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strange, personally I'm waiting. I'll take up my entitlement and then see how the market reacts. I don't mind missing out on a few pence here and there.

Strange, I understand the arithmetic, I just don't think they're doing it. If an ii was really interested in the sort of transaction you're talking about, we'd have seen it when the price hit 157p.
Anyway, we can go round and round on this one and there is no point doing so.

you take a "full impairment" of an asset, it takes about three minutes to adjust the accounts accordingly; not three weeks.
This was a smoke screen.
I'm not expecting to see any of my investment again.

Strange, do you honestly believe that an ii would sell now? I know your argument is that they can manipulate the price for their advantage, but have a look at their original issue price. They are not sitting on vast profits; they are long term holders and the sort of margins you are talking about are meaningless in the scheme of things.
These people are not trading this.At least, not in my opinion.

Liberium's comments make no sense to me.
If they are that concerned about the the ability to raise the money, then surely they'd mark it as an out-and-out sell?
And why does it appear as if this is news to them? It's been on the cards for as long as I can remember...and I go back to December 2014.
Look, we all know that this is not a slam dunk just yet. The placing has to be placed, but we've been told in the past that our existing iis' are up for it and as they will be acting as cornerstone investors, and given who they are, others tend to follow. Are Capital, Black Rock and M&G really going to let this fail? They've known the full story since the day they put their hands in their pockets, so you've got to ask yourself; "what is the balance of probability here?"
Oh, and Hanwa? And the Omanis'?

Strange, if our iis were selling, they would have to announce.

This is private investors.

Kluck, I agree that it's ignorant pis'. The price spike at the start of the year attracted far more pis' than we're used to. They had not researched the stock (they never do) and are now looking at substantial losses. Rather than actually doing some research, they are now panicking and taking those losses. There will not be that many pis' sitting on a profit at the moment.
We know it won't be our iis'...they'd have to announce and in any event, a lot of them would be selling at a loss...which they will not do.
What we are seeing is SO typical of UK AIM investors. A complete lack of understanding and a casino mentality dictated by the Get Rich Quick mantra.
Still, it's free country (almost) and they can do what they want. And do I care if the lose money? Not in the slightest; in fact it gives me a warm glow.

Good point! Perhaps we should vote to increase their pay by 7500%, give them options over every share at .00001p and offer to pay for them to fly around the world (first class) to various exotic locations so they can pick up a few rocks and claim they've found the largest gold reserve ever.
Hang on! Didn't someone else do that? Oh yes, Bre-X. Still, that hasn't stopped many, many others from re-running the ruse.

The perversity of the market reaction is just about the weirdest I've ever seen. Anyone would think this was bad news...extraordinary. Can anyone think of a similar size, successful fund raise on AIM? Can anyone think of an AIM company with our sort of backing and prospects? I'm sure there are some, but none spring to mind.
Weird, weird!
Nomad, I now understand what you were saying. A pre-placed issue would have been great, but I suspect there are technical reasons why this was not possible...but who knows?

nomad, "not great news today in all honesty"...what were you expecting?

I was wondering about that as well, obs. My guess is that it's reasonable endeavours on behalf of the seller. In other words, they can't sell it if for some reason production is falling short.
I also noticed the sentence about refunding costs up to $2m if a takeover bid is accepted. There's forward thinking for you!

obs, and this is very good news indeed...for both of our companies.

iceberg, I agree.
We will have been sounding out various investors for months now and the book-build shouldn't take long. As I said earlier, that 80p Numis target had more than a ring of pre-knowledge about it.
In my humble and totally irrelevant opinion, we should be looking at about £1.50p by year end. £3.00 by end of year 2019. £5.00p by end of year 2020.

"I'm starting to realise this is a massive amount of money to raise"...took your time there, Newboy :)
I cannot tell you how relieved I am that we've announced this. It's a huge development for our company and it goes without saying that without it, we actually didn't have a company.
Not only is this massively significant for us, it's also huge for the lithium industry and shows just how much is required to raise serious amounts of money for new developments.
This has removed any residual doubt I may have had and now we should all sit back, take-up our entitlements under the open offer and watch as the real value we've all been waiting for arrives over the next couple of years.
Well done Secker...a great kick in the ass for that bloke Lowry, Morgan Stanley and the characters behind the Lithium Spot blog.

Mr Susex, which office of Morgan Stanley do you work in?

TC, "how many shares do BCN have in hsbc?" Erm...none?
Did you mean how many shares do hsbc have in BCN? Otherwise, I don't know what you're trying to get at.
And the answer to that question is also none...at least not at a declarable level...as far as I can see. Why do you ask?
As far as the Numis note is concerned, do you conclude that they are implying the issue price for the new shares will be 80p? This would make sense to me.

TC, I've no idea what the implications are, but I do wish UK equities were subject to the same level of disclosure; and in such a clear manner.

buy at the end of the day.

Fukur, there's been an remorseless sell-off of small holdings since the announcement, which suggests to me private investors don't get it.
This is also true of the blog Lithium Spot, who didn't think the raising of $150m was important enough to mention; despite the fact they've been banging-on about funding difficulties in the sector for months.

The interesting thing here is that we're in at the start of something that really could be exciting.
I got my wife and daughters to look at the site and there's no question, the company is hitting it's target market. The key is getting known amongst the huge number of competing companies and it seems to me that the ladies behind it know exactly how to achieve that. It really helps that they are well-known within the business.
There's no point speculating how far this could go in terms of price, but the possibilities are enticing.