Ann: AVZ to raise $15 million to fund further work at Manono, page-292

Sure cash is king but unfortunately there were too many negatives about this CR...and they have nothing to do with dilution.

1) The issue price of 25c sends a message to the market that the directors don't believe a higher SP is coming in the near future otherwise they would wait.
2) Chinese want to see the project advance further before making further commitments. Basically they didn't want to put anymore money in (or even exercise options) at these levels. Perhaps they feel its over cooked based on 3-4 holes.

And the AVZ directors should be working in the best interests of shareholders...how is raising capital (twice now!!) just before a drilling campaign with unnecessary dilution working in the best interest of shareholders??

They should have done a rights issue or SPP to existing shareholders at 25c?? If the SP increases with the current drilling then bonus for current holders and not freebies for newbies.