Technically, the ICL warrants don't have to be exercised for 3 years. If ICL is committed to buying this company in the long-run and doesn't have any qualms about screwing existing shareholders they won't cash those in until the very last day.

Allanna may need to raise the $58 million that would otherwise come from warrants through other equity financings (which I'm sure ICL would participate in to get more of the company)...

Of course, LMM is not insignificant here and if ICL doesn't want an eventual fight on their hands when they take this one over it would behoove them to play nice. So maybe ICL loans Allana the balance in debt. They did raise $275 million last November and have only comitted $84 million of that to AAA so far.