And we have the issue of the market having had time to think...

And we have the issue of the market having had time to think about the placement price that LGES managed to negotiate with GT1.

LGES was provided a sufficiently convincing story by GT1 management that they agreed to a placement price of A$0.92 for their 7.89% stake in GT1. This was well above recent volume weighted averages. Whatever it was that assisted this price to be set, its good news for GT1. This is not the same as the Canadian pass-through shares selling above market because those higher prices are due to the company passing taxation benefits to individuals with high marginal tax rates and given their high marginal rates, tax losses are valuable. Its also not the same as the other trick sometimes pulled of placing shares at or above market inclusive of embedded "free" options but its really the options true value that allows the higher price.

It will probably never become clear why A$0.92 was set but it indicates the substantially complete PEA and/or in-progress discussions with Government &/or a more comprehensive view of development potential of all prospects including Root Bay are sufficiently compelling LGES wanted in and accepted that a higher than market price was fair.