I have no reason to believe any financing is immenint - or even being actively negotiated - but even if LBSR had a good faith reason to think financing was going to be available shortly, they still need to raise the A/S. No deal is "close" until it is closed and funded.

The last thing you want is to be negotiating 11th hour details with the sword of damocles hanging over you, worrying about whether you have enough shares to appease the note holders, etc.

And why 5B? Seems to me that if yor're going to raise the A/S, you may as well raise it enough so that you don't have to think about it if - god forbid - we will don't have a partner 2+ years from now.

Just my two cents.