Agree with above sentiment that this CR is likely to be small/targeted rather than an offer to all shareholders. They are perhaps just ensuring they have a coningency plan in place incase options are out of the money for any reason (personally I doubt this will be the case, I think they will end up well in the money).
From the $2.8m they have to subtract the $1m for GCR on settlement and last quarters costs were a little under $2m so I expect they just want to ensure they aren't left short.
The last CR in December was around $2m, expect we will see a similar size this time. $2m raised at approx 22c is around 9m new shares.
ARD Price at posting:
25.5¢ Sentiment: Buy Disclosure: Held
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