Excellent point Bull, though, I think $25m was about right,...

Excellent point Bull, though, I think $25m was about right, especially if asking for more would have meant a discount (though of course some view the raise price as a discount, there are not many raisings that are above the 5-10day VWAP which would be around $0.43 (just a rough guess, so perhaps a 9% discount, which is the sort of rate that GMD is able to pull off..... RF is a market darling after all).

@sabine I simply agree. I love how so many posters imply that the Insto's who got shares at $0.40 would just naturally not want to get a discount....
All investors make choices about when they enter a stock. One of the biggest advantages I have found is being able to wait for raisings to occur, and see the share price dip below the raising price (especially when sentiment gets bad), which is obviously below the Insto's price paid, sometimes that discount can be... large. PNR is a good example, last raising was at $0.06, yet I was able to get a large amount of my holders around $0.03, just 2 months after the raising, basically a 50% discount to what the Insto's got. To be clear I don't think anything like that will happen with SPR, but.. just some context).

SPR have basically skipped all of the above and now I just look forward to seeing who is on the register, plus... did Delphi etc take up their entitlement.

@chairs - sorry, but... why would they allocate more money to something that is awaiting FID. They are spending $8m on C&M on the plant, I think that is a pretty big indication that they already believe they have a viable project (I will be bold enough to say, it's already a given, the main question is just how good the return is going to be, NO INVESTMENT ADVICE).

@Joelstar - cheers for that, hopefully next year I can join up with the HC crew. As you mention having Key investors that have wanted in and been waiting since the US conference, they are not likely to be short term holders, so... the new shares don't go onto the market, which..... unlike say PNRs raising, was just a rinse and repeat of past raisings, which basically involves brokers screwing anyone and everyone. Did you get a chance to re-listen to SL since the presentation? I found it interested about the grade of Never Never outperforming their earlier expectations (though to quantify, he said that aren't they thought was low grade, has since been increased, which is why he's looking forward to the MRE, let alone the extensions)

His discussion on the current MRE and mine life also gives me reason to think, that the MRE will be... very good. With... potentially, 6-7 years LOM at perhaps 2.2g/t, with further upside dependent on the drilling. I assume this will be based on solely NN U/G, Gilbey's North (NN open pit) and.... the main pit. No extra U/G operations yet, because it's still early days, although..... Sly Fox was mentioned not so long ago (pre- SL being MD) as being a potential U/G source of ore, let alone all NNs cousins.

In the end, I think SL is doing a pretty good job of balancing the myriad of potential paths SPR will eventually take (he wants to keep all options open to hopefully ensure, that all current shareholders, get the biggest benefit).
Produce on it own.
Produce on it's own with multiple high grade U/G
Produce 100% U/G (my long term belief and expectation, but.... who knows)
Produce by be T/O soon after
T/O when it just finds too much gold etc
Sell 50% like GOR did (yes... different project, but... still risk in starting up the plant).
ETC

Slightly off topic, but I guess nothing was said about the REE around Glenburgh?