Ann: $3m Placement to Advance Kalgoorlie Gold Projects, page-9

Very modest: the last time they offered a cap raise to current holders, they sought to raise $3.9 million (at the same 6.5c/share) which was oversubscribed and subsequently raised $4.5 million. It'll be interesting to see what appetite current holders have this time around.

It's a fair observation re: time between raises. I don't know the rules around how much can be raised without having to seek explicit approval from shareholders, but that may factor into it. Or it could be a case of getting enough cash to operate until a takeover offer is made.