No these are warrants issued by CRML with a strike of $7 - similar to a call option, these give holders the right to purchase CRML shares at $7 within the next 4 years up to expiry.
If exercised the cash flows to CRML and provides additional funding for operations.
This is purely CRML related and has nothing to do with EUR directly.
The downside is obviously dilution and an overhang which will create a price ceiling of sorts around $7 since holders are likely to sell and exercise if the price exceeds the strike on market.
Nevertheless CRML at $5-$7 still pegs EUR at 20-30c per share as @Tradingasevans demonstrated above.
Importantly this is providing much needed funding for actual progress on the projects.
Interesting couple of weeks ahead, and although this has obviously dropped the CRML price substantially, it would seem likely that it has provided some stability for when the lock-out period ends on the 28th.
Major arbitrage opportunity still exists.
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