TNG signs Titanium offtake deal, page-52

The instos and sophs you refer to make their money by supporting companies like TNG and SO4 in their pre devlopment stages but seldom do they stick around.
They on sell their shares via the market and/or find off market buyers for them in order to get their money back at a small premium and then do the same with the next company that comes along looking for working capital.
That's what the instos and a lot of the sophs are in the business of doing. They provide finance. They're not long term investors. They wouldn't be able to stay in business if their money was tied up for years.
There's nothing right or wrong about it it's just how it works.
Hence the difference between a corner stone investor and the instos and sophs.