Macau,
There is no cap raising in 2 weeks time. There is an AGM which may or may not approve resolution 4 which will allow the company (if passed) to issue 10,000,000 shares to 'predominantly institutional and sophisticated investors', and those shares will be alloted 'on one date' and be issued at a price of 80% of the average market price... within 3 months from the AGM.
It's a little misleading to say there will be a cap raising in 2 weeks. In the coming weeks (and even 3 months), there will be some significant announcements I'm guessing, so the price will perhaps not be as it is now. Either way, we have no idea what the price will be and the funds raised will be used:
(i) to accelerate the exploration programjs on existing tenements in Malawi and Australia;
(ii) To undertake due diligence on new opportunities, predominantly in Africa and
(iii) to provide working capital.
It's all in the detail of the Notice of AGM.
Cheers,
Tangrams
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