In the last announcement 30 January 2017 they said in that week to lodge a draft NOM to ASX, ASX Requested 15 business days to review it.
Taurus is a Fund, so for Taurus to get a better rating they need this back trading asap. Taurus are not going private & dont have any intentions of going private as they need this to rerate when back trading so the value can be reflected on the books.
Now just ask yourself this, if you were Taurus holding that many shares and funding the purchase of Foxleigh mine, wouldn't you want to try everything possible to avoid being diluted and doing a unnecessary capital raise, yes I believe you would.
Now that they can see ASX won't give them any waiver they are left with doing a capital raise.
Before you can do any capital raise the transaction has to be voted on, so in ASX eyes the transaction is not completed until shareholders have voted.
Once the transaction has been voted on then management can approach sophisticated investors and shareholders to do a capital raise.
I believe any capital raise won't occur until the 1st quarterly is released as that will show a extra $70 mill in the bank,
This has been mentioned by the company to start up the mine in Indonesia which is Thermal coal. It won't take long to get up and running, I would say a month or two, truck & shovel to easy and it's only 30 metres deep.
Once they do the capital raise which I believe will be at 20 cents or greater we should see a share price of 40 cents imo and have 2 operational working mines.
