Agree with Lee and Nathan - Microcaps need funding to grow, they have no revenue! Being against a cap raising just because its a cap raising is ridiculous.
As long as the funds are going to good use, and are not excessively dilutionary then go for it! (lets not forget that PXG's initial funding found multiple high-grade extensions to the known gold profile, increased JORC by 50% and moved to feasibility studies on several projects)
The problem lies where company's are delivering poor result after poor result, and going cap in hand to shareholders constantly (over many years in a lot of cases), whilst paying themselve bonanza salaries.
If the raising does end up at 23c that would be an extremely good result in this market and give you an idea of the upside insto's are expecting (otherwise they would have demanded a much bigger discount).
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