Long term holder (2020).In my job I have raised corporate debt;...

Long term holder (2020).

In my job I have raised corporate debt; equity; taken smaller companies to IPO (not in resource sector).

My view of the last 4-6 months (apologies if stating obvious for some);

1) Debt due diligence always goes longer than you think even when the "deal is done".
2) As the Borrower, you always run competing processes alongside ie Plan B
3) However, you also must be aware and manage your exposures ie Cash burn/balance during the deal timeline
4) Black Swan Event - overstating it but most in the market did not predict the Li price would drop < 20,000. The drop to 13,500, would be enough for a re-negotiation of terms from the original "Heads of Agreement" which everyone on this thread would understand.

This could/would explain why JP/GLN were caught with their pants down and were forced to raise, to satisfy a facility loan precedent which was triggered due to the lower than expected Li spot price?