Nothing surprising given the depleted cash levels reported in the latest quarterly (4.4m).
The million dollar question here what are they raising the money for. Because that would determine how much they'd need to raise. Is it just NI / Li exploration or some study work too? We all know that they're looking to mine and ship raw Li concentrate, which requires capital too.
If they found some capital rich instos and they can convince them that they can generate early cashflows, the deal will be heavily oversubscribed and there won't be any retail component either. My bet is they'll raise 9.8m on 22c with insto participation only.
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