Ann: Successful Placing to Raise AUD14.4M, page-14

I understand the point but it is a fine line in attracting bigger slugs of equity. Yes they could have done it at higher prices quite probably. I was in AGY when they raised at 13c not that long ago. Price a few months later 40c. Avz raised at 15c not that long ago. Price over 90c when I last looked. The PFS says this is worth $3b at $30k/t, a good 25 percent below the current $40k/t. It will now close the valuation gap on others with the raising behind it and these metrics confirmed. All early stage companies in risky sectors like mining are forced to give value away in equity raisings - it is the price paid for asking others to lock up capital that can always be stranded if things go the other way