Ann: Renounceable Issue , page-4

Well an interesting and predictable announcment,

it will be interesting to see the details, but by making it renouncable it might help to raise the extra funds needed.

Current holders will now have 2 options, 1 take up their entitlement either in full or part, or sell their entitlement on market, assuming of course thre will be a market for them.

Strange that they did not release any dates, as at the moment you do not know if the shares are ex the entitlment .

If you are a non holder this is potentially a good way to grab some cheap shares, by buying up entitlements from shareholders who are not going to participate, i imagine there will be a facility to enable people to take more shares in the event of a shortfall in the takeup.
The key will be to see if the current managment and board take up their full allotments, in Mr Dart case that is close to 800k to make sure he is not diluted, although there is no chance of him loosing his position due to his managment shares.

All in all if they can raise enough to get some drilling done , then that will be an enormous positive, assuming the drilling results are what they expect them to be.