$13m raising up to $20m, page-5

IMO looks suspiciously like a bought broker deal leaving RXM unconvincing in its justification of this unexpected cash grab to its shareholders. Given its current status as an emerging producer, I would have thought the company could leverage a much better deal from the multitude of hungry contractors (look at the recent financing deals by ASL), a strategic investor or at least off the back of a higher share price or a significant news event that would support the share price in the aftermarket (such as the completion of permitting and a firm EPCM timetable which can’t be that far off).

And what about the new Chairman??? I note the bio provided for his appointment late last year:

"Dr Carland (PhD (Econometrics); MEc; BEc (Hons); MAICD) has over 30 years of investment banking and commercial experience in both the private sector and government. He is the co-founder and part owner of BurnVoir Corporate Finance Limited “BurnVoir”), an independent specialist investment banking firm focusing on the energy, resource and infrastructure sectors. BurnVoir also provides advisory services to Rex."

So what sort of advisory services does BurnVoir provide? Directions down Collins Street?

I'm very unhappy Rex!