Ann: Mineral Resource Upgrade, page-242

The fact that they issued 25m shares upfront indicates to me that the MAP should be 40c (i.e. the minimum they hope to raise is $10m). This could be wishful thinking but the price seems reasonable considering the VWAP for the 28 trading days prior to 12th July was 47c.

If this is true, it wouldn''t explain LDA selling any shares <40c unless they determined it makes sense to push the VWAP as close to 40c as possible (VWAP prior to today was 43c).

Either way, the VWAP for the past 12 days is 40.6c. If MAP is less than 40c, let's hope LDA has exhausted most of their shares. If it is 40c, we're already at the MAP so LDA may be happy to hold onto the remaining shares for future upside?