If its for Watershed, VML has said they will use non-equity finance. That means this capital raising is by way of loans, rather than share issue. CAPEX is in the order of $100 million = "material capital raising", I believe.
They also claim latest CAPEX figures mean shorter loan repayment period.
If you doubt this, carefully read their recent releases. Its easily missed.
Ann: Trading Halt, page-37
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