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Two big gambles here - will GR get the Retail Offer over the line and will sc6 be produced? The irony here is that GR himself might have to stump up to get the retail offer over the line and I'm not confident that he will! I just can't see that there's enough gamblers out there who would see GR as a good bet so he'll need to stump up seven figures. Canmax will take some to uphold their part of the deal but I very much doubt that they'll buy more than they need to. With the lack of support for the placing, one can now see why it's taken a long time to get to this point.

GR needs a slap... he needs to resign on Tuesday if the placing/retail offer fails.

Martinigirl - I've got a lot of sympathy with what you've said. Friday won't be pretty and the delay introduces a lot of jeopardy around whether he'll get all those shares away.

Well, the placing isn't a surprise but the price is very disappointing and so is the timing. Why on earth couldn't he have done something much sooner! SP is bound to drop to the placing price now.

I do prefer these new RNS's with so much detail - the level of debt has been confirmed and it's nowhere near $100m which is good but it does set out the challenge ahead. TBH - I don't get the sense that there is confidence that they'll get all those billions of shares away. Previous placements have been presented as a done deal but they're still building the book. Being a cynic, this could be why there is also a retail offer... rather than it being a generous gesture from GR.

Regardless of anything else, this all boils down to whether sc6 gets produced during the test... I had a certain level of confidence before Christmas but the RNS has unsettled me.

Let's see what transpires!

Knowing historic trading patterns, it looks like yesterday was one of those spikes that Pauly refers to. I believe that CLON will come good but not quite yet unless there is some unexpected surprising news.

I take your point, Raydaar, but, this time, it was true bewilderment... a rarity indeed!

I don't think that there is any intention of using up 15 billion shares now. In fact, I think he will use the absolute minimum that he needs. Moreover, I think VSA/Canmax will be overseeing the usage of these 15 billion shares. More than half of those debts already have prepayment plans and, whilst he has the scope to pay them all off now, he will not cough up until he absolutely has to... and he may have pacified and delayed the bailiffs with getting the resolution passed.

Again he's counting on producing sc6 in the test run.

There was also speculation that he was going to use a CLN so that he doesn't have to issue any shares at this stage. Perhaps. a tall order but someone might be willing to give him a loan secured on the future issue of shares... he now has the resolution passed so who knows!

I don't think we can agree, Jaglith.

Not that I would necessarily take this as gospel but GR's response in Friday's interview to the question of a $100 million debt to Canmax was bewilderment.

Jaglith - the cash settlement is instead of the lithium (or $34 million) so the 'debt' to Canmax if no lithium has been delivered by 1st April is in the region of $60 million. If some lithium has been delivered then the 'debt' will be less. The cash settlement is not described anywhere as a penalty.

GR is counting on getting sc6 produced (hopefully by the middle of January). If he does, not only will the sp rise... significantly, but he's more likely to have access to other funding. I reckon he's counting on repaying the 'debt' to Canmax from a loan if he can't renegotiate.

You have to remember that since Aug 23, Canmax have had a number of options which would have made life much, much harder for GR and Prem... they've let the cash settlement rollover, they've supported the latest resolution and they'll take more shares in Prem... doesn't feel like they're the vultures that you're portraying them as!

Jaglith - I think you've added 34 million too much!

Martinigirl – that’s roughly the figure I had so I’m not sure how Jaglith calculated his 100m. The figure could be less if they actually produce some sc6 before April.

Where I seem to depart from some on here, including yourself possibly, is whether or not Canmax are the supportive offtaker that GR has said that they are… and this points to whether GR doesn’t tell the truth every time he opens his mouth! This time round (see below), I think he is telling the truth and, if that’s the case and if Zulu produces sc6 then this whole thing has a completely different outlook. I don’t think that GR is calling all the shots now… at the very least, if he is, this is his very last chance to get it right and he knows it. Half-truths mis-directions and downright lies won’t do this time.

