Ann: Havilah Secures Funding of up to $100M from GFG Alliance, page-56

I think you've summarized it very well@Justhavinago. Also @exchanger!
Here are some of my observations, in no particular order.

* We have, for some time, been told by a few prominent commentators on this site, how much Havilah is worth. (Billions!) Personally, I've appreciated the detailed analysis. BUT, why has the share price not reflected that? Why hasn't the smart money been rushing to buy? I don't believe the answer is simply "lack of confidence in management." The reason is it takes multiple millions to advance the in ground assets Havilah has identified - and to ultimately realize that value. It also takes time. And then there are the uncertainties of gaining native title and other permitting requirements. This is the reason Havilah has not stood out as a bargain to the market - no matter how much we might protest.

*Along the same lines I imagine that across the negotiating table Havilah's directors have been pushing as hard as they can for more money and less dilution. And, of course, GFG has been pushing back. And this process has been going on for months. What we've ended up with is the result of those two forces reaching equilibrium. That's the nature of deal making. Each side can always imagine a better deal - but in the end there is reality...

*What's the alternative? Scraping along, struggling to pay off loans, capital raisings at lower and lower prices? Year after year? No thankyou! Fresh management? The EGM last year was a costly and time wasting distraction and it failed because, at least in part, it wasn't clear at all what was being offered. A capital raising was part of it though.

*What I see in this deal with GFG is certainty moving forward - a clear pathway toward actually realizing the tremendous latent value that Havilah represents. And of course this means dilution - there is always a price to raising capital. But dilution does not have to mean a loss of value. Havilah's shares are potentially worth far more than the dilutive effect the deal with GFG implies - provided Havilah's assets are actually developed.

*Finally, with extra capital, Havilah can continue to explore - something which the company has proven itself to be very good at. The ground around Mutooroo looks extremely promising. If another significant ore body is discovered, regardless of any dilution, the overall value of Havilah will increase.

* And then there is the Jupiter anomaly...

Good luck to all.