The way I see it, this was the cheapest way for SYA to raise...

The way I see it, this was the cheapest way for SYA to raise funds for a purchase. SYA being at the cusp of revenue they could have gone to the bank for debt but this didnt pan out.

If the above statement is true than SYA near term revenue is not a lot, when you consider PLS achieved last month 5,000 dmt SC6 @$8,000 USD =$40million

If nameplate is 240,000 tons (its 224,000 but 240 is easier math)
its 20,000 dmt per month
if split is 50:50 PLL and SYA get 10,000 dmt each
10,000 dmt for SYA @ $8000 = $80million

However as this is the start of operation, being conservative, half the nameplate to 120,000 (most mine companies aim for 80 to 90% nameplate in augural year) than at 50:50 its 10,000 dmt per month each

SYA get 5,000 dmt per month

• 5,000 dmt for SYA @ $8000 = $40million, which is almost the CR without any dilution
• 5,000 dmt for SYA @ $4000 (OT lower price and spot is lower) = $20million in 2.5 shipments it is $50m

If one of the above two points is close to accurate, surely SYA would not do a CR?