Profitbags - Canmax want to maintain their holding at 13.??% so with GR's headroom of 15b shares, they will need to and have indicated, by supporting the resolution, their willingness to take part in future placements.

Tbob418 - Just in case anyone is in any doubt about my knowledge of Prem and GR, I first invested in Prem in 2017 and have seen ALL of GR's shenanigans… some of which have cost me! I've been pretty consistent about GR's removal since he used funds raised for Zulu on Circum and I've been particularly unhappy with the influence of SK and his following. I held just under 1% early on but got a bit dizzy when I realised that fact and sold a good chunk. Best decision was to sell the majority of my remaining holding (which was nowhere near 1%) in April 23.

Didn’t think that I would be back here again but I added to my tiny holding a month ago, have added since and will again when funds allow. I guess I’m taking Warren Buffet’s investment advice.

Profitbags - I've never been accused of being enthusiastic about anything! Do I think that everything will be plain sailing from here on in... absolutely not! Do I think everything will be sorted by April... no! I do reject the cynical views about Canmax having always planned to take Zulu. I would vote to remove GR at the drop of a hat but I reject the notion that he's only carrying on for another 3 months' salary.

What I do think is that there's a plan and that there's funding to get it started. I think that they've got a handle on what the remaining plant issues are and that there is a better chance of producing sc6 than previously. If the test runs go well in January, the market cap will multiply and it is game on. Further funding will then be less difficult to find.

My best case scenario is that some sc6 will be produced regularly before April.

Having been outfoxed by GR with the FM and the prepayment agreement, they've now taken steps to secure their position but they are going to commit more funds through the imminent fund-raising. I think that this is really significant and positive.

Jaglith - and Goddard didn't press for bankruptcy either!

Lots to play for still!

Jaglith - if Canmax were set on taking Zulu and/or Prem out, they would have voted against the resolution, Prem would have gone into admin and they could have picked it all up for zero. Instead, they've voted for headroom and they'll be participating... so they'll be throwing money at Prem! Granted - this is GR's last chance but I think VSA, Enprotec, Betachem at al will get this over the line.

I don't know if you're a habitual shorter, a vulture or if you've previously lost a fortune on Prem but it's in everybody's interest for Zulu to succeed (except shorters, financial vultures and bitter ex-holders). Everyone and their dog knows that GR has overseen a disaster here but there now seems to be some hope that something good will come out of it... plenty of risks along the way and not for the feint-hearted!

Hey Acker - hope you had a good Christmas. How are you seeing things now?

Radika - the test run with the current flotation plant should tell us. It would be good to know whether GR has started this already or is waiting until January.

Canmax clearly don't share your view, Jaglith.

Ballymena - Prem were completely stuck and heading for oblivion without the headroom that they just got. The headroom allows them to become unstuck and pay off a chunk of debt that was going to destroy them imminently. Zulu would have been lost completely. Prem now has a chance to get SC6 from Zulu.

BTW, if Canmax wanted to take Zulu, they would not have given GR another 3 months to sort it out. I believe that there is now some confidence that the plant issues can be sorted.

I should have added that if anyone thinks that Prem is now in a worse position than they were previously then they're being disingenuous!

One step at a time - the key thing now is for Zulu to produce a high enough quality of Li.

Once that is done, everything will look very different - market cap will rocket and GR will have other options for funding.

So, Jaglith, you're saying that the lack of a RNS at 7am this morning (don't think that GR committed to a time today or even committed to today) is more important than the contents of the RNS????

I don't want you to answer that!

I don't have an issue with all views being expressed about Prem on this board. On the whole, it's a good thing but I just can't fathom the motivation to make a negative about the lack of a RNS or how many holders did or didn't vote. In the whole scheme of things, these comments are trivial and remind me of playground arguments.

The main question is what happens now? Yes, there will be a placement or will it be a CLN? What will the new deal with Canmax look like?