It seems pretty likely that part of that money was earmarked for investment in Allana just based on the timing. $275 million just also happens to be about 40% of the cost to build Allana's mine. So in a potential 60/40 debt/equity scenario, that may have been an option for funding.

With hindsight it's easy to lose track of the fact that people make decisions at any given time based on the information and situation they have at hand. So ICL may have raised all of that in a worst case scenario for Allana where they get loans from development banks and need to fund all the remaining equity up front (as a condition for those loans). But perhaps the development banks had softer conditions (not requiring all the equity to be raised from share dilution, or all at once) and thus ICL has a pile of leftover cash.