$30 million capital raising, page-20

Could do this, could do that .. I still disagree with the thrust of your hypothesis.

I take this comment as fairly clear:

"You will also see that the Board is seeking pre-approval to provide the Company with the flexibility to issue additional shares to raise, in addition to the 15% placement capacity available under the ASX Listing Rules, up to a further A$30 million in new capital. We are seeking this approval so that, in the instance of an improvement in market conditions, the Company has the option of raising funds to aggressively advance its exploration and feasibility study activities, and to potentially avoid the need to draw on the Standby Tranche of the RCF facility."

What you are describing is jumping from the fat into the fire, and destroying SH value for zero gain. However the announcement is describing a very differnt view. One of having "flexibility", of avoiding giving away another $10m of low priced (62 cents) shares. They are talking about doing this in "improving in market conditions", hence being able to get a BETTER deal for shareholders.

Yes your 45/55 cents senario is a "worst-case" event, even to *0% mention by them is worst case, they actually say "AT LEAST 80%) .... regardless, to to even imagine BMN going down to 55 cents is crazy. Meeting is April 16. Then 3 months to raise, if needed. All up, 4 months away ... maybe $1.55 by then, I would believe!!

So sorry, my brain is just not going down your path.

cheers