It's here, page-17

If the O's get underwritten/converted I will consider the increase in the capital raising earlier in the year a success. I think there is significant benefits of having cash in the bank for an extended period of time which will be reflected in the share price soon enough. If not then its a failure and simply delayed the inevitable of having to raise funds. I would bet my bottom dollar that the share price would be in the money if they'd stuck to the $700k and instead of getting the $1.8m extra in Jan (or whenever it was) they would have got it when the options converted next month. Whether or not they would have made it to June on that kind of cash is another matter.

Anyway they've clearly made their play now but I think the fall in the price of gold and the overly high expectations of the market have worked against them. Now they really need Pato's to underwrite these options otherwise they'll be raising again and this time it will be a lot less than the 1.5c conversion price the oppies are at.