Ann: $12.5 Million Institutional Placement, page-20

$2M fees to raise $12.5M. I am in the wrong business. That's 16% up front, not 16% p.a.

So instead of getting A$14M FROM Angola, we send $A7.5M TO Angola. Am I missing something here?
I presume the Exploration JV board have decided to invest another $US15M into the kimberlite program and that $A7.5M is our 39% share of that. Ok, sometimes you need to spend it to make it, but couldn't we just transfer part of the loan payment from the Alluvial JV bank account to the Exploration JV account?

Did we really need to start raising cash for Merlin prior to FID?

<insert head scratch emoji here...>