M0ngy, if the NEGI announcement had been yesterday, as RC might have believed (he was even in Darwin over the weekend, I believe), then this would have been an excellent opportunity for shareholders to benefit - get in under the current SP on a rising deal.
If the NEGI announcement was delayed to give the Federal Govt more time to decide about investing, well RC couldn't control that and the cat was somewhat out of the bag already, with the placement to institutional investors.
Ann: Capital Raising To Support NEGI Reserves Certification, page-7
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