded capacity plant (extra $75M cost compared to the initial plan) then sure, 20c++ is probably on the cards.