Ann: Update in relation to administration of True North Copper, page-3

Existing shares will be worth peanuts and anyone wanting to maintain a meaningful stake will need to take up the SPP. I'm guessing it will be open up to a cap as to how much you can subscribe for (ie. not relating to current holding size).

I note funds will be used to "discharge most of the unsecured debt of the Group". I interpret that as the secured debt will remain in place.

On the surface it seems like a very large raise if they plan to park mining and just go drilling. They're obviously reasonably confident in finding something to put up that much cash though.