Similar question i have too. The announcement said "definitive offtake agreement". Is Galan using this to create better demand for its sizeable CR? After the CR and if it fails to sign an offtake deal, is the mgmt liable? Any legal expert can share some thoughts?
At this juncture, I really don't care about what is the strike price for the CR. I'll encourage them to do it even at < $0.1/share. As this is likely a $25-30m CR, I won't be surprise it comes at a discount with sweetener like options/warrants. Whatever it is, just do it and get a deal done! Best is to bring in the offeror as our shareholder too! In that case, we will have 2 significant shareholders who are able to underwrite phase one and two production volumes.
GLN Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
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