Anyone think that he will use his $50 million to buy up on the market(i.e. make an on market bid)? he could get 33.3 million shares if he can manage a $1.5 average or only 18 million at 2.75 placement price.
If he can secure 30-40% he would be in prime possition to secure an offtake agreement and a much larger percentage of the company than by going with the placement.
most holders would sell too
price of second placement, page-7
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