Ann: Placement & Entitlement Issue to Raise $0.8M, page-22

how I see the numbers:

Post 60:1 Consolidation of Securities - 20,878,324
Shares to be issued under the Placement - 20,000,000 (and they will take up another 30m)
Shares to be issued under Entitlement Issue - 61,317,486 (includes the above 30m)
Completion of Capital Raising - 102,195,810

normally, to avoid dilution, you would have to take up your full entitlement. However, existing holders will only own 52,195,810 of the 102,195,810 shares on issue. So if you take up your full entitlement, you will be diluted by nearly half, but you will be holding shares in an entity with $840k minus costs instead of an entity with $40k in the bank. If you are able to then double your holding from there, you are back to where you started.

I understand the disappointment being expressed - it’s significantly less than ideal, but it is what it is. I would be happier if the new cash was bringing something to the table in terms of exploration. As far as I can see, what is being added instead is some business acumen, which frankly JL never had. It seems that when this concludes mid-year, the immediate task at hand will be business deals before any exploration, so that could mean M&A or asset sales.
Happy to hear other holders thoughts on this... ?