Will GLN cap raise, if so what price and how much is left in the kitty., page-5

I still really feel like JP and co should have moved very shortly after the Glencore announcement. Finance aside, the binding offtake was good news and gave certainty of demand - a bit of strength to raise into. I just can't see how Glencore, whose MD Nagle has spoken publicly about only wanting to trade lithium not own the mines, would be comfortable providing up to US$100M funding to a company who by my numbers will be down to below US$13M (A$19M) by the end of December... bearing in mind they've continued full steam with construction throughout the holiday period. Given Galan often report their quarterly late, so by the time we see the numbers another whole month of expenses will have gone through.

The best case scenario in my head is that they announce the funding is now binding, and is conditional upon an equity component from Galan. Trying to raise before due diligence is complete is asking the market to throw millions at you in blind faith, during a very weak market. Tough times for lith's, but it does feel like the timing of all of this could have been handled a little wiser.