CRML can't issue any shares for 60 days after IPO. The company can issue shares post grace period and sell them to public to raise that 150-200M or whatever amount they need (which I'm sure you know but for other readers benefit "public" also mean instos and therefore can be sold directly to instos not necessarily via stock exchange eg. GEM).
The first one to be unlocked is GEM's per contract, at $10 per share. Unlocking GEM's $125M doesn't need the usual cap raise process.
Post 60 days is usually the time when fund managers acquire so they can then day trade those shares at market eg. lend for shorters or sell, or otherwise buy at stock exchange. This is an important step usually as it creates better liquidity (and yes that includes effort of shorters).
The hydroxide plant is best seen as its own project of sort, as it will be its own company (subsidiary) and have its own funding... per term sheet, Saudi Industrial Fund to lend CRML 50% (likely at 5% interest) and the other half from OIG, rounding the 50:50 partnership. I am mentioning this simply so there's no confusion, Saudis are fully funding this project.
The construction of mine, that would/should be CRML's target for the EIB funding. The funding split will likely be 60/40 split or 40/20/20 split.
The simple 60/40 split: 60% loan, 40% equity (via cap raise when CRML is able to issue shares)
The 60/20/20 split: 40% loan (such as EIB or Deutsche bank for argument's sake), 20% equity, 20% grants/Govt (such as Australia Govt backing of Kathleen Valley)
Now that there's no doubting CRMA is becoming law, the usual risk that prevents European banks from investing in risky mining exploration/development are relaxed. There is also more than just the EIB, EU has many different funds that's been gearing up in anticipation of CRMA.
Bank funding aside and more towards institutional investors acquisition of shares, there are ETFs etc that would look to add CRML in their portfolio eg. Sprott. It depends on their own constitution and purpose as a fund. Full disclosure: I have no influence on other fund managers. All I can do is plant seeds so CRML is known. It's up to the company, Tony above all, to attract investors and sell the vision.
How this then reflect on ASX, I can't speak for Carbondriver but to my knowledge, funds don't invest in two stock markets of dealing with the same project and sticks with one. Nasdaq investors wanting exposure to Wolfsberg project will stay on Nasdaq. ASX investors wanting exposure to Wolfsberg project (despite it being a CRML asset) are the ones who will invest on EUR. This could be the likes of AusSuper or Macquarie clients, they wouldn't acquire CRML but instead would acquire EUR, for many reasons like tax, easy access, etc etc.
EIA doesn't need proof of funding. It's not even really needed to start construction at Zone 1. In any case EIA doesn't have a requirement that the project has the funding. What it asks for, however, is that you have a Mining Plan. A project plan if you. will (hence if you can recall I did mention EUR now CRML is missing a project manager, whose tasks Dietrich has become responsible for). That's what is missing for Wolfsberg Project at the moment to complete the application.
Sorry, thinking out loud as I write this so I may not have everything accurate but that's essentially my take on it. Hope it helps
EUR Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
