Ann: Limon Exploration Target - Additional JORC Information, page-107

There is a large proportion of the shares owned by the Top 20 (I think around 36% of issued) and a number of larger shareholders that sit just below the Top 20 threshold.

The starting point is whether as a shareholder, you take up the 1:9 rights or buy on market in order to avoid dilution. For the Top 20, the Rights issue is the easy way to go as it supports the Limon + others growth story that they are already invested into and is an efficient means for them to retain their overall position. If you are happy to put up cash and buy more shares on market (where it is like pulling teeth to get a volume of shares at the1.0c level), as a shareholder you are probably more inclined to support the raise at 1.1c = more efficient for you, it supports the company and hence adds value to your existing holdings.

I suspect that Patrick Duffy has also ascertained there is strong support for the STM story when talking with major investors whilst ha has been settling into the new role and they have likely expressed an appetite to support and not be diluted.

So, I believe we will see a very strong take-up from existing larger holders and any shortfall likely snapped up by those insto / sophisticated investors who missed out in the Placement (remember the placement was scaled back as they had more demand than the $2m raised - my intel was that the scale back was about 30% (equivalent to about 50m shares of unmet demand).