Ann: Trading Halt, page-45

Its actually a raise of $35.5m if the SPP is successful, as MAH is converting 10.5m of their debt to equity and options at the placement price with escrow of 6m etc. So that is about 40% dilution not counting the options, and 35% if the SPP fails. They reserve the right to accept oversubscriptions as well. The options have 15 months and will be listed, so are possibly worth a few cents each roughly. (I might prefer the options to the shares.) So the shares might be valued under this placement at 18.5c?

Doesn't anybody think that it is strange to launch a placement just before the quarterly report comes out? Also strange that we haven't been given a production number, or whether the AISC is based on the production number that we haven't been given. I believe the last AISC number given used production. Surely they have these details but have decided not to tell us what they are.