Ann: Arafura launches A$20m placement and A$7m SPP, page-206

My rough calculations land at 69% dilution at 20c - for the "dreamers", it's 59% at 30c and 55% if raised at 37c. Obviously, the pessimists (or maybe the "realists"...) will say we will be raising lower than 20c.

As said, these are "rough" calcs and don't factor in new shares to be issued under the recent raise - so the dilution will be worse. I ultimately defer to more learned hands on this topic.

As for the cornerstone equity "premium", I'm not aware of the company ever stating this. As I understand it, the idea is based on the fact that cornerstone equity will pay a premium as they're "buying" a majority in the company - perhaps first floated on these threads from those with previous experience of these matters.

I am bullish on ARU but the dilution at financial close is going to be brutal.

*usual disclaimer that this is not financial advice and DYOR etc etc